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Net Periodic Benefit Cost (Tables) | 12 Months Ended
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Mar. 31, 2021
Retirement Benefits [Abstract] |
Schedule of Net Benefit Costs | The following provides a reconciliation of benefit obligation, plan assets, and funded status of the plans:
|  | March 31,
|  | 2021 |  | 2020
Change in benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 459,866 |  |  | $ | 446,397 |
Service cost |  | 1,092 |  |  | 1,139 |
Interest cost |  | 11,527 |  |  | 14,759 |
Actuarial (gain) loss |  | 3,729 |  |  | 26,193 |
Benefits paid |  | (24,492) |  |  | (26,852) |
Settlement |  | (53,499) |  |  | — |
Foreign exchange rate changes |  | 6,618 |  |  | (1,770) |
Benefit obligation at end of year |  | $ | 404,841 |  |  | $ | 459,866 |
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 313,366 |  |  | $ | 321,902 |
Actual gain (loss) on plan assets |  | 49,582 |  |  | 7,512 |
Employer contribution |  | 1,316 |  |  | 10,967 |
Benefits paid |  | (24,492) |  |  | (26,852) |
Settlement |  | (53,499) |  |  | — |
Foreign exchange rate changes |  | 405 |  |  | (163) |
Fair value of plan assets at end of year |  | $ | 286,678 |  |  | $ | 313,366 |
Funded status |  | $ | (118,163) |  |  | $ | (146,500) |
Unrecognized actuarial loss |  | 51,540 |  |  | 105,878 |
Net amount recognized |  | $ | (66,623) |  |  | $ | (40,622) |
During fiscal 2021, the Company settled the liabilities for one of its U.S. pension plans through a combination of (i) lump sum payments to eligible participants who elected to receive them and (ii) the purchase of annuity contracts for participants who did not elect lump sums. The lump sum payments were paid during the quarter ended June 30, 2020 and resulted in a settlement charge of $2,722,000 which was recorded in Other (income) expense, net on the Consolidated Statements of Operations. During the quarter ended September 30, 2020, the Company purchased annuity contracts to settle the remaining liabilities of the terminated plan. The total settlement charge of $19,038,000 was recorded in Other (income) expense, net on the Statements of Operations during the twelve months ending March 31, 2021. The remaining surplus of the terminated plan was $3,910,000 as of March 31, 2021 and will be used, as prescribed in the applicable regulations, to fund obligations associated with the Company's U.S. defined contribution plans. Amounts recognized in the consolidated balance sheets are as follows:
|  | March 31,
|  | 2021 |  | 2020
Other assets |  | $ | 427 |  |  | $ | 6,587 |
Accrued liabilities |  | (3,679) |  |  | (3,563) |
Other non-current liabilities |  | (114,911) |  |  | (149,524) |
Accumulated other comprehensive loss, before tax |  | 51,540 |  |  | 105,878 |
Net amount recognized |  | $ | (66,623) |  |  | $ | (40,622) |
Net periodic pension cost included the following components:
|  | 2021 |  | 2020 |  | 2019
Service costs—benefits earned during the period |  | $ | 1,092 |  |  | $ | 1,139 |  |  | $ | 1,078 |
Interest cost on projected benefit obligation |  | 11,527 |  |  | 14,759 |  |  | 15,526 |
Expected return on plan assets |  | (12,787) |  |  | (15,887) |  |  | (18,454) |
Net amortization |  | 3,234 |  |  | 2,279 |  |  | 2,339 |
Settlement |  | 19,038 |  |  | — |  |  | — |
Net periodic pension cost (benefit) |  | $ | 22,104 |  |  | $ | 2,290 |  |  | $ | 489 |
Information for pension plans with a projected benefit obligation in excess of plan assets is as follows:
|  | March 31,
|  | 2021 |  | 2020
Projected benefit obligation |  | $ | 401,870 |  |  | $ | 410,181 |
Fair value of plan assets |  | 283,280 |  |  | 257,093 |
Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows:
|  | March 31,
|  | 2021 |  | 2020
Accumulated benefit obligation |  | $ | 396,673 |  |  | $ | 401,918 |
Fair value of plan assets |  | 283,280 |  |  | 254,508 |
The weighted-average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also net periodic pension cost for the following year:
|  | 2021 |  | 2020 |  | 2019
Discount rate |  | 2.62 | % |  | 2.79 | % |  | 3.42 | %
Expected long-term rate of return on plan assets |  | 4.60 | % |  | 5.01 | % |  | 5.77 | %
Rate of compensation increase on active plans |  | 2.76 | % |  | 2.76 | % |  | 2.76 | %
Interest crediting rates used in cash balance pension plans |  | 1.10 | % |  | 2.25 | % |  | 2.25 | %
The Company’s retirement plan target and actual asset allocations are as follows:
|  | Target |  | Actual
|  | 2022 |  | 2021 |  | 2020
Equity securities |  | 45%-35% |  | 45% |  | 33%
Fixed income securities |  | 55%-65% |  | 55% |  | 67%
Total plan assets |  | 100% |  | 100% |  | 100%
Information about the expected benefit payments for the Company’s defined benefit plans is as follows:
2022 | $ | 23,615 |
2023 | 23,838 |
2024 | 23,729 |
2025 | 23,638 |
2026 | 23,612 |
2027-2031 | 114,262 |
The Company’s postretirement health benefit plans are not funded. The following sets forth a reconciliation of benefit obligation and the funded status of the plan:
|  | March 31,
|  | 2021 |  | 2020
Change in benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 1,887 |  |  | $ | 2,348 |
Interest cost |  | 46 |  |  | 71 |
Actuarial gain |  | (313) |  |  | (340) |
Benefits paid |  | (232) |  |  | (192) |
Benefit obligation at end of year |  | $ | 1,388 |  |  | $ | 1,887 |
Funded status |  | $ | (1,388) |  |  | $ | (1,887) |
Unrecognized actuarial gain |  | (1,467) |  |  | (1,417) |
Net amount recognized |  | $ | (2,855) |  |  | $ | (3,304) |
Amounts recognized in the consolidated balance sheets are as follows:
|  | March 31,
|  | 2021 |  | 2020
Accrued liabilities |  | $ | (193) |  |  | $ | (270) |
Other non-current liabilities |  | (1,195) |  |  | (1,617) |
Accumulated other comprehensive gain, before tax |  | (1,467) |  |  | (1,417) |
Net amount recognized |  | $ | (2,855) |  |  | $ | (3,304) |
In fiscal 2021, net periodic postretirement benefit cost included the following:
|  | Year Ended March 31,
|  | 2021 |  | 2020 |  | 2019
Interest cost |  | $ | 46 |  |  | $ | 71 |  |  | $ | 92 |
Net amortization |  | (263) |  |  | (205) |  |  | (156) |
Net periodic postretirement benefit cost |  | $ | (217) |  |  | $ | (134) |  |  | $ | (64) |
Information about the expected benefit payments for the Company’s postretirement health benefit plans is as follows:
2022 | $ | 195 |
2023 | 179 |
2024 | 166 |
2025 | 152 |
2026 | 135 |
2027-2031 | 454 |
The fair values of the Company’s defined benefit plans’ consolidated assets by asset category as of March 31 were as follows:
|  | March 31,
|  | 2021 |  | 2020
Asset categories: |  |  |  |
Equity securities |  | $ | 116,468 |  |  | $ | 94,336 |
Fixed income securities |  | 155,553 |  |  | 199,613 |
Alternative real estate |  | 12,863 |  |  | 9,401 |
Cash equivalents |  | 1,794 |  |  | 10,016 |
Total |  | $ | 286,678 |  |  | $ | 313,366 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The fair values by category of inputs as of March 31, 2021 and March 31, 2020 were as follows:
|  | Measured at NAV (1) |  | Quoted Prices in Active Markets for Identical Assets |  | Significant other observable Inputs |  | Significant unobservable Inputs |  |
As of March 31, 2021: |  |  |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
Asset categories: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 52,710 |  |  | $ | 63,758 |  |  | $ | — |  |  | $ | — |  |  | $ | 116,468 |
Fixed income securities |  | 25,198 |  |  | 7,115 |  |  | $ | 122,071 |  |  | 1,169 |  |  | 155,553 |
Alternative real estate |  | 12,862 |  |  | 1 |  |  | — |  |  | — |  |  | 12,863 |
Cash equivalents |  | — |  |  | 1,794 |  |  | — |  |  | — |  |  | 1,794 |
Total |  | $ | 90,770 |  |  | $ | 72,668 |  |  | $ | 122,071 |  |  | $ | 1,169 |  |  | $ | 286,678 |
(1) Reflects the net asset value (NAV) practical expedient used to approximate fair value.
|  | Measured at NAV (1) |  | Quoted Prices in Active Markets for Identical Assets |  | Significant other observable Inputs |  | Significant unobservable Inputs |  |
As of March 31, 2020: |  |  |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
Asset categories: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 42,252 |  |  | $ | 52,084 |  |  | $ | — |  |  | $ | — |  |  | $ | 94,336 |
Fixed income securities |  | 30,598 |  |  | 24,014 |  |  | 139,498 |  |  | 5,503 |  |  | 199,613 |
Alternative real estate |  | 4,195 |  |  | 5,206 |  |  | — |  |  | — |  |  | 9,401 |
Cash equivalents |  | — |  |  | 10,016 |  |  | — |  |  | — |  |  | 10,016 |
Total |  | $ | 77,045 |  |  | $ | 91,320 |  |  | $ | 139,498 |  |  | $ | 5,503 |  |  | $ | 313,366 |

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