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Net Periodic Benefit Cost (Tables)

12 Months Ended

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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- References

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- Definition

Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

+ 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 (b)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

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- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ 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 (h)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

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