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Employee Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of share-based compensation expense and related tax benefit recognized

The following table summarizes share-based compensation expense and total income tax benefit recognized for fiscal years 2019, 2018 and 2017 (in thousands):

		Years Ended March 31,
		2019				2018				2017
Cost of goods sold		$	3,812			$	3,733			$	2,663
Marketing and selling		20,630				17,765				14,723
Research and development		7,368				6,381				4,200
General and administrative		18,455				16,259				14,304
Total share-based compensation expense		50,265				44,138				35,890
Income tax benefit		(17,091		)		(15,998		)		(8,536		)
Total share-based compensation expense, net of income tax benefit		$	33,174			$	28,140			$	27,354

Summary of unamortized share-based compensation expense and the remaining months over which such expense is expected to be recognized

The following table summarizes total unamortized share-based compensation expense and the remaining period over which such expense is expected to be recognized, on a weighted-average basis by type of grant (in thousands, except number of months):

		March 31, 2019
		Unamortized Expense				Remaining Months
ESPP		$	1,515			4
Stock Options		7,384				35
Time-based RSUs		65,798				33
Market-based and performance-based RSUs		16,277				20
Total unamortized share-based compensation expense		$	90,974

Schedule of assumptions applied for the fair value of market-based RSUs using the Monte-Carlo simulation method

The grant date fair value of the awards using the Black-Scholes-Merton option-pricing valuation model and Monte-Carlo simulation method is determined with the following assumptions and values:

		Stock Options								Employee Stock Purchase Plans
		Years Ended March 31,								Years Ended March 31,
		2019				2018		2017		2019				2018				2017
Dividend yield		1.72		%		*		*		1.73		%		1.67		%		2.50		%
Risk-free interest rate		2.45		%		*		*		2.35		%		1.37		%		0.51		%
Expected volatility		33		%		*		*		31		%		27		%		35		%
Expected life (years)		6.2				*		*		0.5				0.5				0.5
Weighted average grant date fair value per share		$	11.55			*		*		$	9.33			$	8.69			$	5.73

* Not applicable as no stock options were granted in the period.

RSUs with Market Conditions		Years Ended March 31,
		2019			2018			2017
Dividend yield		1.59	%		1.75	%		3.29	%
Risk-free interest rate		2.51	%		1.40	%		0.86	%
Expected volatility		30	%		31	%		34	%
Expected life (years)		3.0			3.0			3.0

Summary of stock option activity

A summary of the Company's stock option activities under all stock plans for fiscal years 2019, 2018 and 2017 is as follows:

		Number of Shares			Weighted-Average Exercise Price				Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
		(In thousands)							(Years)		(In thousands)
Outstanding, March 31, 2016		5,334
Granted		—
Exercised		(1,784	)								$	14,627
Canceled or expired		(500	)
Outstanding, March 31, 2017		3,050
Granted		—
Exercised		(994	)								$	8,347
Canceled or expired		(16	)
Outstanding, March 31, 2018		2,040			$	14
Granted		649			$	39
Exercised		(82	)		$	21					$	1,707
Canceled or expired		—
Outstanding, March 31, 2019		2,607			$	20			4.8		$	51,005
Vested and exercisable, March 31, 2019		1,958			$	13			3.1		$	50,593

Summary of time- and performance-based RSU activity

A summary of the Company's time-based, market-based, and performance-based RSU activities for fiscal years 2019, 2018 and 2017 is as follows:

		Number of Shares			Weighted-Average Grant Date Fair Value				Weighted-Average Remaining Vesting Period		Aggregate Fair Value
		(In thousands)							(Years)		(In thousands)
Outstanding, March 31, 2016		5,521
Granted—time-based		2,390			$	16
Granted—market-based		160			$	15
Granted - performance-based		604			$	15
Vested		(2,126	)								$	48,644
Canceled or expired		(368	)
Outstanding, March 31, 2017		6,181			$	14
Granted—time-based		1,212			$	33
Granted - performance-based		409			$	33
Vested		(2,248	)								$	81,582
Canceled or expired		(333	)
Outstanding, March 31, 2018		5,221			$	20
Granted—time-based		1,290			$	40
Granted—market and performance-based		381			$	39
Vested		(2,148	)		$	17					$	89,159
Canceled or expired		(323	)		$	26
Outstanding, March 31, 2019		4,421			$	29			1.2		$	173,970

Schedule of net periodic benefit costs

The net periodic benefit cost of the defined benefit pension plans and the non-retirement post-employment benefit obligations for fiscal years 2019, 2018 and 2017 was as follows (in thousands):

		Years Ended March 31,
		2019				2018				2017
Service costs		$	10,564			$	9,715			$	10,385
Interest costs		1,301				1,126				800
Expected return on plan assets		(2,167		)		(1,792		)		(1,724		)
Amortization:
Net transition obligation		—				—				4
Net prior service credit recognized		(443		)		(51		)		(117		)
Net actuarial loss recognized		450				242				1,032
Settlement		(97		)		—				—
Total net periodic benefit cost		$	9,608			$	9,240			$	10,380

Schedule of changes in projected benefit obligations

The changes in projected benefit obligations for fiscal years 2019 and 2018 were as follows (in thousands):

		Years Ended March 31,
		2019				2018
Projected benefit obligations, beginning of the year		$	128,915			$	114,640
Service costs		10,564				9,715
Interest costs		1,301				1,126
Plan participant contributions		3,666				3,522
Actuarial gains (losses)		9,506				(1,580		)
Benefits paid		(3,793		)		(1,202		)
Plan amendment related to statutory change		(705		)		(2,519		)
Settlement and curtailment		(335		)		—
Administrative expense paid		(142		)		(144		)
Currency exchange rate changes and other		(5,315		)		5,357
Projected benefit obligations, end of the year		$	143,662			$	128,915

Schedule of changes in the fair value of defined benefit pension plan assets

The following table presents the changes in the fair value of defined benefit pension plan assets for fiscal years 2019 and 2018 (in thousands):

		Years Ended March 31,
		2019				2018
Fair value of plan assets, beginning of the year		$	84,718			$	71,376
Actual return on plan assets		3,350				1,824
Employer contributions		6,383				5,995
Plan participant contributions		3,666				3,522
Benefits paid		(3,793		)		(1,202		)
Settlement and curtailment		(335		)		—
Administrative expenses paid		(142		)		(144		)
Currency exchange rate changes		(3,482		)		3,347
Fair value of plan assets, end of the year		$	90,365			$	84,718

Schedule of fair value of the defined benefit pension plan assets by major categories and by levels within the fair value hierarchy

The following tables present the fair value of the defined benefit pension plan assets by major categories and by levels within the fair value hierarchy as of March 31, 2019 and 2018 (in thousands):

		March 31,
		2019												2018
		Level 1				Level 2				Total				Level 1				Level 2				Total
Cash and cash equivalents		$	10,737			$	—			$	10,737			$	18,331			$	24			$	18,355
Equity securities		27,559				—				27,559				26,204				—				26,204
Debt securities		26,823				—				26,823				25,150				—				25,150
Swiss real estate funds		21,659				—				21,659				12,096				—				12,096
Hedge funds		—				912				912				—				—				—
Other		2,377				298				2,675				2,623				290				2,913
Total fair value of plan assets		$	89,155			$	1,210			$	90,365			$	84,404			$	314			$	84,718

Schedule of net funded status

The funded status of the plans was as follows (in thousands):

		Years Ended March 31,
		2019				2018
Fair value of plan assets		$	90,365			$	84,718
Less: projected benefit obligations		143,662				128,915
Underfunded status		$	(53,297	)		$	(44,197	)

Schedule of amounts recognized on the balance sheet for the plans

Amounts recognized on the balance sheet for the plans were as follows (in thousands):

		March 31,
		2019				2018
Current liabilities		$	1,849			$	1,763
Non-current liabilities		51,448				42,434
Total liabilities		$	53,297			$	44,197

Schedule of amounts recognized in other comprehensive income (loss)

Amounts recognized in accumulated other comprehensive loss related to defined benefit pension plans were as follows (in thousands):

		March 31,
		2019				2018				2017
Net prior service credits		$	3,965			$	3,843			$	1,274
Net actuarial loss		(17,630		)		(9,821		)		(11,407		)
Accumulated other comprehensive loss		(13,665		)		(5,978		)		(10,133		)
Deferred tax		(267		)		(420		)		(347		)
Accumulated other comprehensive loss, net of tax		$	(13,932	)		$	(6,398	)		$	(10,480	)

Schedule of amounts in accumulated other comprehensive income (loss) to be recognized over next fiscal year

The following table presents the amounts included in accumulated other comprehensive loss as of March 31, 2019, which are expected to be recognized as a component of net periodic benefit cost in fiscal year 2020 (in thousands):

		Year Ending March 31, 2020
Amortization of net prior service credits		$	(432	)
Amortization of net actuarial loss		645
		$	213

Schedule of actuarial assumptions for the pension plans

The Company reassesses its benefit plan assumptions on a regular basis. The actuarial assumptions for the defined benefit plans for fiscal years 2019 and 2018 were as follows:

		Years Ended March 31,
		2019		2018
Benefit Obligations:
Discount rate		0.55% - 7.25%		0.85%-7.50%
Estimated rate of compensation increase		2.50% - 10.00%		2.25%-10.00%
Periodic Costs:
Discount rate		0.75% - 7.50%		0.75%-7.00%
Estimated rate of compensation increase		2.50% - 10.00%		2.50%-10.00%
Expected average rate of return on plan assets		0.75% - 2.75%		1.00%-2.50%

Schedule of expected benefit payments

The following table reflects the benefit payments that the Company expects the plans to pay in the periods noted (in thousands):

Years Ending March 31,
2020		$	7,956
2021		7,225
2022		7,553
2023		7,294
2024		7,607
2025-2029		39,367
		$	77,002

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