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Employee Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [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 2020, 2019 and 2018 (in thousands):

		Years Ended March 31,
		2020				2019				2018
Cost of goods sold		$	4,852			$	3,812			$	3,733
Marketing and selling		26,835				20,630				17,765
Research and development		9,273				7,368				6,381
General and administrative		13,910				18,455				16,259
Total share-based compensation expense		54,870				50,265				44,138
Income tax benefit		(14,109		)		(17,091		)		(15,998		)
Total share-based compensation expense, net of income tax benefit		$	40,761			$	33,174			$	28,140

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, 2020
		Unamortized Expense				Remaining Months
ESPP		$	1,442			4
Stock Options		4,369				24
Time-based RSUs		71,545				26
Market-based and performance-based RSUs		13,180				21
Total unamortized share-based compensation expense		$	90,536

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,
		2020		2019			2018		2020				2019				2018
Dividend yield		*		1.72	%		*		1.74		%		1.73		%		1.67		%
Risk-free interest rate		*		2.45	%		*		1.81		%		2.35		%		1.37		%
Expected volatility		*		33	%		*		24		%		31		%		27		%
Expected life (years)		*		6.2			*		0.5				0.5				0.5
Weighted average grant date fair value per share		*		$11.55			*		$	9.35			$	9.33			$	8.69

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

RSUs with Market Conditions		Years Ended March 31,
		2020			2019			2018
Dividend yield		1.76	%		1.59	%		1.75	%
Risk-free interest rate		2.11	%		2.51	%		1.40	%
Expected volatility		30	%		30	%		31	%
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 2020, 2019 and 2018 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, 2017		3,050
Granted		—
Exercised		(994	)								$	8,347
Canceled or expired		(16	)
Outstanding, March 31, 2018		2,040
Granted		649
Exercised		(82	)								$	1,707
Canceled or expired		—
Outstanding, March 31, 2019		2,607			$	20
Granted		—
Exercised		(573	)		$	9					$	19,339
Canceled or expired		(65	)		$	39
Outstanding, March 31, 2020		1,969			$	22			4.2		$	40,549
Vested and exercisable, March 31, 2020		1,530			$	18			2.8		$	38,733

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 2020, 2019 and 2018 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, 2017		6,181			$	14
Granted—time-based		1,212			$	33
Granted—market and 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	)								$	89,159
Canceled or expired		(323	)
Outstanding, March 31, 2019		4,421			$	29
Granted—time-based		1,431			$	38
Granted—market and performance-based		365			$	40
Vested		(1,705	)		$	22					$	76,389
Canceled or expired		(561	)		$	32
Outstanding, March 31, 2020		3,951			$	36			1.3		$	167,298

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 2020, 2019 and 2018 was as follows (in thousands):

		Years Ended March 31,
		2020				2019				2018
Service costs		$	11,008			$	10,564			$	9,715
Interest costs		1,055				1,301				1,126
Expected return on plan assets		(2,616		)		(2,167		)		(1,792		)
Amortization:
Net prior service credit recognized		(435		)		(443		)		(51		)
Net actuarial loss recognized		1,386				450				242
Settlement		(97		)		(97		)		—
Total net periodic benefit cost		$	10,301			$	9,608			$	9,240

Schedule of changes in projected benefit obligations

The changes in projected benefit obligations for fiscal years 2020 and 2019 were as follows (in thousands):

		Years Ended March 31,
		2020				2019
Projected benefit obligations, beginning of the year		$	143,662			$	128,915
Service costs		11,008				10,564
Interest costs		1,055				1,301
Plan participant contributions		3,733				3,666
Actuarial gains		2,246				9,506
Benefits paid		(3,507		)		(3,793		)
Plan amendment related to statutory change		—				(705		)
Settlement		(941		)		(335		)
Administrative expense paid		(141		)		(142		)
Currency exchange rate changes and other		3,799				(5,315		)
Projected benefit obligations, end of the year		$	160,914			$	143,662

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 2020 and 2019 (in thousands):

		Years Ended March 31,
		2020				2019
Fair value of plan assets, beginning of the year		$	90,365			$	84,718
Actual return on plan assets		(830		)		3,350
Employer contributions		6,531				6,383
Plan participant contributions		3,733				3,666
Benefits paid		(3,507		)		(3,793		)
Settlement		(941		)		(335		)
Administrative expenses paid		(141		)		(142		)
Currency exchange rate changes		2,800				(3,482		)
Fair value of plan assets, end of the year		$	98,010			$	90,365

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, 2020 and 2019 (in thousands):

		March 31,
		2020												2019
		Level 1				Level 2				Total				Level 1				Level 2				Total
Cash and cash equivalents		$	14,213			$	—			$	14,213			$	10,737			$	—			$	10,737
Equity securities		28,329				—				28,329				27,559				—				27,559
Debt securities		26,605				—				26,605				26,823				—				26,823
Swiss real estate funds		16,476				8,168				24,644				21,659				—				21,659
Hedge funds		—				1,882				1,882				—				912				912
Other		2,084				253				2,337				2,377				298				2,675
Total fair value of plan assets		$	87,707			$	10,303			$	98,010			$	89,155			$	1,210			$	90,365

Schedule of net funded status

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

		Years Ended March 31,
		2020				2019
Fair value of plan assets		$	98,010			$	90,365
Less: projected benefit obligations		160,914				143,662
Underfunded status		$	(62,904	)		$	(53,297	)

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,
		2020				2019
Current liabilities		$	2,126			$	1,849
Non-current liabilities		60,778				51,448
Total liabilities		$	62,904			$	53,297

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,
		2020				2019				2018
Net prior service credits		$	3,647			$	3,965			$	3,843
Net actuarial loss		(22,722		)		(17,630		)		(9,821		)
Accumulated other comprehensive loss		(19,075		)		(13,665		)		(5,978		)
Deferred tax		(941		)		(267		)		(420		)
Accumulated other comprehensive loss, net of tax		$	(20,016	)		$	(13,932	)		$	(6,398	)

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, 2020, which are expected to be recognized as a component of net periodic benefit cost in fiscal year 2021 (in thousands):

		Year Ended March 31, 2020
Amortization of net prior service credits		$	(447	)
Amortization of net actuarial loss		1,124
Total		$	677

Schedule of actuarial assumptions for the pension plans

The actuarial assumptions for the defined benefit plans for fiscal years 2020 and 2019 were as follows:

		Years Ended March 31,
		2020		2019
Benefit Obligations:
Discount rate		0.50% - 6.75%		0.55%-7.25%
Estimated rate of compensation increase		2.25% - 10.00%		2.50%-10.00%
Periodic Costs:
Discount rate		0.55% - 7.25%		0.75%-7.50%
Estimated rate of compensation increase		2.50% - 10.00%		2.50%-10.00%
Expected average rate of return on plan assets		0.89% - 3.00%		0.75% - 2.75%

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,
2021		$	8,128
2022		8,501
2023		8,192
2024		8,541
2025		8,877
2026-2030		43,063
Total expected benefit payments by the plan		$	85,302

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