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Employee Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2021

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 2021, 2020 and 2019 (in thousands):

						Years Ended March 31,
						2021						2020						2019
Cost of goods sold						$	6,438					$	4,852					$	3,812
Marketing and selling						36,788						26,835						20,630
Research and development						14,179						9,273						7,368
General and administrative						28,614						13,910						18,455
Total share-based compensation expense						86,019						54,870						50,265
Income tax benefit						(19,472)						(14,109)						(17,091)
Total share-based compensation expense, net of income tax benefit						$	66,547					$	40,761					$	33,174

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, 2021
						Unamortized Expense						Remaining Months
ESPP						$	2,636					4
Stock Options						2,104						12
Time-based RSUs						84,143						24
Market-based and performance-based RSUs						34,816						22
Total unamortized share-based compensation expense						$	123,699

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,
						2021						2020						2019						2021						2020						2019
Dividend yield						*						*						1.72		%				1.04		%				1.74		%				1.73		%
Risk-free interest rate						*						*						2.45		%				0.10		%				1.81		%				2.35		%
Expected volatility						*						*						33		%				47		%				24		%				31		%
Expected life (years)						*						*						6.2						0.5						0.5						0.5
Weighted average grant date fair value per share						*						*						$	11.55					$	24.67					$	9.35					$	9.33

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

RSUs with Market Conditions						Years Ended March 31,
						2021						2020						2019
Dividend yield						1.24		%				1.76		%				1.59		%
Risk-free interest rate						0.21		%				2.11		%				2.51		%
Expected volatility						31		%				30		%				30		%
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 2021, 2020 and 2019 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, 2018						2,040
Granted						649
Exercised						(82)																		$	1,707
Canceled or expired						—
Outstanding, March 31, 2019						2,607
Granted						—
Exercised						(573)																		$	19,339
Canceled or expired						(65)
Outstanding, March 31, 2020						1,969						$	22
Granted						—
Exercised						(1,347)						$	17											$	68,596
Canceled or expired						—						$	—
Outstanding, March 31, 2021						622						$	34					7.1						$	43,625
Vested and exercisable, March 31, 2021						330						$	30					6.3						$	24,452

Summary of time, market and performance-based RSU activity

A summary of the Company's time-based, market-based and performance-based RSU activities for fiscal years 2021, 2020 and 2019 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, 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)																		$	76,389
Canceled or expired						(561)
Outstanding, March 31, 2020						3,951						$	36
Granted—time-based						1,046						$	60
Granted—market and performance-based						303						$	67
Vested						(1,444)						$	31											$	168,816
Canceled or expired						(213)						$	42
Outstanding, March 31, 2021						3,643						$	45					1.2						$	379,031

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 2021, 2020 and 2019 was as follows (in thousands):

						Years Ended March 31,
						2021						2020						2019
Service costs						$	12,121					$	11,008					$	10,564
Interest costs						1,047						1,055						1,301
Expected return on plan assets						(2,535)						(2,616)						(2,167)
Amortization:
Net prior service credit recognized						(467)						(435)						(443)
Net actuarial loss recognized						2,144						1,386						450
Settlement						—						(97)						(97)
Total net periodic benefit cost						$	12,310					$	10,301					$	9,608

Schedule of changes in projected benefit obligations

The changes in projected benefit obligations for fiscal years 2021 and 2020 were as follows (in thousands):

						Years Ended March 31,
						2021						2020
Projected benefit obligations, beginning of the year						$	160,914					$	143,662
Service costs						12,121						11,008
Interest costs						1,047						1,055
Plan participant contributions						4,733						3,733
Actuarial gains						15,762						2,246
Benefits paid						(3,947)						(8,778)
Transfer of prior vested benefits						7,556						5,271
Plan amendment related to statutory change						—						—
Settlement						—						(941)
Administrative expense paid						(130)						(141)
Currency exchange rate changes and other						4,292						3,799
Projected benefit obligations, end of the year						$	202,348					$	160,914

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 2021 and 2020 (in thousands):

						Years Ended March 31,
						2021						2020
Fair value of plan assets, beginning of the year						$	98,010					$	90,365
Actual return on plan assets						11,706						(830)
Employer contributions						8,064						6,531
Plan participant contributions						4,733						3,733
Benefits paid						(3,947)						(8,778)
Transfer of prior vested benefits						7,556						5,271
Settlement						—						(941)
Administrative expenses paid						(130)						(141)
Currency exchange rate changes						2,069						2,800
Fair value of plan assets, end of the year						$	128,061					$	98,010

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, 2021 and 2020 (in thousands):

						March 31,
						2021																		2020
						Level 1						Level 2												Total						Level 1						Level 2												Total
Cash and cash equivalents						$	21,715					$	—											$	21,715					$	14,213					$	—											$	14,213
Equity securities						38,437						—												38,437						28,329						—												28,329
Debt securities						31,034						—												31,034						26,605						—												26,605
Swiss real estate funds						20,802						8,341												29,143						16,476						8,168												24,644
Hedge funds						—						2,730												2,730						—						1,882												1,882
Other						4,704						298												5,002						2,084						253												2,337
Total fair value of plan assets						$	116,692					$	11,369											$	128,061					$	87,707					$	10,303											$	98,010

Schedule of net funded status

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

						Years Ended March 31,
						2021						2020
Fair value of plan assets						$	128,061					$	98,010
Less: projected benefit obligations						202,348						160,914
Underfunded status						$	(74,287)					$	(62,904)

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,
						2021						2020
Current liabilities						$	2,738					$	2,126
Non-current liabilities						71,549						60,778
Total liabilities						$	74,287					$	62,904

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,
						2021						2020						2019
Net prior service credits						$	3,263					$	3,647					$	3,965
Net actuarial loss						(27,553)						(22,722)						(17,630)
Accumulated other comprehensive loss						(24,290)						(19,075)						(13,665)
Deferred taxes						1,090						(941)						(267)
Accumulated other comprehensive loss, net of tax						$	(23,200)					$	(20,016)					$	(13,932)

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, 2021, which are expected to be recognized as a component of net periodic benefit cost in fiscal year 2022 (in thousands):

						Year Ended March 31, 2021
Amortization of net prior service credits						$	(453)
Amortization of net actuarial loss						1,277
Total						$	824

Schedule of actuarial assumptions for the pension plans

The actuarial assumptions for the defined benefit plans for fiscal years 2021 and 2020 were as follows:

						Years Ended March 31,
						2021						2020
Benefit Obligations:
Discount rate						0.25% - 6%						0.50% - 6.75%
Estimated rate of compensation increase						2.00% - 10.00%						2.25% - 10.00%
Cash Balance Interest Credit Rate						0.00% - 1.75%						0.00% - 1.75%
Periodic Costs:
Discount rate						0.50% - 6.75%						0.55% - 7.25%
Estimated rate of compensation increase						2.25% - 10.00%						2.50% - 10.00%
Expected average rate of return on plan assets						1% - 2.50%						0.89% - 3.00%
Cash Balance Interest Credit Rate						0.00% - 1.75%						1.75% - 2.00%

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,
2022						$	10,527
2023						10,177
2024						10,632
2025						11,157
2026						10,248
2027-2031						54,209
Total expected benefit payments by the plan						$	106,950

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