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Employee Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2022

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 2022, 2021 and 2020 (in thousands):

						Years Ended March 31,
						2022						2021						2020
Cost of goods sold						$	6,695					$	6,438					$	4,852
Marketing and selling						37,796						36,788						26,835
Research and development						18,356						14,179						9,273
General and administrative						30,632						28,614						13,910
Total share-based compensation expense						93,479						86,019						54,870
Income tax benefit						(26,987)						(19,472)						(14,109)
Total share-based compensation expense, net of income tax benefit						$	66,492					$	66,547					$	40,761

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, 2022
						Unamortized Expense						Remaining Months
ESPP						$	2,341					4
Stock Options						19,746						35
Time-based RSUs						109,637						24
Market-based and performance-based RSUs						36,669						21
Total unamortized share-based compensation expense						$	168,393

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,
						2022						2021						2020						2022						2021						2020
Dividend yield						1.18		%				*						*						1.03		%				1.04		%				1.74		%
Risk-free interest rate						1.99		%				*						*						0.27		%				0.10		%				1.81		%
Expected volatility						34		%				*						*						35		%				47		%				24		%
Expected life (years)						6.2						*						*						0.5						0.5						0.5
Weighted average grant date fair value per share						$	25.88					*						*						$	23.55					$	24.67					$	9.35

* Not applicable as no stock options were granted for fiscal year 2021 and 2020.

RSUs with Market Conditions						Years Ended March 31,
						2022						2021						2020
Dividend yield						0.78		%				1.24		%				1.76		%
Risk-free interest rate						0.31		%				0.21		%				2.11		%
Expected volatility						37		%				31		%				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 2022, 2021 and 2020 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, 2019						2,607
Exercised						(573)																		$	19,339
Canceled or expired						(65)
Outstanding, March 31, 2020						1,969
Exercised						(1,347)																		$	68,596
Outstanding, March 31, 2021						622						$	34					7.1						$	43,625
Granted						842						$	80
Exercised						(71)						$	39											$	5,573
Outstanding, March 31, 2022						1,393						$	62					8.3						$	21,830
Vested and exercisable, March 31, 2022						551						$	34					6.0						$	22,006

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 2022, 2021 and 2020 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, 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)																		$	168,816
Canceled or expired						(213)
Outstanding, March 31, 2021						3,643						$	45
Granted—time-based						868						$	103
Granted—market and performance-based						203						$	124
Vested						(1,463)						$	40											$	133,977
Canceled or expired						(205)						$	62
Outstanding, March 31, 2022						3,046						$	68					1.2						$	233,797

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 2022, 2021 and 2020 was as follows (in thousands):

						Years Ended March 31,
						2022						2021						2020
Service costs						$	14,693					$	12,121					$	11,008
Interest costs						920						1,047						1,055
Expected return on plan assets						(2,930)						(2,535)						(2,616)
Amortization:
Net prior service credit recognized						(465)						(467)						(435)
Net actuarial loss (gain) recognized						(2,158)						2,144						1,386
Settlement						—						—						(97)
Total net periodic benefit cost						$	10,060					$	12,310					$	10,301

Schedule of changes in projected benefit obligations

The changes in projected benefit obligations for fiscal years 2022 and 2021 were as follows (in thousands):

						Years Ended March 31,
						2022						2021
Projected benefit obligations, beginning of the year						$	202,348					$	160,914
Service costs						14,693						12,121
Interest costs						920						1,047
Plan participant contributions						6,092						4,733
Actuarial (gains) losses						(31,198)						15,762
Benefits paid						(3,904)						(3,947)
Transfer of prior vested benefits						14,963						7,556
Administrative expense paid						(130)						(130)
Currency exchange rate changes and other						3,767						4,292
Projected benefit obligations, end of the year						$	207,551					$	202,348

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 2022 and 2021 (in thousands):

						Years Ended March 31,
						2022						2021
Fair value of plan assets, beginning of the year						$	128,061					$	98,010
Actual return on plan assets						(2,156)						11,706
Employer contributions						10,877						8,064
Plan participant contributions						6,092						4,733
Benefits paid						(3,904)						(3,947)
Transfer of prior vested benefits						14,963						7,556
Administrative expenses paid						(130)						(130)
Currency exchange rate changes						2,315						2,069
Fair value of plan assets, end of the year						$	156,118					$	128,061

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, 2022 and 2021 (in thousands):

						March 31,
						2022																		2021
						Level 1						Level 2												Total						Level 1						Level 2												Total
Cash and cash equivalents						$	16,317					$	—											$	16,317					$	21,715					$	—											$	21,715
Equity securities						48,591						—												48,591						38,437						—												38,437
Debt securities						38,513						—												38,513						31,034						—												31,034
Real estate funds						25,146						13,077												38,223						20,802						8,341												29,143
Hedge funds						—						8,076												8,076						—						2,730												2,730
Other						6,034						364												6,398						4,704						298												5,002
Total fair value of plan assets						$	134,601					$	21,517											$	156,118					$	116,692					$	11,369											$	128,061

Schedule of net funded status

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

						Years Ended March 31,
						2022						2021
Fair value of plan assets						$	156,118					$	128,061
Less: projected benefit obligations						207,551						202,348
Underfunded status						$	(51,433)					$	(74,287)

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,
						2022						2021
Current liabilities						$	1,677					$	2,738
Non-current liabilities						49,756						71,549
Total liabilities						$	51,433					$	74,287

Schedule of amounts recognized in accumulated other comprehensive loss

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

						March 31,
						2022						2021						2020
Net prior service credits						$	2,883					$	3,263					$	3,647
Net actuarial loss						(4,304)						(27,553)						(22,722)
Accumulated other comprehensive loss						(1,421)						(24,290)						(19,075)
Deferred taxes						(2,074)						1,090						(941)
Accumulated other comprehensive loss, net of tax						$	(3,495)					$	(23,200)					$	(20,016)

Schedule of actuarial assumptions for the pension plans

The actuarial assumptions for the defined benefit plans were as follows:

						Years Ended March 31,
						2022						2021
Benefit Obligations:
Discount rate						1.00% - 6.75%						0.25% - 6.00%
Estimated rate of compensation increase						2.00% - 10.00%						2.00% - 10.00%
Cash balance interest credit rate						0.00% - 1.75%						0.00% - 1.75%

						Years Ended March 31,
						2022						2021						2020
Periodic Costs:
Discount rate						0.25% - 6.00%						0.50% - 6.75%						0.55% - 7.25%
Estimated rate of compensation increase						2.00% - 10.00%						2.25% - 10.00%						2.50% - 10.00%
Expected average rate of return on plan assets						1.00% - 2.25%						1.00% - 2.50%						0.89% - 3.00%
Cash balance interest credit rate						0.00% - 1.75%						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,
2023						$	12,387
2024						12,700
2025						13,600
2026						12,546
2027						14,362
Thereafter						67,605
Total expected benefit payments by the plan						$	133,200

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