Net Periodic Benefit Cost (Tables)

12 Months Ended

Mar. 31, 2017

Compensation and Retirement Disclosure [Abstract]

Schedule of Net Benefit Costs

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,
	2017			2016
Change in benefit obligation:
Benefit obligation at beginning of year	$	5,144		$	6,234
Interest cost	152			189
Actuarial gain	(841		)	(887		)
Benefits paid	(344		)	(392		)
Benefit obligation at end of year	$	4,111		$	5,144
Funded status	$	(4,111	)	$	(5,144	)
Unrecognized actuarial loss	(23		)	818
Net amount recognized	$	(4,134	)	$	(4,326	)

Net periodic pension cost included the following components:

	2017			2016			2015
Service costs—benefits earned during the period	$	1,779		$	2,187		$	2,153
Interest cost on projected benefit obligation	16,648			13,926			9,850
Expected return on plan assets	(22,428		)	(19,783		)	(14,241		)
Net amortization	3,190			10			3,517
Settlement	247			—			—
Other	(57		)	2,452			82
Net periodic pension cost (benefit)	$	(621	)	$	(1,208	)	$	1,361

Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows:

	March 31,
	2017		2016
Accumulated benefit obligation	$	463,412	$	415,772
Fair value of plan assets	321,440		317,868

The following provides a reconciliation of benefit obligation, plan assets, and funded status of the plans:

	March 31,
	2017			2016
Change in benefit obligation:
Benefit obligation at beginning of year	$	421,147		$	261,540
Benefit obligation assumed in Magnetek acquisition	—			168,855
Benefit obligation assumed in STAHL acquisition	72,638			—
Service cost	1,779			2,187
Interest cost	16,648			13,926
Actuarial (gain) loss	(4,475		)	(6,979		)
Benefits paid	(31,757		)	(19,196		)
Settlement	(883		)	—
Foreign exchange rate changes	(3,226		)	814
Benefit obligation at end of year	$	471,871		$	421,147
Change in plan assets:
Fair value of plan assets at beginning of year	$	317,868		$	204,201
Plan assets acquired in Magnetek acquisition	—			127,726
Actual gain (loss) on plan assets	30,164			(691		)
Employer contribution	6,140			5,936
Benefits paid	(31,757		)	(19,196		)
Settlement	(883		)	—
Foreign exchange rate changes	(92		)	(108		)
Fair value of plan assets at end of year	$	321,440		$	317,868
Funded status	$	(150,431	)	$	(103,279	)
Unrecognized actuarial loss	83,030			98,630
Unrecognized prior service cost	8			15
Net amount recognized	$	(67,393	)	$	(4,634	)

Amounts recognized in the consolidated balance sheets are as follows:

	March 31,
	2017			2016
Accrued liabilities	$	(3,310	)	$	(812	)
Other non-current liabilities	(147,121		)	(102,467		)
Deferred tax effect of accumulated other comprehensive loss	21,102			27,256
Accumulated other comprehensive loss	61,936			71,389
Net amount recognized	$	(67,393	)	$	(4,634	)

A one-percentage point change in assumed health care cost trend rates would have the following effects

	One Percentage Point Increase		One Percentage Point Decrease
Effect on total of service and interest cost components	$	8	$	(7	)
Effect on postretirement obligation	219		(199		)

The Company’s retirement plan target and actual asset allocations are as follows:

	Target	Actual
	2018	2017	2016
Equity securities	65%	69%	67%
Fixed income	35%	31%	33%
Total plan assets	100%	100%	100%

The fair values of the Company’s defined benefit plans’ consolidated assets by asset category as of March 31 were as follows:

	March 31,
	2017		2016
Asset categories:
Equity securities	$	220,497	$	212,301
Fixed income securities	99,700		104,622
Cash equivalents	1,243		945
Total	$	321,440	$	317,868

Amounts recognized in the consolidated balance sheets are as follows:

	March 31,
	2017			2016
Accrued liabilities	$	(519	)	$	(604	)
Other non-current liabilities	(3,592		)	(4,540		)
Deferred tax effect of accumulated other comprehensive loss	865			1,182
Accumulated other comprehensive loss	(888		)	(364		)
Net amount recognized	$	(4,134	)	$	(4,326	)

Information about the expected benefit payments for the Company’s postretirement health benefit plans is as follows:

2018	$	519
2019	501
2020	464
2021	417
2022	381
2023-2027	1,496

The fair values by category of inputs as of March 31, 2017 and March 31, 2016 were as follows:

	Quoted Prices in Active Markets for Identical Assets		Significant other observable Inputs		Significant unobservable Inputs
As of March 31, 2017:	(Level 1)		(Level 2)		(Level 3)		Total
Asset categories:
Equity securities	$	149,435	$	71,062	$	—	$	220,497
Fixed income securities	32,010		49,524		18,166		99,700
Cash equivalents	1,243		—		—		1,243
Total	$	182,688	$	120,586	$	18,166	$	321,440

	Quoted Prices in Active Markets for Identical Assets		Significant other observable Inputs		Significant unobservable Inputs
As of March 31, 2016:	(Level 1)		(Level 2)		(Level 3)		Total
Asset categories:
Equity securities	$	142,947	$	69,354	$	—	$	212,301
Fixed income securities	34,326		52,438		17,858		104,622
Cash equivalents	945		—		—		945
Total	$	178,218	$	121,792	$	17,858	$	317,868

Information about the expected benefit payments for the Company’s defined benefit plans is as follows:

2018	$	26,868
2019	27,053
2020	27,632
2021	27,977
2022	28,087
2023-2027	143,004

Information for pension plans with a projected benefit obligation in excess of plan assets is as follows:

	March 31,
	2017		2016
Projected benefit obligation	$	471,871	$	421,147
Fair value of plan assets	321,440		317,868

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:

	2017		2016		2015
Discount rate	3.65	%	4.03	%	3.83	%
Expected long-term rate of return on plan assets	7.23	%	7.22	%	7.50	%
Rate of compensation increase	0.39	%	0.44	%	2.30	%

In fiscal 2017, net periodic postretirement benefit cost included the following:

	Year Ended March 31,
	2017		2016		2015
Interest cost	$	152	$	189	$	209
Net amortization	—		89		60
Net periodic postretirement benefit cost	$	152	$	278	$	269