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Pension And Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Mar. 31, 2019
Defined Benefit Plan [Abstract]  
Assumptions Used To Compute Net Periodic Benefit Cost And Benefit Obligations
Assumptions used for financial reporting purposes to compute net periodic benefit cost and benefit obligations for the Company's primary defined benefit plans were as follows:
 
Pension Benefits
 
Other Postretirement Benefits
 
2019
  
2018
  
2017
 
2019
  
2018
  
2017
Discount rates:
 
  
 
  
 
 
 
  
 
  
 
Benefit cost for plan year
4.10
%
  
4.10
%
  
4.10
%
 
3.90
%
  
3.90
%
  
3.80
%
Benefit obligation at end of plan year
4.00
%
  
4.10
%
  
4.10
%
 
3.80
%
  
3.90
%
  
3.90
%
Expected long-term return on plan assets:
 
 
 
 
 
 
 
 
 
 
 
Benefit cost for plan year
6.75
%
  
7.00
%
  
7.00
%
 
3.00
%
  
3.00
%
  
3.00
%
Salary scale:
 
  
 
  
 
 
 
  
 
  
 
Benefit cost for plan year
4.00
%
 
4.00
%
 
4.00
%
 
4.00
%
 
4.00
%
 
4.00
%
Benefit obligation at end of plan year
4.00
%
 
4.00
%
 
4.00
%
 
4.00
%
 
4.00
%
 
4.00
%
Healthcare cost trend rate
N/A

  
N/A

  
N/A

 
7.60
%
  
8.10
%
  
6.70
%
Benefit Obligations, Plan Assets, And Funded Status
The following table reflects the changes in benefit obligations and plan assets in fiscal years 2019 and 2018, as well as the funded status of the plans at March 31, 2019 and 2018:
 
Pension
Benefits
  
Other Postretirement Benefits
 
March 31,
 
March 31,
 
2019
 
2018
 
2019
 
2018
Actuarial present value of benefit obligation:
 
 
 
 
 
 
 
Accumulated benefit obligation
$
273,370

  
$
270,666

 
 
 
 
Projected benefit obligation
278,189

  
273,658

 
$
31,635

 
$
32,945

 
 
 
 
 
 
 
 
Change in projected benefit obligation:
 
 
 
 
 
 
 
Projected benefit obligation, beginning of year
$
273,658

 
$
269,250

 
$
32,945

 
$
36,786

Service cost
6,008

 
5,177

 
222

 
229

Interest cost
10,810

 
10,801

 
1,371

 
1,471

Effect of discount rate change
5,177

 
1,209

 
563

 
612

Foreign currency exchange rate changes
(2,526
)
 
1,268

 
(447
)
 
(151
)
Other
7,268

 
781

 
(126
)
 
(3,212
)
Benefit payments
(22,206
)
 
(14,828
)
 
(2,893
)
 
(2,790
)
Projected benefit obligation, end of year
$
278,189

 
$
273,658

 
$
31,635

 
$
32,945

 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
Plan assets at fair value, beginning of year
$
229,568

 
$
220,151

 
$
3,467

 
$
3,054

Actual return on plan assets
9,772

 
15,902

 
150

 
105

Employer contributions
29,489

 
7,891

 
2,993

 
3,098

Foreign currency exchange rate changes
(1,654
)
 
452

 
—

 
—

Benefit payments
(22,206
)
 
(14,828
)
 
(2,893
)
 
(2,790
)
Plan assets at fair value, end of year
$
244,969

 
$
229,568

 
$
3,717

 
$
3,467

 
 
 
 
 
 
 
 
Funded status:
 
 
 
 
 
 
 
Funded status of the plans, end of year
$
(33,220
)
  
$
(44,090
)
  
$
(27,918
)
 
$
(29,478
)
Funded Status In Consolidated Balance Sheets
The funded status of the Company’s plans at the end of fiscal years 2019 and 2018 was reported in the consolidated balance sheets as follows:
 
Pension
Benefits
 
Other Postretirement Benefits
 
March 31,
 
March 31,
 
2019
 
2018
 
2019
 
2018
Non-current asset (included in other noncurrent assets)
$
1,837

 
$
2,308

 
$
—

 
$
—

Current liability (included in accounts payable and accrued expenses)
(1,490
)
 
(8,602
)
 
(2,228
)
 
(2,431
)
Non-current liability (reported as pensions and other postretirement benefits)
(33,567
)
 
(37,796
)
 
(25,690
)
 
(27,047
)
Amounts recognized in the consolidated balance sheets
$
(33,220
)
 
$
(44,090
)
 
$
(27,918
)
 
$
(29,478
)
Additional Information On Funded Status
Additional information on the funded status of the Company’s plans as of the respective measurement dates for the fiscal years ended March 31, 2019 and 2018, is as follows:
 
Pension
Benefits
 
Other Postretirement Benefits
 
March 31,
 
March 31,
 
2019
 
2018
 
2019
 
2018
For plans with a projected benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
Aggregate projected benefit obligation (PBO)
$
269,622

 
$
261,581

 
$
31,635

 
$
32,945

Aggregate fair value of plan assets
234,565

 
215,182

 
3,717

 
3,467

For plans with an accumulated benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
Aggregate accumulated benefit obligation (ABO)
35,070

 
258,708

 
N/A

 
N/A

Aggregate fair value of plan assets
4,023

 
215,182

 
N/A

 
N/A
Components Of Company's Net Periodic Benefit Cost
The components of the Company’s net periodic benefit cost were as follows:
 
Pension Benefits
 
Other Postretirement Benefits
 
Fiscal Year Ended March 31,
 
Fiscal Year Ended March 31,
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Components of net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
6,008

 
$
5,177

 
$
5,382

 
$
222

 
$
229

 
$
247

Interest cost
10,810

 
10,801

 
10,441

 
1,371

 
1,471

 
1,535

Expected return on plan assets
(15,695
)
 
(15,962
)
 
(15,154
)
 
(99
)
 
(87
)
 
(42
)
Settlement gain
—

 
—

 
(912
)
 
—

 
—

 
—

Net amortization and deferral
3,491

 
3,735

 
4,576

 
(710
)
 
(620
)
 
(394
)
Net periodic benefit cost
$
4,614

 
$
3,751

 
$
4,333

 
$
784

 
$
993

 
$
1,346
Recognized In Accumulated Other Comprehensive Income (Loss) On Pretax Basis The amounts recognized in other comprehensive income or loss for fiscal years 2019 and 2018 and the amounts included in accumulated other comprehensive loss at the end of those fiscal years are shown below. All amounts shown are before allocated income taxes.
 
Pension
Benefits
 
Other Postretirement Benefits
 
March 31,
 
March 31,
 
2019
 
2018
 
2019
 
2018
Change in net actuarial loss (gain):
 
 
 
 
 
 
 
Net actuarial loss (gain), beginning of year
$
69,333

 
$
74,045

 
$
(7,247
)
 
$
(6,286
)
Losses (gains) arising during the year
17,884

 
1,390

 
513

 
(1,580
)
Amortization included in net periodic benefit cost during the year
(5,715
)
 
(6,102
)
 
533

 
619

Net actuarial loss (gain), end of year
81,502

 
69,333

 
(6,201
)
 
(7,247
)
 
 
 
 
 
 
 
 
Change in prior service cost (benefit):
 
 
 
 
 
 
 
Prior service cost (benefit), beginning of year
(9,703
)
 
(12,070
)
 
(965
)
 
(112
)
   Prior service cost (benefit) arising during the year
—

 
—

 
—

 
(867
)
Amortization included in net periodic benefit cost during the year
2,224

 
2,367

 
199

 
14

Prior service cost (benefit), end of year
(7,479
)
 
(9,703
)
 
(766
)
 
(965
)
 
 
 
 
 
 
 
 
Total amounts in accumulated other comprehensive loss
at end of year, before income taxes
$
74,023

 
$
59,630

 
$
(6,967
)
 
$
(8,212
)

Amounts in the above table reflect the Company and its consolidated subsidiaries. The accumulated other comprehensive loss reported in the consolidated balance sheets also includes pension and other postretirement benefit amounts related to ownership interests in unconsolidated affiliates.
Weighted-Average Target Pension Asset Allocation And Target Ranges By Major Asset Category
The weighted–average target pension asset allocation and target ranges at the March 31, 2019 measurement date and the actual asset allocations at the March 31, 2019 and 2018 measurement dates by major asset category were as follows:
 
 
 
 
 
 
 
Actual Allocation
 
Target Allocation
 
 
 
 
 
March 31,
Major Asset Category
 
Range
 
2019
 
2018
Equity securities
29.0
%
 
19
%
-
39%
 
31.2
%
 
27.4
%
Fixed income securities (1) 
66.0
%
 
56
%
-
76%
 
64.8
%
 
65.9
%
Alternative investments
5.0
%
 
0
%
-
10%
 
4.0
%
 
6.7
%
Total
100.0
%
 
 
 
 
 
100.0
%
 
100.0
%
Estimated Future Benefit Payments
Estimated future benefit payments to be made from the Company’s plans are as follows:
Fiscal Year
Pension
Benefits
 
Other
Postretirement
Benefits
2020
$
15,950

 
$
2,652

2021
17,355

 
2,551

2022
16,910

 
2,433

2023
23,639

 
2,349

2024
18,017

 
2,267

2025 - 2029
92,458

 
10,315
Fair Values Of The Assets Under Fair Value Hierarchy
Fair values of the assets of the Company’s pension plans as of March 31, 2019 and 2018, classified based on how their values were determined under the fair value hierarchy are as follows:
 
March 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
Equity securities
$
71,561

 
$
—

 
$
—

 
$
71,561

Fixed income securities (1) 
149,798

 
10,399

 
4,025

 
164,222

Alternative investments
—

 
—

 
9,186

 
9,186

Total investments
$
221,359

 
$
10,399

 
$
13,211

 
$
244,969

 
March 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
Equity securities
$
58,667

 
$
—

 
$
—

 
$
58,667

Fixed income securities (1) 
142,329

 
10,836

 
3,550

 
156,715

Alternative investments
—

 
—

 
14,186

 
14,186

Total investments
$
200,996

 
$
10,836

 
$
17,736

 
$
229,568