XML 88 R41.htm IDEA: XBRL DOCUMENT v3.20.1
Pension And Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Mar. 31, 2020
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
 
2020
  
2019
  
2018
 
2020
  
2019
  
2018
Discount rates:
 
  
 
  
 
 
 
  
 
  
 
Benefit cost for plan year
4.00
%
  
4.10
%
  
4.10
%
 
3.80
%
  
3.90
%
  
3.90
%
Benefit obligation at end of plan year
3.60
%
  
4.00
%
  
4.10
%
 
3.40
%
  
3.80
%
  
3.90
%
Expected long-term return on plan assets:
 
 
 
 
 
 
 
 
 
 
 
Benefit cost for plan year
6.75
%
  
6.75
%
  
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

 
7.34
%
  
7.60
%
  
8.10
%
Benefit Obligations, Plan Assets, And Funded Status
The following table reflects the changes in benefit obligations and plan assets in fiscal years 2020 and 2019, as well as the funded status of the plans at March 31, 2020 and 2019:
 
Pension
Benefits
  
Other Postretirement Benefits
 
March 31,
 
March 31,
 
2020
 
2019
 
2020
 
2019
Actuarial present value of benefit obligation:
 
 
 
 
 
 
 
Accumulated benefit obligation
$
281,242

  
$
273,370

 
 
 
 
Projected benefit obligation
287,082

  
278,189

 
$
30,282

 
$
31,635

 
 
 
 
 
 
 
 
Change in projected benefit obligation:
 
 
 
 
 
 
 
Projected benefit obligation, beginning of year
$
278,189

 
$
273,658

 
$
31,635

 
$
32,945

Service cost
5,990

 
6,008

 
199

 
222

Interest cost
10,747

 
10,810

 
1,306

 
1,371

Effect of discount rate change
14,479

 
5,177

 
1,326

 
563

Foreign currency exchange rate changes
(1,477
)
 
(2,526
)
 
(1,012
)
 
(447
)
Settlements
(6,038
)
 
—

 
—

 
—

Other
1,029

 
7,268

 
(744
)
 
(126
)
Benefit payments
(15,837
)
 
(22,206
)
 
(2,428
)
 
(2,893
)
Projected benefit obligation, end of year
$
287,082

 
$
278,189

 
$
30,282

 
$
31,635

 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
Plan assets at fair value, beginning of year
$
244,969

 
$
229,568

 
$
3,717

 
$
3,467

Actual return on plan assets
10,551

 
9,772

 
152

 
150

Employer contributions
6,037

 
29,489

 
1,928

 
2,993

Settlements
(6,038
)
 
—

 
—

 
—

Foreign currency exchange rate changes
(1,232
)
 
(1,654
)
 
—

 
—

Benefit payments
(15,837
)
 
(22,206
)
 
(2,428
)
 
(2,893
)
Plan assets at fair value, end of year
$
238,450

 
$
244,969

 
$
3,369

 
$
3,717

 
 
 
 
 
 
 
 
Funded status:
 
 
 
 
 
 
 
Funded status of the plans, end of year
$
(48,632
)
  
$
(33,220
)
  
$
(26,913
)
 
$
(27,918
)
Funded Status In Consolidated Balance Sheets
The funded status of the Company’s plans at the end of fiscal years 2020 and 2019 was reported in the consolidated balance sheets as follows:
 
Pension
Benefits
 
Other Postretirement Benefits
 
March 31,
 
March 31,
 
2020
 
2019
 
2020
 
2019
Non-current asset (included in other noncurrent assets)
$
346

 
$
1,837

 
$
—

 
$
—

Current liability (included in accounts payable and accrued expenses)
(2,978
)
 
(1,490
)
 
(2,233
)
 
(2,228
)
Non-current liability (reported as pensions and other postretirement benefits)
(46,000
)
 
(33,567
)
 
(24,680
)
 
(25,690
)
Amounts recognized in the consolidated balance sheets
$
(48,632
)
 
$
(33,220
)
 
$
(26,913
)
 
$
(27,918
)
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, 2020 and 2019, is as follows:
 
Pension
Benefits
 
Other Postretirement Benefits
 
March 31,
 
March 31,
 
2020
 
2019
 
2020
 
2019
For plans with a projected benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
Aggregate projected benefit obligation (PBO)
$
284,327

 
$
269,622

 
$
30,282

 
$
31,635

Aggregate fair value of plan assets
235,349

 
234,565

 
3,369

 
3,717

For plans with an accumulated benefit obligation in excess of plan assets:
 
 
 
 
 
 
 
Aggregate accumulated benefit obligation (ABO)
278,515

 
35,070

 
N/A

 
N/A

Aggregate fair value of plan assets
235,349

 
4,023

 
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,
 
2020
 
2019
 
2018
 
2020
 
2019
 
2018
Components of net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
5,990

 
$
6,008

 
$
5,177

 
$
199

 
$
222

 
$
229

Interest cost
10,747

 
10,810

 
10,801

 
1,306

 
1,371

 
1,471

Expected return on plan assets
(16,671
)
 
(15,695
)
 
(15,962
)
 
(106
)
 
(99
)
 
(87
)
Settlement cost
676

 
—

 
—

 
—

 
—

 
—

Net amortization and deferral
3,709

 
3,491

 
3,735

 
(647
)
 
(710
)
 
(620
)
Net periodic benefit cost
$
4,451

 
$
4,614

 
$
3,751

 
$
752

 
$
784

 
$
993
Recognized In Accumulated Other Comprehensive Income (Loss) On Pretax Basis The amounts recognized in other comprehensive income or loss for fiscal years 2020 and 2019 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,
 
2020
 
2019
 
2020
 
2019
Change in net actuarial loss (gain):
 
 
 
 
 
 
 
Net actuarial loss (gain), beginning of year
$
81,502

 
$
69,333

 
$
(6,201
)
 
$
(7,247
)
Losses (gains) arising during the year
21,838

 
17,884

 
302

 
513

Settlement
(529
)
 
—

 
—

 
—

Amortization included in net periodic benefit cost during the year
(5,786
)
 
(5,715
)
 
534

 
533

Net actuarial loss (gain), end of year
97,025

 
81,502

 
(5,365
)
 
(6,201
)
 
 
 
 
 
 
 
 
Change in prior service cost (benefit):
 
 
 
 
 
 
 
Prior service cost (benefit), beginning of year
(7,479
)
 
(9,703
)
 
(766
)
 
(965
)
Amortization included in net periodic benefit cost during the year
2,077

 
2,224

 
202

 
199

Prior service cost (benefit), end of year
(5,402
)
 
(7,479
)
 
(564
)
 
(766
)
 
 
 
 
 
 
 
 
Total amounts in accumulated other comprehensive loss
at end of year, before income taxes
$
91,623

 
$
74,023

 
$
(5,929
)
 
$
(6,967
)

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, 2020 measurement date and the actual asset allocations at the March 31, 2020 and 2019 measurement dates by major asset category were as follows:
 
 
 
 
 
 
 
Actual Allocation
 
Target Allocation
 
 
 
 
 
March 31,
Major Asset Category
 
Range
 
2020
 
2019
Equity securities
29.0
%
 
19
%
-
39%
 
25.4
%
 
31.2
%
Fixed income securities (1) 
66.0
%
 
56
%
-
76%
 
70.3
%
 
64.8
%
Alternative investments
5.0
%
 
0
%
-
10%
 
4.3
%
 
4.0
%
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
2021
$
17,561

 
$
2,668

2022
19,620

 
2,545

2023
17,326

 
2,445

2024
17,992

 
2,346

2025
17,774

 
2,246

2026 - 2030
89,919

 
9,672
Fair Values Of The Assets Under Fair Value Hierarchy
Fair values of the assets of the Company’s pension plans as of March 31, 2020 and 2019, classified based on how their values were determined under the fair value hierarchy are as follows:
 
March 31, 2020
 
Level 1
 
Level 2
 
Level 3
 
Total
Equity securities
$
58,204

 
$
—

 
$
—

 
$
58,204

Fixed income securities (1) 
162,667

 
3,101

 
4,668

 
170,436

Alternative investments
—

 
—

 
9,810

 
9,810

Total investments
$
220,871

 
$
3,101

 
$
14,478

 
$
238,450

 
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