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Pension and Other Post-retirement Benefit Plans (Tables)
 12 Months Ended
Mar. 31, 2018
Retirement Benefits [Abstract]  
Summary of the changes in benefit obligations and plan assets
A summary of the changes in benefit obligations and plan assets is as follows (amounts in thousands):
 
 
Pension
 
Other Benefits
 
 
2018
 
2017
 
2018
 
2017
Change in Benefit Obligation
 
 
 
 
 
 
 
 
Benefit obligation at beginning of the year
 
$
45,171

 
$
45,716

 
$
386

 
$
623

Service cost
 
4,585

 
1,298

 
—

 
—

Interest cost
 
1,750

 
1,297

 
12

 
11

Plan participants’ contributions
 
—

 
—

 
536

 
592

Actuarial (gain) loss
 
437

 
1,980

 
64

 
(228
)
Foreign currency exchange rate change
 
9,934

 
(3,732
)
 
—

 
—

Gross benefits paid
 
(1,128
)
 
(1,120
)
 
(631
)
 
(612
)
Curtailments and settlements
 
(5,642
)
 
(268
)
 
—

 
—

Acquisitions
 
106,566

 
—

 
—

 
—

Benefit obligation at end of year
 
$
161,673

 
$
45,171

 
$
367

 
$
386

Change in Plan Assets
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
$
10,004

 
$
10,268

 
$
—

 
$
—

Actual return on plan assets
 
2,594

 
1,099

 
—

 
—

Foreign currency exchange rate changes
 
3,831

 
(1,361
)
 
—

 
—

Employer contributions
 
4,766

 
1,176

 
95

 
20

Settlements
 
(5,659
)
 
(58
)
 
—

 
—

Plan participants’ contributions
 
—

 
—

 
536

 
592

Gross benefits paid
 
(1,128
)
 
(1,120
)
 
(631
)
 
(612
)
Acquisitions
 
57,083

 
—

 
—

 
—

Fair value of plan assets at end of year
 
$
71,491

 
$
10,004

 
$
—

 
$
—

Funded status at end of year
 
 
 
 
 
 
 
 
Fair value of plan assets
 
$
71,491

 
$
10,004

 
$
—

 
$
—

Benefit obligations
 
(161,673
)
 
(45,171
)
 
(367
)
 
(386
)
Amount recognized at end of year
 
$
(90,182
)
 
$
(35,167
)
 
$
(367
)
 
$
(386
)
Schedule of amounts recognized in the Consolidated Balance Sheets
Amounts recognized in the Consolidated Balance Sheets consist of the following (amounts in thousands):
 
 
Pension
 
Other Benefits
 
 
2018
 
2017
 
2018
 
2017
Current liability
 
$
(7,000
)
 
$
(827
)
 
$
(54
)
 
$
(52
)
Noncurrent liability
 
(83,182
)
 
(34,340
)
 
(313
)
 
(334
)
Amount recognized, end of year
 
$
(90,182
)
 
$
(35,167
)
 
$
(367
)
 
$
(386
)
Schedule of amounts recognized in Accumulated other comprehensive income (loss)
Amounts recognized in Accumulated other comprehensive income (loss) consist of the following (amounts in thousands):
 
 
Pension
 
Other Benefits
 
 
2018
 
2017
 
2018
 
2017
Net actuarial loss (gain)
 
$
15,691

 
$
16,196

 
$
(879
)
 
$
(1,134
)
Prior service cost
 
1,413

 
1,500

 
—

 
—

Accumulated other comprehensive (income) loss
 
$
17,104

 
$
17,696

 
$
(879
)
 
$
(1,134
)
Schedule of components of benefit costs (credit)
Components of benefit costs (credit) consist of the following (amounts in thousands):
 
 
Pension
 
Other Benefits
 
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Net service cost
 
$
4,585

 
$
1,298

 
$
1,507

 
$
—

 
$
—

 
$
—

Interest cost
 
1,750

 
1,297

 
1,347

 
12

 
11

 
19

Expected return on plan assets (1)
 
(1,956
)
 
(346
)
 
(433
)
 
—

 
—

 
—

Amortization:
 
 
 
 
 
 
 
 
 
 
 
 
Actuarial (gain) loss (2)
 
393

 
419

 
704

 
(191
)
 
(207
)
 
(191
)
Prior service cost
 
87

 
82

 
60

 
—

 
—

 
—

Recurring activity
 
4,859

 
2,750

 
3,185

 
(179
)
 
(196
)
 
(172
)
One time expense (income)
 
(71
)
 
(11
)
 
—

 
—

 
—

 
—

Net periodic benefit cost (credit)
 
$
4,788

 
$
2,739

 
$
3,185

 
$
(179
)
 
$
(196
)
 
$
(172
)
Schedule of asset allocation for the Company's defined benefit pension plans and the target allocation by asset category
The asset allocation for the Company’s defined benefit pension plans at March 31, 2018 and the target allocation for 2018, by asset category, are as follows:
Asset Category
 
Target
Allocation
(%)
 
Plan Assets
at March 31,
2018
(%)
Insurance (1)
 
10
 
1
International equities
 
15
 
31
International bonds
 
60
 
61
Other
 
15
 
7
Total
 
100
 
100
_______________________________________________________________________________
(1) Comprised of assets held by the defined benefit pension plan in Germany.
Schedule of other changes in plan assets and benefit obligations recognized in Accumulated other comprehensive income (loss)
Other changes in plan assets and benefit obligations recognized in Accumulated other comprehensive income (loss) are as follows (amounts in thousands):
 
 
Pension
 
Other Benefits
 
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Current year actuarial (gain) loss
 
$
(184
)
 
$
1,229

 
$
(5,125
)
 
$
64

 
$
(228
)
 
$
(146
)
Amortization of actuarial gain (loss)
 
(322
)
 
(619
)
 
(698
)
 
191

 
208

 
191

Current year prior service cost
 
—

 
—

 
342

 
—

 
—

 
—

Amortization of prior service cost
 
(87
)
 
(82
)
 
(60
)
 
—

 
—

 
—

Total recognized in other comprehensive income
 
$
(593
)
 
$
528

 
$
(5,541
)
 
$
255

 
$
(20
)
 
$
45

Total recognized in net periodic benefit cost and other comprehensive income (loss)
 
$
4,195

 
$
3,267

 
$
(2,356
)
 
$
76

 
$
(216
)
 
$
(127
)
Schedule of expected future benefit payments
The Company expects to have benefit payments in the future as follows (amounts in thousands):
 
 
Expected benefit payments
 
 
2019
 
2020
 
2021
 
2022
 
2023
 
2024- 2028
Pension benefits
 
$
8,968

 
$
7,417

 
$
7,487

 
$
10,105

 
$
9,059

 
$
57,685

Other benefits
 
55

 
52

 
47

 
43

 
39

 
131

Total
 
$
9,023

 
$
7,469

 
$
7,534

 
$
10,148

 
$
9,098

 
$
57,816
Schedule of weighted-average assumptions used to determine the projected benefit obligation at the measurement date and the net periodic cost for the pension and post-retirement plan
The following weighted-average assumptions were used to determine the projected benefit obligation at the measurement date and the net periodic cost for the pension and post-retirement plan (amounts in thousands except percentages):
 
 
Pension
 
Other Benefits
 
 
2018
 
2017
 
2018
 
2017
Projected benefit obligation:
 
 
 
 
 
 
 
 
Discount rate (1)
 
1.2
%
 
3.1
%
 
3.5
%
 
3.2
%
Rate of compensation increase
 
3.5
%
 
3.5
%
 
—
%
 
—
%
Health care cost trend on covered charges
 
—
%
 
—
%
 
7.0%
decreasing to
ultimate trend
of 5% in 2022

 
7.0%
decreasing to
ultimate trend
of 5% in 2021

Net periodic benefit cost:
 
 
 
 
 
 
 
 
Discount rate
 
1.2
%
 
3.1
%
 
3.2
%
 
2.8
%
Rate of compensation increase
 
3.5
%
 
3.5
%
 
—
%
 
—
%
Expected return on plan assets
 
3.0
%
 
3.2
%
 
—
%
 
—
%
Health care cost trend on covered charges
 
—
%
 
—
%
 
7.0%
decreasing to
ultimate trend
of 5% in 2021

 
7.0%
decreasing to
ultimate trend
of 5% in 2021

Sensitivity of retiree welfare results
 
 
 
 
 
 
 
 
Effect of a one percentage point increase in assumed health care cost trend:
 
 
 
 
 
 
 
 
On total service and interest costs components
 
 

 
 

 
$
—

 
$
—

On post-retirement benefits obligation
 
 

 
 

 
—

 
—

Effect of a one percentage point decrease in assumed health care cost trend:
 
 
 
 
 
 
 
 
On total service and interest costs components
 
 

 
 

 
—

 
—

On post-retirement benefits obligation
 
 

 
 

 
—

 
—
Schedule of fair value of pension plan assets measured on recurring basis
The Company evaluated input from its third-party actuary to determine the appropriate discount rate. The determination of the discount rate is based on various factors such as the rate on bonds, term of the expected payou
Summary of changes in the fair value of the defined benefit pension plan's Level 3 assets
The table below sets forth a summary of changes in the fair value of the defined benefit pension plan’s Level 3 assets for the fiscal years ended March 31, 2017 and March 31, 2018 (amounts in thousands):
Balance at March 31, 2016
$
611

Actual return on plan assets
20

Employer contributions
198

Benefits paid
(211
)
Foreign currency exchange rate change
(38
)
Balance at March 31, 2017
$
580

Actual return on plan assets
41

Employer contributions
219

Benefits paid
(233
)
Foreign currency exchange rate change
90

Balance at March 31, 2018
$
697