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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2014

Income Taxes [Abstract]

Schedule of components of earnings (loss) from continuing operations before income taxes

The U.S. and foreign components of earnings (loss) from continuing operations before income taxes and the (benefit) provision for income taxes consisted of the following:

		Years ended March 31,
		2014				2013				2012
Components of earnings (loss) from continuing operations before income taxes:
United States		$	14.1			$	10.2			$	17.2
Foreign			9.9				(23.2	)			30.7
Total earnings (loss) from continuing operations before income taxes		$	24.0			$	(13.0	)		$	47.9
Income tax (benefit) expense:
Federal:
Current		$	(2.0	)		$	2.6			$	-
Deferred			(95.8	)			(2.6	)			0.3
State:
Current			0.2				0.2				0.3
Deferred			(21.4	)			(0.2	)			(0.2	)
Foreign:
Current			10.0				6.4				8.3
Deferred			1.1				3.4				1.2
Total income tax (benefit) expense		$	(107.9	)		$	9.8			$	9.9

Reconciliation of the federal statutory income tax rate to the company's effective income tax rate

Income tax expense attributable to earnings (loss) from continuing operations before income taxes differed from the amounts computed by applying the statutory U.S. federal income tax rate as a result of the following:

		Years ended March 31,
		2014				2013				2012
Statutory federal tax			35.0	%			35.0	%			35.0	%
State taxes, net of federal benefit			2.1				(1.3	)			(0.1	)
Taxes on non-U.S. earnings and losses			(3.8	)			(23.8	)			(5.7	)
Valuation allowance			(471.7	)			(59.3	)			2.1
Tax credits			(7.1	)			37.0				(19.2	)
Compensation			0.4				(13.0	)			3.4
Foreign tax rate or law changes			(9.2	)			0.9				0.6
Uncertain tax positions net of settlements			0.4				(41.9	)			1.9
Brazilian interest on equity			(1.7	)			3.2				(1.0	)
Dividend repatriation			5.8				(11.4	)			4.4
Other			0.2				(0.8	)			(0.7	)
Effective tax rate			(449.6	%)			(75.4	%)			20.7	%

Schedule of deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities were as follows:

		March 31,
		2014				2013
Deferred tax assets:
Accounts receivable		$	0.2			$	0.4
Inventories			4.1				4.1
Plant and equipment			2.4				1.6
Pension and employee benefits			39.1				48.5
Net operating loss, capital loss, and credit carryforwards			122.4				117.6
Other, principally accrued liabilities			10.3				12.0
Total gross deferred tax assets			178.5				184.2
Less: valuation allowance			(61.2	)			(172.8	)
Net deferred tax assets			117.3				11.4
Deferred tax liabilities:
Goodwill			4.2				4.7
Plant and equipment			7.6				5.6
Other			1.7				2.9
Total gross deferred tax liabilities			13.5				13.2
Net deferred tax asset (liability)		$	103.8			$	(1.8	)

Deferred tax assets and liabilities are reported in the consolidated balance sheets as follows:

		March 31,
		2014				2013
Current deferred tax asset		$	13.0			$	6.6
Noncurrent deferred tax asset			98.6				0.4
Current deferred tax liability (other current liabilities)			(0.5	)			(0.2	)
Noncurrent deferred tax liability			(7.3	)			(8.6	)
Total		$	103.8			$	(1.8	)

Reconciliation of unrecognized tax benefits

A reconciliation of unrecognized tax benefits is as follows:

		Years ended March 31,
		2014				2013
Beginning balance		$	9.0			$	3.3
Gross increases - tax positions in prior period			2.5				5.6
Gross decreases - tax positions in prior period			(7.0	)			(0.1	)
Gross increases - tax positions in current period			0.1				0.6
Gross decreases - tax positions in current period			-				(0.4	)
Settlements			(1.9	)			-
Lapse of statute of limitations			(0.8	)			-
Effect of exchange rate changes			0.2				-
Ending balance		$	2.1			$	9.0

Schedule of tax years subject to examination by the respective major tax jurisdictions

The following tax years remain subject to examination for the Company’s major tax jurisdictions:

Austria	Fiscal 2012 - 2013
Brazil	Calendar 2009 - 2013
Germany	Fiscal 2011 - 2013
United States	Fiscal 2011 - 2013

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

+ References

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