Income Taxes (Tables)

12 Months Ended

Mar. 31, 2015

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 provision (benefit) for income taxes consisted of the following:

	Years ended March 31,
	2015			2014			2013
Components of earnings (loss) from continuing operations before income taxes:
United States	$	31.1		$	14.1		$	10.2
Foreign		10.1			9.9			(23.2	)
Total earnings (loss) from continuing operations before income taxes	$	41.2		$	24.0		$	(13.0	)

Income tax expense (benefit):
Federal:
Current	$	0.4		$	(2.0	)	$	2.6
Deferred		7.1			(95.8	)		(2.6	)
State:
Current		-			0.2			0.2
Deferred		1.1			(21.4	)		(0.2	)
Foreign:
Current		12.7			10.0			6.4
Deferred		(2.3	)		1.1			3.4
Total income tax expense (benefit)	$	19.0		$	(107.9	)	$	9.8

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,
	2015			2014			2013
Statutory federal tax		35.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		2.4			2.1			(1.3	)
Taxes on non-U.S. earnings and losses		(4.9	)		(3.8	)		(23.8	)
Valuation allowance		8.3			(471.7	)		(59.3	)
Tax credits		(6.1	)		(7.1	)		37.0
Compensation		1.0			0.4			(13.0	)
Tax rate or law changes		1.2			(9.2	)		0.9
Uncertain tax positions net of settlements		2.2			0.4			(41.9	)
Brazil interest on equity		-			(1.7	)		3.2
Dividend repatriation		2.4			5.8			(11.4	)
Other		4.6			0.2			(0.8	)
Effective tax rate		46.1	%		(449.6	%)		(75.4	%)

Schedule of deferred tax assets and deferred tax liabilities

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

	March 31,
	2015			2014
Deferred tax assets:
Accounts receivable	$	0.3		$	0.2
Inventories		3.8			4.1
Plant and equipment		0.8			2.4
Pension and employee benefits		50.5			39.1
Net operating loss, capital loss, and credit carryforwards		105.0			122.4
Other, principally accrued liabilities		6.8			10.3
Total gross deferred tax assets		167.2			178.5
Less: valuation allowance		(48.0	)		(61.2	)
Net deferred tax assets		119.2			117.3

Deferred tax liabilities:
Goodwill		0.6			4.2
Plant and equipment		5.3			7.6
Other		1.0			1.7
Total gross deferred tax liabilities		6.9			13.5
Net deferred tax asset	$	112.3		$	103.8

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

	March 31,
	2015			2014
Current deferred tax asset	$	13.4		$	13.0
Noncurrent deferred tax asset		102.7			98.6
Current deferred tax liability (other current liabilities)		(0.4	)		(0.5	)
Noncurrent deferred tax liability		(3.4	)		(7.3	)
Total	$	112.3		$	103.8

Reconciliation of unrecognized tax benefits

Unrecognized tax benefits were as follows:

	Years ended March 31,
	2015		2014
Beginning balance	$	2.1	$	9.0
Gross increases - tax positions in prior period		3.1		2.5
Gross decreases - tax positions in prior period		-		(7.0	)
Gross increases - tax positions in current period		0.4		0.1
Settlements		-		(1.9	)
Lapse of statute of limitations		-		(0.8	)
Effect of exchange rate changes		-		0.2
Ending balance	$	5.6	$	2.1

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 - 2014
Brazil	Calendar 2010 - 2014
Germany	Fiscal 2011 - 2014
United States	Fiscal 2012 – 2014