XML 52 R38.htm IDEA: XBRL DOCUMENT
v3.4.0.3

Income Taxes (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2016
Income Taxes [Abstract] |
Schedule of components of earnings (loss) from continuing operations before income taxes | The U.S. and foreign components of earnings from continuing operations before income taxes and the provision or benefit for income taxes consisted of the following:
|  | Years ended March 31,
|  | 2016 |  | 2015 |  | 2014
Components of (loss) earnings from continuing operations before income taxes: |  |  |  |  |  |  |  |  |
United States |  | $ | (15.4 | ) |  | $ | 31.1 |  |  | $ | 14.1 |
Foreign |  |  | 5.5 |  |  |  | 10.1 |  |  |  | 9.9 |
Total (loss) earnings from continuing operations before income taxes |  | $ | (9.9 | ) |  | $ | 41.2 |  |  | $ | 24.0 |
Income tax (benefit) expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 0.1 |  |  | $ | 0.4 |  |  | $ | (2.0 | )
Deferred |  |  | (13.0 | ) |  |  | 7.1 |  |  |  | (95.8 | )
State: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 0.2 |  |  |  | - |  |  |  | 0.2 |
Deferred |  |  | (2.5 | ) |  |  | 1.1 |  |  |  | (21.4 | )
Foreign: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 9.6 |  |  |  | 12.7 |  |  |  | 10.0 |
Deferred |  |  | (3.3 | ) |  |  | (2.3 | ) |  |  | 1.1 |
Total income tax (benefit) expense |  | $ | (8.9 | ) |  | $ | 19.0 |  |  | $ | (107.9 | )
Reconciliation of the federal statutory income tax rate to the company's effective income tax rate | Income tax expense attributable to earnings 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,
|  | 2016 |  | 2015 |  | 2014
Statutory federal tax |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State taxes, net of federal benefit |  |  | 11.5 |  |  |  | 2.4 |  |  |  | 2.1 |
Taxes on non-U.S. earnings and losses |  |  | 26.4 |  |  |  | (4.9 | ) |  |  | (3.8 | )
Valuation allowance |  |  | (20.9 | ) |  |  | 8.3 |  |  |  | (471.7 | )
Tax credits |  |  | 20.5 |  |  |  | (6.1 | ) |  |  | (7.1 | )
Compensation |  |  | (3.7 | ) |  |  | 1.0 |  |  |  | 0.4 |
Tax rate or law changes |  |  | 1.3 |  |  |  | 1.2 |  |  |  | (9.2 | )
Uncertain tax positions, net of settlements |  |  | (4.3 | ) |  |  | 2.2 |  |  |  | 0.4 |
Dividend repatriation |  |  | 16.0 |  |  |  | 2.4 |  |  |  | 5.8 |
Other |  |  | 8.1 |  |  |  | 4.6 |  |  |  | (1.5 | )
Effective tax rate |  |  | 89.9 | % |  |  | 46.1 | % |  |  | (449.6 | %)
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,
|  | 2016 |  | 2015
Deferred tax assets: |  |  |  |  |  |
Accounts receivable |  | $ | 0.1 |  |  | $ | 0.3 |
Inventories |  |  | 3.6 |  |  |  | 3.8 |
Plant and equipment |  |  | 4.3 |  |  |  | 0.8 |
Pension and employee benefits |  |  | 52.6 |  |  |  | 50.5 |
Net operating loss, capital loss, and credit carryforwards |  |  | 109.4 |  |  |  | 105.0 |
Other, principally accrued liabilities |  |  | 6.9 |  |  |  | 6.8 |
Total gross deferred tax assets |  |  | 176.9 |  |  |  | 167.2 |
Less: valuation allowance |  |  | (50.8 | ) |  |  | (48.0 | )
Net deferred tax assets |  |  | 126.1 |  |  |  | 119.2 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Plant and equipment |  |  | 5.5 |  |  |  | 5.3 |
Goodwill |  |  | 0.6 |  |  |  | 0.6 |
Other |  |  | 1.1 |  |  |  | 1.0 |
Total gross deferred tax liabilities |  |  | 7.2 |  |  |  | 6.9 |
Net deferred tax asset |  | $ | 118.9 |  |  | $ | 112.3 |
Reconciliation of unrecognized tax benefits | Unrecognized tax benefits were as follows:
|  | Years ended March 31,
|  | 2016 |  | 2015
Beginning balance |  | $ | 5.6 |  |  | $ | 2.1 |
Gross increases - tax positions in prior period |  |  | - |  |  |  | 3.1 |
Gross decreases - tax positions in prior period |  |  | (0.1 | ) |  |  | - |
Gross increases - tax positions in current period |  |  | 0.4 |  |  |  | 0.4 |
Ending balance |  | $ | 5.9 |  |  | $ | 5.6 |
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 - 2015
Brazil | Calendar 2011 - 2015
Germany | Fiscal 2012 - 2015
United States | Fiscal 2013 - 2015

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=51663037&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=51663037&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (c),(d)(2)-(3) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration