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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2017

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,
		2017				2016				2015
Components of earnings (loss) from continuing operations before income taxes:
United States		$	(8.6	)		$	(15.4	)		$	31.1
Foreign			29.4				5.5				10.1
Total earnings (loss) from continuing operations before income taxes		$	20.8			$	(9.9	)		$	41.2
Income tax expense (benefit):
Federal:
Current		$	0.1			$	0.1			$	0.4
Deferred			(3.8	)			(13.0	)			7.1
State:
Current			0.3				0.2				-
Deferred			(0.2	)			(2.5	)			1.1
Foreign:
Current			10.1				9.6				12.7
Deferred			(0.6	)			(3.3	)			(2.3	)
Total income tax expense (benefit)		$	5.9			$	(8.9	)		$	19.0

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,
		2017				2016				2015
Statutory federal tax			35.0	%			35.0	%			35.0	%
State taxes, net of federal benefit			(3.3	)			11.5				2.4
Taxes on non-U.S. earnings and losses			(3.5	)			26.4				(4.9	)
Valuation allowance			1.2				(20.9	)			8.3
Tax credits			(9.0	)			20.5				(6.1	)
Compensation			2.9				(3.7	)			1.0
Tax rate or law changes			(2.5	)			1.3				1.2
Uncertain tax positions, net of settlements			5.6				(4.3	)			2.2
Notional interest deductions			(8.8	)			-				-
Dividend repatriation			7.1				16.0				2.4
Other			3.7				8.1				4.6
Effective tax rate			28.4	%			89.9	%			46.1	%

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,
		2017				2016
Deferred tax assets:
Accounts receivable		$	0.4			$	0.1
Inventories			5.0				3.6
Plant and equipment			3.7				4.3
Pension and employee benefits			51.8				52.6
Net operating loss, capital loss, and credit carry-forwards			147.5				109.4
Other, principally accrued liabilities			10.9				7.5
Total gross deferred tax assets			219.3				177.5
Less: valuation allowances			(49.6	)			(50.8	)
Net deferred tax assets			169.7				126.7
Deferred tax liabilities:
Plant and equipment			21.2				5.5
Goodwill			4.7				0.6
Intangible assets			43.3				1.5
Other			1.8				0.2
Total gross deferred tax liabilities			71.0				7.8
Net deferred tax asset		$	98.7			$	118.9

Reconciliation of unrecognized tax benefits

Unrecognized tax benefits were as follows:

		Years ended March 31,
		2017				2016
Beginning balance		$	5.9			$	5.6
Gross increases - tax positions in prior period			0.3				-
Gross decreases - tax positions in prior period			(0.2	)			(0.1	)
Gross increases - due to acquisition			7.3				-
Gross increases - tax positions in current period			0.9				0.4
Ending balance		$	14.2			$	5.9

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:

	Germany	Fiscal 2011 - Fiscal 2016
	Italy	Calendar 2011 - Fiscal 2016
	United States	Fiscal 2014 - Fiscal 2016

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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.

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Tabular disclosure of the change in unrecognized tax benefits.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
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-URI http://asc.fasb.org/extlink&oid=75116239&loc=d3e36027-109320

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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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-Publisher FASB
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-Paragraph 15
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