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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2018

Income Taxes [Abstract]

Schedule of components of earnings before income taxes

The U.S. and foreign components of earnings before income taxes and the provision or benefit for income taxes consisted of the following:

		Years ended March 31,
		2018				2017				2016
Components of earnings (loss) before income taxes:
United States		$	2.5			$	(8.6	)		$	(15.4	)
Foreign			60.8				29.4				5.5
Total earnings (loss) before income taxes		$	63.3			$	20.8			$	(9.9	)
Income tax provision (benefit):
Federal:
Current		$	11.6			$	0.1			$	0.1
Deferred			23.3				(3.8	)			(13.0	)
State:
Current			(0.3	)			0.3				0.2
Deferred			2.0				(0.2	)			(2.5	)
Foreign:
Current			16.1				10.1				9.6
Deferred			(13.2	)			(0.6	)			(3.3	)
Total income tax provision (benefit)		$	39.5			$	5.9			$	(8.9	)

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

The reconciliation between the U.S. federal statutory rate and the Company’s effective tax rate was as follows:

		Years ended March 31,
		2018				2017				2016
Statutory federal tax			31.5	%			35.0	%			35.0	%
State taxes, net of federal benefit			2.9				(3.3	)			11.5
Taxes on non-U.S. earnings and losses			(3.8	)			(3.5	)			26.4
Valuation allowances			(5.6	)			1.2				(20.9	)
Tax credits			(17.3	)			(9.0	)			20.5
Compensation			(0.8	)			2.9				(3.7	)
Tax rate or law changes			60.1				(2.5	)			1.3
Uncertain tax positions, net of settlements			(0.8	)			5.6				(4.3	)
Notional interest deductions			(3.2	)			(8.8	)			-
Dividend repatriation			0.2				7.1				16.0
Other			(0.8	)			3.7				8.1
Effective tax rate			62.4	%			28.4	%			89.9	%

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,
		2018				2017
Deferred tax assets:
Accounts receivable		$	0.3			$	0.4
Inventories			4.1				5.0
Plant and equipment			2.3				3.7
Pension and employee benefits			36.0				51.8
Net operating loss, capital loss, and credit carryforwards			139.2				147.5
Other, principally accrued liabilities			9.9				10.9
Total gross deferred tax assets			191.8				219.3
Less: valuation allowances			(48.9	)			(49.6	)
Net deferred tax assets			142.9				169.7
Deferred tax liabilities:
Plant and equipment			17.6				21.2
Goodwill			5.2				4.7
Intangible assets			32.4				43.3
Other			0.7				1.8
Total gross deferred tax liabilities			55.9				71.0
Net deferred tax assets		$	87.0			$	98.7

Reconciliation of unrecognized tax benefits

Unrecognized tax benefits were as follows:

		Years ended March 31,
		2018				2017
Beginning balance		$	14.2			$	5.9
Gross increases - tax positions in prior period			0.8				0.3
Gross decreases - tax positions in prior period (a)			(1.2	)			(0.2	)
Gross increases - due to acquisition			1.4				7.3
Gross increases - tax positions in current period			0.5				0.9
Settlements			(0.3	)			-
Lapse of statute of limitations			(1.8	)			-
Ending balance		$	13.6			$	14.2

(a) Includes $1.0 million related to the reduction of the U.S. federal corporate tax rate as a result of the Tax Act.

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 2017
Italy	Calendar 2013 - Fiscal 2017
United States	Fiscal 2015 - Fiscal 2017

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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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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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