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Pension and Employee Benefit Plans (Tables) | 12 Months Ended
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Mar. 31, 2019
Pension and Employee Benefit Plans [Abstract] |
Change in Benefit Obligations and Plan Assets as Well as Funded Status | Changes in benefit obligations and plan assets, as well as the funded status of the Company’s global pension plans, were as follows:
|  | Years ended March 31, |
|  | 2019 |  |  | 2018 |
Change in benefit obligation: |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 273.6 |  |  | $ | 269.8 |
Service cost |  |  | 0.5 |  |  |  | 0.5 |
Interest cost |  |  | 9.6 |  |  |  | 9.9 |
Actuarial loss |  |  | 1.7 |  |  |  | 4.4 |
Benefits paid |  |  | (22.8 | ) |  |  | (16.9 | )
Curtailment gain (a) |  |  | - |  |  |  | (0.3 | )
Effect of exchange rate changes |  |  | (3.8 | ) |  |  | 6.2 |
Benefit obligation at end of year |  | $ | 258.8 |  |  | $ | 273.6 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 157.7 |  |  | $ | 148.2 |
Actual return on plan assets |  |  | 6.3 |  |  |  | 10.4 |
Benefits paid |  |  | (22.8 | ) |  |  | (16.9 | )
Employer contributions |  |  | 13.9 |  |  |  | 16.0 |
Fair value of plan assets at end of year |  | $ | 155.1 |  |  | $ | 157.7 |
Funded status at end of year |  | $ | (103.7 | ) |  | $ | (115.9 | )
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |  |
Current liability |  | $ | (2.0 | ) |  | $ | (6.3 | )
Noncurrent liability |  |  | (101.7 | ) |  |  | (109.6 | )
|  | $ | (103.7 | ) |  | $ | (115.9 | )
| (a) | During fiscal 2018, the Company recorded a pension curtailment gain associated with the closure of a manufacturing facility in Austria (CIS segment). See Note 6 for additional information regarding the closure of this facility.
Pension Benefit Plans | Costs for the Company’s global pension plans included the following components:
|  | Years ended March 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |
Service cost |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 0.6 |
Interest cost |  |  | 9.6 |  |  |  | 9.9 |  |  |  | 9.8 |
Expected return on plan assets |  |  | (12.3 | ) |  |  | (11.9 | ) |  |  | (12.3 | )
Amortization of net actuarial loss |  |  | 5.6 |  |  |  | 5.6 |  |  |  | 5.6 |
Settlements (a) |  |  | 0.2 |  |  |  | 0.3 |  |  |  | - |
Curtailment gain (a) |  |  | - |  |  |  | (0.3 | ) |  |  | - |
Net periodic benefit cost |  | $ | 3.6 |  |  | $ | 4.1 |  |  | $ | 3.7 |
Other changes in benefit obligation recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  | $ | (7.7 | ) |  | $ | (5.8 | ) |  | $ | (1.0 | )
Amortization of net actuarial loss |  |  | 5.8 |  |  |  | 5.9 |  |  |  | 5.6 |
Total recognized in other comprehensive income (loss) |  | $ | (1.9 | ) |  | $ | 0.1 |  |  | $ | 4.6 |
| (a) | The settlement charges and curtailment gain resulted from activity associated with the Company’s non-U.S. pension plans.
Target and Plan Asset Allocations | The Company’s U.S. pension plan weighted-average asset allocations were as follows:
|  | March 31, 2019 |  |  | March 31, 2018 |
|  | Target allocation |  |  | Plan assets |  |  | Target allocation |  |  | Plan assets |
Equity securities |  |  | 65 | % |  |  | 66 | % |  |  | 60 | % |  |  | 58 | %
Debt securities |  |  | 21 | % |  |  | 19 | % |  |  | 38 | % |  |  | 38 | %
Real estate investments |  |  | 13 | % |  |  | 12 | % |  |  | - |  |  |  | - |
Cash and cash equivalents |  |  | 1 | % |  |  | 3 | % |  |  | 2 | % |  |  | 4 | %
|  |  | 100 | % |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Estimated Future Benefit Payments | Estimated pension benefit payments for the next ten fiscal years are as follows:
Fiscal Year |  | Estimated Pension Benefit Payments |
2020 |  | $ | 16.0 |
2021 |  |  | 16.0 |
2022 |  |  | 16.4 |
2023 |  |  | 16.4 |
2024 |  |  | 16.6 |
2025-2029 |  |  | 82.0 |

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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments, and the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References No definition available. + Details
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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
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