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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2022
Income Taxes [Abstract] |
Earnings (Loss) Before Income Taxes |
|  | Years ended March 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Components of earnings (loss) before income taxes: |  |  |  |  |  |  |  |  |
United States |  | $ | 0.4 |  |  | $ | (48.7 | ) |  | $ | (26.1 | )
Foreign |  |  | 101.1 |  |  |  | (70.6 | ) |  |  | 36.5 |
Total earnings (loss) before income taxes |  | $ | 101.5 |  |  | $ | (119.3 | ) |  | $ | 10.4 |
Income Tax Provision (Benefit) |
Income tax provision (benefit): |  |  |  |  |  |  |  |  |
Federal: |  |  |  |  |  |  |  |  |
Current |  | $ | 0.1 |  |  | $ | (0.1 | ) |  | $ | (3.4 | )
Deferred |  |  | - |  |  |  | 58.3 |  |  |  | (1.7 | )
State: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 1.1 |  |  |  | 0.4 |  |  |  | (0.1 | )
Deferred |  |  | - |  |  |  | 9.2 |  |  |  | (2.3 | )
Foreign: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 17.8 |  |  |  | 22.0 |  |  |  | 14.9 |
Deferred |  |  | (3.8 | ) |  |  | 0.4 |  |  |  | 5.0 |
Total income tax provision |  | $ | 15.2 |  |  | $ | 90.2 |  |  | $ | 12.4 |
Reconciliation of U.S. Federal Statutory Rate to Effective 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, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Statutory federal tax |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State taxes, net of federal benefit |  |  | 1.4 |  |  |  | 0.9 |  |  |  | (12.0 | )
Taxes on non-U.S. earnings and losses |  |  | 3.5 |  |  |  | (9.1 | ) |  |  | 32.9 |
Valuation allowances |  |  | (8.8 | ) |  |  | (92.9 | ) |  |  | 156.9 |
Tax credits |  |  | (3.4 | ) |  |  | 2.2 |  |  |  | (36.7 | )
Compensation |  |  | 0.6 |  |  |  | (1.3 | ) |  |  | 4.0 |
Tax rate or law changes |  |  | 0.6 |  |  |  | (0.2 | ) |  |  | 3.6 |
Uncertain tax positions, net of settlements |  |  | (0.2 | ) |  |  | 0.1 |  |  |  | (37.9 | )
Notional interest deductions |  |  | (2.7 | ) |  |  | 1.3 |  |  |  | (12.5 | )
Dividends and taxable foreign inclusions |  |  | 1.6 |  |  |  | 3.0 |  |  |  | (11.0 | )
Other |  |  | 1.4 |  |  |  | (0.6 | ) |  |  | 10.9 |
Effective tax rate |  |  | 15.0 | % |  |  | (75.6 | %) |  |  | 119.2 | %
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that gave rise to deferred tax assets and liabilities were as follows:
|  | March 31, |
|  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |
Accounts receivable |  | $ | 0.8 |  |  | $ | 0.3 |
Inventories |  |  | 6.5 |  |  |  | 4.5 |
Plant and equipment |  |  | 19.9 |  |  |  | 7.5 |
Lease liabilities |  |  | 13.5 |  |  |  | 14.0 |
Pension and employee benefits |  |  | 27.5 |  |  |  | 24.0 |
Net operating and capital losses |  |  | 53.9 |  |  |  | 52.7 |
Credit carryforwards |  |  | 48.5 |  |  |  | 51.8 |
Other, principally accrued liabilities |  |  | 13.5 |  |  |  | 8.9 |
Total gross deferred tax assets |  |  | 184.1 |  |  |  | 163.7 |
Less: valuation allowances |  |  | (112.2 | ) |  |  | (90.7 | )
Net deferred tax assets |  |  | 71.9 |  |  |  | 73.0 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Plant and equipment |  |  | 8.6 |  |  |  | 9.8 |
Lease assets |  |  | 13.2 |  |  |  | 13.8 |
Goodwill |  |  | 4.9 |  |  |  | 5.1 |
Intangible assets |  |  | 22.4 |  |  |  | 25.1 |
Other |  |  | 1.5 |  |  |  | 0.6 |
Total gross deferred tax liabilities |  |  | 50.6 |  |  |  | 54.4 |
Net deferred tax assets |  | $ | 21.3 |  |  | $ | 18.6 |
Unrecognized Tax Benefits | Unrecognized tax benefits were as follows:
|  | Years ended March 31, |
|  | 2022 |  |  | 2021 |
Beginning balance |  | $ | 9.6 |  |  | $ | 9.7 |
Gross increases - tax positions in prior period |  |  | 0.1 |  |  |  | 0.1 |
Gross decreases - tax positions in prior period |  |  | (0.2 | ) |  |  | (0.6 | )
Gross increases - tax positions in current period |  |  | 1.0 |  |  |  | 0.9 |
Lapse of statute of limitations |  |  | (1.2 | ) |  |  | (0.5 | )
Ending balance |  | $ | 9.3 |  |  | $ | 9.6 |
Tax Years Subject to Examination | The Company files income tax returns in multiple jurisdictions and is subject to examination by taxing authorities throughout the world. At March 31, 2022, the Company was under income tax examination in a number of jurisdictions. The following tax years remain subject to examination for the Company’s major tax jurisdictions:
Germany | Fiscal 2016 - Fiscal 2021
Italy | Fiscal 2016 - Fiscal 2021
United States | Fiscal 2019 - Fiscal 2021

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