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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2023

Income Taxes [Abstract]

Earnings (Loss) Before Income Taxes

		Years ended March 31,
		2023				2022				2021
Components of earnings (loss) before income taxes:
United States		$	12.5			$	0.4			$	(48.7	)
Foreign			112.8				101.1				(70.6	)
Total earnings (loss) before income taxes		$	125.3			$	101.5			$	(119.3	)

Income Tax (Benefit) Provision

Income tax (benefit) provision:
Federal:
Current		$	1.5			$	0.1			$	(0.1	)
Deferred			(47.5	)			-				58.3
State:
Current			2.3				1.1				0.4
Deferred			(11.4	)			-				9.2
Foreign:
Current			27.5				17.8				22.0
Deferred			(0.7	)			(3.8	)			0.4
Total income tax (benefit) provision		$	(28.3	)		$	15.2			$	90.2

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,
		2023				2022				2021
Statutory federal tax			21.0	%			21.0	%			21.0	%
State taxes, net of federal benefit			(0.1	)			1.4				0.9
Taxes on non-U.S. earnings and losses			5.8				3.5				(9.1	)
Valuation allowances			(42.9	)			(8.8	)			(92.9	)
Tax credits			(4.5	)			(3.4	)			2.2
Compensation			0.7				0.6				(1.3	)
Tax rate or law changes			(0.2	)			0.6				(0.2	)
Uncertain tax positions, net of settlements			0.4				(0.2	)			0.1
Notional interest deductions			(1.7	)			(2.7	)			1.3
Dividends and taxable foreign inclusions			0.9				1.6				3.0
Other			(2.0	)			1.4				(0.6	)
Effective tax rate			(22.6	%)			15.0	%			(75.6	%)

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,
		2023				2022
Deferred tax assets:
Accounts receivable		$	0.9			$	0.8
Inventories			6.0				6.5
Plant and equipment			17.2				19.9
Lease liabilities			15.9				13.5
Pension and employee benefits			24.1				27.5
Net operating and capital losses			55.4				53.9
Credit carryforwards			49.0				48.5
Research and experimental expenditures			8.0				-
Other, principally accrued liabilities			13.2				13.5
Total gross deferred tax assets			189.7				184.1
Less: valuation allowances			(61.6	)			(112.2	)
Net deferred tax assets			128.1				71.9
Deferred tax liabilities:
Plant and equipment			7.5				8.6
Lease assets			15.7				13.2
Goodwill			4.8				4.9
Intangible assets			20.1				22.4
Other			1.1				1.5
Total gross deferred tax liabilities			49.2				50.6
Net deferred tax assets		$	78.9			$	21.3

Unrecognized Tax Benefits

Unrecognized tax benefits were as follows:

		Years ended March 31,
		2023				2022
Beginning balance		$	9.3			$	9.6
Gross increases - tax positions in prior period			0.2				0.1
Gross decreases - tax positions in prior period			(0.1	)			(0.2	)
Gross increases - tax positions in current period			0.9				1.0
Lapse of statute of limitations			(0.6	)			(1.2	)
Ending balance		$	9.7			$	9.3

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, 2023, 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 2017 - Fiscal 2022
Italy	Fiscal 2018 - Fiscal 2022
United States	Fiscal 2020 - Fiscal 2022

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