10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_________________________________________________

FORM 10-K

(Mark one)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 31, 2016

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to

Commission File Number: 001-35475

_________________________________________________

REXNORD CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	20-5197013
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
247 Freshwater Way, Suite 300, Milwaukee, Wisconsin	53204
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (414) 643-3739

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Name of Each Exchange of Which Registered
Common Stock $.01 par value	The New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

__________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  x    No   o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes  o     No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x  No o

Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x    No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  x    Accelerated filer  o    Non-accelerated filer  o    Smaller reporting company  o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  o    No   x

As of September 30, 2015, the end of the Registrant's second fiscal quarter, the aggregate market value of the shares of common stock (based upon the $16.98 closing price on the New York Stock Exchange on September 30, 2015) held by non-affiliates (excludes shares reported as beneficially owned by then-current directors and executive officers - does not constitute an admission as to affiliate status) was approximately $1,700.5 million.

As of May 12, 2016, there were 101,695,697 shares of common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Part III of this Annual Report on Form 10-K incorporates by reference certain information from the Proxy Statement for the Registrant's fiscal 2017 annual meeting of stockholders, to be held on or about July 28, 2016, which proxy statement will be subsequently filed.

TABLE OF CONTENTS

Part I
Item 1.	Business	4
Item 1A.	Risk Factors	13
Item 1B.	Unresolved Staff Comments	21
Item 2.	Properties	22
Item 3.	Legal Proceedings	23
Item 4.	Mine Safety Disclosure	23
	Executive Officers of the Registrant	23
Part II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	24
Item 6.	Selected Financial Data	26
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	42
Item 8.	Financial Statements and Supplementary Data	44
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	86
Item 9A.	Controls and Procedures	86
Item 9B.	Other Information	87
Part III
Item 10.	Directors, Executive Officers and Corporate Governance	88
Item 11.	Executive Compensation	88
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	88
Item 13.	Certain Relationships and Related Transactions, and Director Independence	88
Item 14.	Principal Accounting Fees and Services	88
Part IV
Item 15.	Exhibits, Financial Statement Schedules	90

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PART I

CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS

This report includes “forward-looking statements” within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include statements we make concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs and other information that is not historical information and, in particular, appear in Items 1, 1A and 7 hereof. When used in this report, the words “estimates,” “expects,” “anticipates,” “projects,” “forecasts,” “plans,” “believes,” “foresees,” “seeks,” “likely,” “may,” “might,” “will,” “should,” “goal,” “target” or “intends” and variations of these words or similar expressions (or the negative versions of any such words) are intended to identify forward-looking statements. All forward-looking statements are based upon information available to us on the date of this report.

These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements, including, among other things, the matters discussed in this report in the Items identified above. Some of the factors that we believe could affect our results include:

• the impact of our indebtedness;

• our competitive environment;

• general economic and business conditions, market factors and our dependence on customers in cyclical industries;

• the effect of local, national and international economic, credit and capital market conditions on the economy in general, and on our customers and the industries in which we operate in particular;

• risks associated with our international operations;

• the loss of any significant customer;

• dependence on independent distributors;

• increases in cost of our raw materials and our possible inability to increase product prices to offset such increases;

• impact of weather on the demand for our products;

• changes in technology and manufacturing techniques;

• performance, and potential failure, of our information and data security systems;

• the costs of environmental compliance and/or the imposition of liabilities under environmental, health and safety laws and regulations;

• the costs associated with asbestos claims and other potential product liability;

• the costs related to strategic acquisitions or divestitures or the integration of recent and future acquisitions into our business;

• our access to available and reasonable financing on a timely basis;

• changes in governmental laws and regulations, or the interpretation or enforcement thereof, including for environmental matters;

• reliance on intellectual property;

• work stoppages by unionized employees;

• loss of key personnel;

• changes in pension funding requirements;

• potential impairment of goodwill and intangible assets; and

• the other factors set forth herein, including those set forth under “Risk Factors” in Part I Item 1A.

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There are likely other factors that could cause our actual results to differ materially from the results referred to in the forward-looking statements. All forward-looking statements attributable to us apply only as of the date of this report and are expressly qualified in their entirety by the cautionary statements included in this report. We undertake no obligation to publicly update or revise forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events, except as required by law.

ITEM 1. BUSINESS.

General

Rexnord Corporation (“Rexnord”), a Delaware corporation, was incorporated in 2006 as a holding company for the businesses within our Process & Motion Control platform. Since then, we have expanded significantly, including the creation of our Water Management platform in 2007 by the acquisition of the Zurn Plumbing products business and, by means of acquisitions of other companies or operations. See “Acquisitions and Divestitures” below for further information as to recent transactions.

Unless otherwise noted, “Rexnord,” “we,” “us,” “our” and the “Company” means Rexnord Corporation and its consolidated subsidiaries, including RBS Global and Rexnord LLC. Our fiscal year is the year ending March 31 of the corresponding calendar year. For example, our fiscal year 2016, or fiscal 2016, means the period from April 1, 2015 to March 31, 2016.

Additional Information

The address of our principal executive office is 247 Freshwater Way, Milwaukee, Wisconsin 53204. Our phone number is (414) 643-3000. Our internet website address is www.rexnord.com. We make available free of charge, on or through our internet website, as soon as reasonably practicable after they are electronically filed or furnished to the Securities and Exchange Commission (the “SEC”), our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy statements on Schedule 14A, as well as amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. Copies of any materials that we file with the SEC can also be obtained free of charge through the SEC's website at www.sec.gov. The SEC's Public Reference Room can be contacted at 100 F Street, N.E., Washington, D.C. 20549, or by calling 1-800-732-0330. In addition, the (i) charters for the Audit, Nominating and Corporate Governance, and Compensation Committees of our Board of Directors; (ii) our Corporate Governance Guidelines; and (iii) our Code of Business Conduct and Ethics are also available on our website. We will also post any amendments to these documents, or information about any waivers granted to directors or executive officers with respect to the Code of Ethics, on our website at the above web address. Our internet website and the information contained on or connected to that site are not incorporated by reference into this Form 10-K.

Our Company

Rexnord is a growth-oriented, multi-platform industrial company with what we believe are leading market shares and highly-trusted brands that serve a diverse array of global end markets. Our heritage of innovation and specification have allowed us to provide highly-engineered, mission-critical solutions to customers for decades and affords us the privilege of having long-term, valued relationships with market leaders. We operate our Company in a disciplined way and the Rexnord Business System (“RBS”) is our operating philosophy. Grounded in the spirit of continuous improvement, RBS creates a scalable, process-based framework that focuses on driving superior customer satisfaction and financial results by targeting world-class operating performance throughout all aspects of our business.

Our strategy is to build the Company around multiple, global strategic platforms that participate in end markets with sustainable growth characteristics where we are, or have the opportunity to become, the industry leader. We have a track record of acquiring and integrating companies and expect to continue to pursue strategic acquisitions within our existing platforms that will expand our geographic presence, broaden our product lines, and allow us to move into adjacent markets. Over time, we may add strategic platforms to our Company. Currently, our business is comprised of two platforms, Process & Motion Control and Water Management.

We believe that we have one of the broadest portfolios of highly engineered, mission- and project-critical Process & Motion Control products for industrial and aerospace applications worldwide. Our Process & Motion Control portfolio includes products and services used to safely, reliably and efficiently solve a wide range of demanding process and discrete automation and motion control applications. Our Water Management platform is a leader in the multi-billion dollar, specification-driven, commercial and institutional construction market for water management products as well as municipal water and wastewater treatment markets. Our Water Management product portfolio includes building and site water management solutions used primarily in nonresidential construction and retrofit end markets and engineered flow control products for the municipal water and wastewater treatment market worldwide.

Our products are generally “specified” or requested by end users across both of our strategic platforms as a result of our products’ reliable performance in demanding environments, our custom application engineering capabilities, and our ability to provide global customer support. Typically, our Process & Motion Control products are initially incorporated into products sold

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by original equipment manufacturers (“OEMs”) or sold to end users as critical components in large, complex systems where the cost of failure or downtime is high, and thereafter replaced through industrial distributors as they are consumed or require replacement.

The demand for our Water Management products is primarily driven by new infrastructure, the retrofit of existing structures to make them more energy and water efficient, commercial and institutional construction, and, to a lesser extent, residential construction. We believe we have become a market leader in the industry by developing innovative products that meet the stringent third-party regulatory, building, and plumbing code requirements and by subsequently achieving specification of our products into projects and applications.

We are led by an experienced, high-caliber management team that employs RBS as a proven operating philosophy to drive excellence and world-class performance in all aspects of our business by focusing on the “Voice of the Customer” process and ensuring superior customer satisfaction. Our footprint encompasses 45 principal Process & Motion Control manufacturing, warehouse, and repair facilities and 26 principal Water Management manufacturing and warehouse facilities located around the world which allow us to meet the needs of our increasingly global customer base as well as our distribution channel partners.

Our Platforms

Below is a summary of our net sales by segment and geographic region of origination (dollars in millions):

	Year Ended March 31, 2016
	United States			Europe			Rest of World			Total Net Sales
Process & Motion Control	$	730.3		$	219.5		$	150.5		$	1,100.3
% of net sales	66.4		%	19.9		%	13.7		%	100.0		%
Water Management	576.6			151.3			95.6			823.5
% of net sales	70.0		%	18.4		%	11.6		%	100.0		%
Consolidated	$	1,306.9		$	370.8		$	246.1		$	1,923.8
% of net sales	67.9		%	19.3		%	12.8		%	100.0		%

See more information regarding our segments and sales by geography within Part II Item 8, Note 20 Business Segment Information to the consolidated financial statements.

Process & Motion Control

Our Process & Motion Control platform designs, manufactures, markets and services a broad range of specified, highly-engineered mechanical components used within complex systems where our customers' reliability requirements and costs of failure or downtime are high. The Process & Motion Control portfolio includes motion control products, shaft management products, aerospace components, and related value-added services. Our products and services are marketed and sold globally under widely recognized brand names, including Rexnord^®, Rex^®, FlatTop^™, Falk^®, and Link-Belt^®. We sell our Process & Motion Control products and services into a diverse group of attractive end markets, including food and beverage, aerospace, mining, petrochemical, energy and power generation, cement and aggregates, forest and wood products, agriculture, and general industrial and automation applications.

We have established long-term relationships with OEMs and end users serving a wide variety of industries. As a result of our long-term relationships with OEMs and end users, we have created a significant installed base for our Process & Motion Control products, which are consumed or worn in use and have a relatively predictable replacement cycle. We believe this replacement dynamic drives recurring maintenance, repair, and operations ("MRO") demand for our products. We estimate that approximately half of our Process & Motion Control net sales are to distributors, who provide an aftermarket channel to primarily serve OEM and end-user MRO demand generated by the installed base of our products through approximately 2,300 distribution points across 108 countries.

Most of our products are critical components in large scale manufacturing processes, where the cost of component failure and resulting down-time is high. Many customer facilities have a range of requirements and applications for multiple products across our expansive product portfolio. We believe our reputation for superior quality, reliability, application expertise, and ability to meet lead time expectations are highly valued by our customers, as demonstrated by their preference to specify and purchase Rexnord brand products when it is time to replace an installed Rexnord product, or “like-for-like” product replacements. We believe this replacement dynamic for our products, our focus on capturing first-fit installations, our significant installed base, and our global supply chain and manufacturing footprint enables us to achieve premium pricing, world-class customer satisfaction, recurring revenue generation, and a competitive advantage.

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Water Management

Our Water Management platform designs, procures, manufactures, and markets products that provide and enhance water quality, safety, flow control and conservation. The Water Management product portfolio includes professional grade water control and safety, water distribution and drainage, finish plumbing, and site works products for primarily nonresidential buildings and flow control products for water and wastewater treatment infrastructure markets. Our products are marketed and sold under widely recognized brand names, including Zurn®, Wilkins®, and VAG®.

Over the past century, the businesses that comprise our Water Management platform have established themselves as innovators and leading designers, manufacturers and distributors of highly engineered products and solutions that control the flow, delivery, treatment and conservation of water to the infrastructure, institutional, and commercial construction and, to a lesser extent, the residential construction end markets. Segments of the infrastructure end market include: municipal water and wastewater, transportation, and hydropower. Segments of the institutional construction end market include government, health care, and education. Segments of the commercial construction end market include: lodging, retail, dining, sports arenas, and warehouse/office. The demand for our Water Management products is primarily driven by new infrastructure, the retrofit of existing structures (to make them more energy and water efficient), and new commercial and institutional building construction.

Our Water Management products are principally specification-driven and project-critical and typically represent a low percentage of the overall project cost. We believe these characteristics, coupled with our extensive distribution network, create a high level of end-user loyalty for our products and allow us to maintain leading market shares in the majority of our product lines. We believe we have become a market leader in the industry by meeting the stringent country specific regulatory, building, and plumbing code requirements and subsequently achieving specification of our products into projects and applications. The majority of these stringent testing and regulatory approval processes are completed through the Foundation for Cross-Connection Control and Hydraulic Research at the University of Southern California, the International Association of Plumbing and Mechanical Officials (“IAPMO”), the National Sanitation Foundation (“NSF”), the Plumbing and Drainage Institute (“PDI"), the Underwriters Laboratories (“UL”), Factory Mutual (“FM”), the American Waterworks Association (“AWWA”), Deutscher Verein des Gas- und Wasserfaches e.V. (“DVGW”), Umwelt Bundesamt (“UBA”), Water Regulations Advisory Scheme (“WRAS”), ANCOR Groupe (“NF”), Direction générale de la Santé (“ACS”), and Keurings Instituut voor Waterleiding Artikelen (“KIWA”) prior to the commercialization of our products.

Our Water Management platform has an extensive sales and marketing network spanning 49 countries, which consists of approximately 1,000 independent sales representatives across 240 sales agencies in addition to 200 direct sales and marketing associates who work with local engineers, contractors, builders, and architects to specify our products for use in construction projects. Specifically, it has been our experience that, once an architect, engineer, contractor, or owner has specified our product with satisfactory results, that person will generally continue to use our products in future projects. The inclusion of our products with project specifications, combined with our ability to innovate, engineer, and deliver products and systems that save time and money for engineers, contractors, builders, and architects has resulted in growing demand for our products. Our distribution model is predicated upon maintaining high product availability near our customers. We believe that this model provides us with a competitive advantage as we are able to meet our customer demand with local inventory at significantly reduced lead times as compared to others in our industry.

Our Markets

We evaluate our competitive position in our markets based on available market data, relevant benchmarks compared to our relative peer group, and industry trends. We generally do not participate in segments of our served markets that have been commoditized or in applications that do not require differentiation based on product quality, reliability and innovation. In both of our platforms, we believe the end markets we serve span a broad and diverse array of commercial and industrial end markets with solid fundamental long-term growth characteristics.

Process & Motion Control Market

The market for Process & Motion Control products is very fragmented with most participants having single or limited product lines and serving specific geographic markets. While there are numerous competitors with limited product offerings, there are only a few national and international competitors of a size comparable to us. While we compete with certain domestic and international competitors across a portion of our product lines, we do not believe that any one competitor directly competes with us across each of our product line categories. The industry's customer base is broadly diversified across many sectors of the economy. We believe that growth in the Process & Motion Control market is closely tied to overall growth in industrial production which we believe has fundamental and significant long-term growth potential. In addition, we believe that through innovating to meet the changes in customer demands and focusing on higher growth end-markets, Process & Motion Control can grow at rates faster than overall United States industrial production.

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The Process & Motion Control market is also characterized by the need for sophisticated engineering experience, the ability to design and produce a broad number of niche products with short lead times, and long-standing customer relationships. We believe entry into our markets by competitors with lower labor costs, including foreign competitors, will be limited due to the fact that we manufacture highly specialized niche products that are critical components in large-scale manufacturing processes. In addition, we believe there is an industry trend of customers increasingly consolidating their vendor bases, which we believe should allow suppliers with broader product offerings, such as ourselves, to capture additional market share.

Water Management Market

We believe the markets in which our Water Management platform participates are relatively fragmented with competitors across a broad range of industries, sectors, and product lines. Although competition exists across all of our Water Management businesses, we do not believe that any one competitor directly competes with us across all of our product lines. We believe that our served markets are growing long term at relatively strong rates, and that the growing demand for water conservation, quality, and safety can potentially support market growth above that of overall United States industrial production. We believe that we can continue to grow our platform at rates above the growth rate of the overall market and the growth rate of our competition, by focusing our efforts and resources towards end markets that have above-average growth characteristics.

We believe the areas of the Water Management industry in which we compete are tied to growth in infrastructure, commercial, and institutional construction, which we believe have significant long-term growth fundamentals. Historically, the infrastructure, commercial, and institutional construction sectors have been more stable and less vulnerable to down-cycles than the residential construction industry. Compared with residential construction cycles, downturns in infrastructure, commercial, and institutional construction have been shorter and less severe, and upturns have lasted longer and had higher peaks in terms of spending as well as units and square footage. In addition, we believe that water management manufacturers with innovative products, like ours, are able to grow at a faster pace than the broader infrastructure, commercial, and institutional construction markets, as well as mitigate cyclical downturns.

The Water Management industry's specification-driven end-markets require manufacturers to work closely with engineers, contractors, builders, and architects in local markets to design specific applications on a project-by-project basis. As a result, building and maintaining relationships with architects, engineers, contractors and builders, who specify products for use in construction projects, and having flexibility in design and product innovation are critical to compete effectively in the market. Companies with a strong network of such relationships have a competitive advantage. Specifically, it has been our experience that, once an engineer, contractor, builder, or architect has specified our product with satisfactory results, that person often will continue to use our products in future projects.

Our Products

Process & Motion Control Products

Our Process & Motion Control products are generally critical components in the machinery or plant in which they operate, yet they typically account for a low percentage of an end user's total production cost. We believe, because the costs associated with a Process & Motion Control product failure to the end user can be substantial, end users in most of the markets we serve focus on Process & Motion Control products with superior quality, reliability, and availability, rather than considering price alone, when making a purchasing decision. We believe that the key to success in our industry is to develop and maintain a reputation for quality and reliability, as well as create and maintain an extensive distribution network, which we believe leads to a strong preference to replace products “like-for-like” while driving recurring MRO revenues and linking first-fit specifications to market share gain. Our leading Process & Motion Control brands include Rexnord, Rex, Addax, Euroflex, Falk, FlatTop, Link-Belt, Omega, PSI, Shafer, Stearns, Thomas, and Tollok.

Motion Control Products

We are a leading manufacturer and supplier of highly engineered mechanical power transmission components used to affect and control material movement within heavy-duty process automation and discrete automation applications. Our motion control products include table top conveying chain and related accessories, gearing & gear drives, conveying equipment, industrial chain, and custom assemblies. Our FlatTop^™ highly-engineered table top conveyor chain and related conveyor system accessories are used in discrete automation applications such as high-speed beverage-filling operations and is primarily sold to the food and beverage processing and packaging, consumer products, warehousing and distribution, automotive, and parts processing industries. Gear drives reduce the output speed and increase the torque from an electronic motor or engine to the level required to drive a particular piece of equipment or an element of a larger mechanical system (such as a conveyor system). We produce a wide range of heavy, medium, and light-duty gear drives for bulk and unit material handling, mixing, pumping, and general gearing applications. Our conveying equipment components and industrial chain products are used primarily in heavy-duty process automation applications in numerous industries, including mining, construction and agricultural equipment, forest and wood products, cement and aggregates processing, and hydrocarbon processing. We also produce custom-engineered, application-specific miniature

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gearboxes and motion control assemblies and components that are supplied to a variety of end markets, including aerospace and defense, medical equipment, robotics, semiconductor, instrumentation, and satellite communications.

Shaft Management Products

We are a leading manufacturer and supplier of highly engineered mechanical power transmission components used to control, support, and protect rotating shafts within process automation and discrete automation applications. Rotating shafts transmit system power to the moving elements in machinery and equipment. Our shaft management products include couplings, torque limiters, electromagnetic clutches and brakes, industrial bearings, and shaft locking assemblies. Couplings are primarily used in high-speed, high-torque applications and are the interface between two shafts that permit power to be safely and efficiently transmitted from one shaft to the other. Torque limiters, clutches, and brakes are used in machinery applications to safely control shaft engagement and stopping. Industrial bearings are components that support, guide and reduce the friction of motion between fixed and moving machine parts. We primarily produce mounted bearings, which are offered in a variety of specialized housings to suit specific industrial applications, and generally command higher margins than unmounted bearings. Shaft locking assemblies are used to secure machine shafts to hubs through a mechanical interference fit that eliminates shaft backlash and improves transmission of high torques and axial loads. Our shaft management products are used in a wide range of end markets that include food and beverage, mining, energy and power generation, aggregates processing, pulp and paper, steel, chemical, forest and wood products, agricultural equipment, and general industrial and automation.

Aerospace Components

We supply our aerospace components primarily to the commercial and military aircraft end markets for use in door systems, engine accessories, engine controls, engine mounts, flight control systems, gearboxes, landing gear and rotor pitch controls. The majority of our sales are to engine and airframe OEMs that specify our aerospace bearing and mechanical seal products for their aircraft and turbine engine platforms, often based on proprietary designs, capabilities, and solutions. We also supply highly specialized gears and related products through our aerospace-focused build-to-print manufacturing operations.

Water Management Products

Water Management products tend to be project-critical, highly-engineered and high value-add and typically are a low percentage of overall project cost. We believe the combination of these features creates a high level of end-user loyalty, reinforced by our investments in developing innovative new product solutions. Demand for these products is influenced by regulatory, building and plumbing code requirements. Many Water Management products must meet the stringent country-specific regulatory, building, and plumbing code requirements prior to the commercialization of our products (such as IAPMO, NSF, UL, FM, PDI, AWWA, DVGW, UBA, WRAS, NF, ACS, and KIWA). In addition, many of these products must meet detailed specifications set by water management engineers, contractors, builders, and architects. Among our leading brands are Zurn, Wilkins^®, and VAG.

Water Safety, Quality, and Flow Control Products

Our water safety, quality, and flow control products are sold under the Zurn and Wilkins^® brand names and encompass a wide range of valve products, distribution and drainage products, and site works products. Key valve products include backflow preventers, fire system valves, pressure reducing valves, and thermostatic mixing valves. These highly-specified and engineered flow control devices protect and control the potable water supply and emergency water supply within a building or site. Designed to meet the stringent requirements of independent test labs, such as the Foundation for Cross Connection Control and Hydraulic Research at USC, NSF, UL and FM, they are sold into commercial, institutional, and industrial new construction and retrofit applications as well as the fire protection, waterworks, and irrigation end markets.

Engineered water distribution solutions that protect human health and gravity drainage products that protect the environment are sold under the Zurn brand and are typically required in the early stages of a construction or retrofit project, when potable water and non-potable water distribution and drainage systems are installed. Specification drainage products include point drains (such as roof drains and floor drains), hydrants, fixture carrier systems, and chemical drainage systems that are used to control storm water, process water, and potable water in various commercial, institutional, industrial, civil, and irrigation applications. Water distribution products include PEX piping, valves, fittings, and installation tools. PEX tubing is manufactured from cross-linked polyethylene and is designed for high temperature and pressure fluid distribution piping applications for both potable water and radiant heating systems in the residential and nonresidential construction industries. These systems are engineered to meet stringent NSF and ASTM standards helping water professionals provide safe and efficient building and site water management solutions.

Site works products are commonly installed within a building or on a site to manage storm water and wastewater. Linear drainage systems are used to capture and direct storm water in a wide variety of commercial, institutional, industrial, and transportation infrastructure applications. Our wastewater pre-treatment products include oil and grease interceptors and separators, acid neutralization systems, and remote monitoring systems and are marketed under the Zurn and Green Turtle brands. Interceptors are used to separate and capture fats, oils, and greases from wastewater before it is discharged into the municipal wastewater

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collection system. Our proprietary designs are primarily fabricated from fiberglass reinforced polyester, which we believe is gaining market share from traditional concrete products due to its reliability, service life, ease of service, and lowest cost of ownership. Applications include restaurants and institutional foodservice operations, office buildings, hotels, entertainment venues, schools, grocery and convenience stores, airports, vehicle service garages, and fleet operations and maintenance facilities; acid neutralization systems are primarily used in schools, hospitals, and laboratories.

Water Conservation Products

Water conservation products are typically required in the latter stages of a construction or retrofit project, when interior spaces are being outfitted with fixtures, valves, and faucets. Zurn's finish plumbing products include manual and sensor-operated flush valves marketed under the Aquaflush^®, AquaSense^®, and AquaVantage^® names and heavy duty commercial faucets marketed under the AquaSpec^® name. Innovative water conserving fixtures are marketed under the EcoVantage^® and Zurn One^® names. These products are commonly used in office buildings, schools, hospitals, airports, sports facilities, convention centers, shopping malls, restaurants, and industrial production buildings. The Zurn One Systems^® integrate valve and/or faucet products with fixtures into complete, easily customizable plumbing systems, and thus provide a valuable time and cost-saving means of delivering commercial and institutional bathroom fixtures. The EcoVantage^® fixture systems promote water-efficiency and low consumption of water that deliver savings for building owners in new construction and retrofit bathroom fixture installations.

Water and Wastewater Infrastructure Products

Our water and wastewater products are primarily sold under the VAG^®, GA^®, and Wilkins^® brand names and are used to control the flow of water and wastewater throughout the water cycle from raw water through collection, storage, distribution, and wastewater treatment. These products are highly specified, designed, and engineered; many include proprietary design features that provide differentiated component performance and enhanced system reliability. Products include automatic control valves, check valves, air valves, butterfly valves, hydrants, actuation systems, and other specialized products for municipal, industrial, and hydropower applications. Our comprehensive product range is primarily sold into the growing and less-cyclical water supply and treatment markets worldwide.

Acquisitions and Divestitures

Mergers and acquisitions are a critical part of the Rexnord growth strategy. Our strategy is to build around our global strategic platforms by acquiring leading industrial manufacturing companies in attractive markets, with businesses that we believe will benefit from the Rexnord Business System to increase customer satisfaction, revenue growth and operating margins. In our last three fiscal years, we have completed several acquisitions within our Process & Motion Control and Water Management platforms focused on expanding our product portfolio and global presence in the end markets we serve; those acquisitions are further described below. The purchase price for the below transactions is stated net of cash acquired and excludes transaction costs.

Process & Motion Control

• January 12, 2015 - We acquired Euroflex Transmissions (India) Private Limited ("Euroflex"), an India-based supplier of high performance disc couplings used in power generation, gas compression and industrial process machinery applications, for a cash purchase price of $76.0 million.

• October 30, 2014 - We acquired Tollok S.p.A. ("Tollok"), an Italy-based supplier of highly engineered shaft locking devices for the power generation and process industries, as well as general industrial applications, for a cash purchase price of $39.2 million.

• December 16, 2013 - We acquired Precision Gear Holdings, LLC (“PGH”) for a cash purchase price of $77.1 million. PGH, with operations in Antigo, Wisconsin and Twinsburg, Ohio, is a build-to-print manufacturer of high-quality gearing and highly specialized gearboxes and gears to the North American oil and gas, aerospace and other industrial markets.

• August 21, 2013 - We acquired certain assets of Micro Precision Gear Technology Limited (“Micro Precision"), a United Kingdom-based build-to-print manufacturer of specialty gears and electric motor components primarily sold to the aerospace market, for a cash purchase price of $22.2 million.

Water Management

• April 15, 2014 - We acquired Green Turtle Technologies Ltd., Green Turtle Americas Ltd. and Filamat Composites Inc. (collectively, "Green Turtle"), a Canada-based manufacturer of branded fiberglass oil and grease separators and traps, for a total cash purchase price of $27.7 million.

• August 30, 2013 - We acquired certain assets of L.W. Gemmell ("LWG"), a distributor of non-residential plumbing products based in Australia, for a total cash purchase price of $8.2 million.

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• April 26, 2013 - We acquired Klamflex Pipe Couplings Ltd. ("Klamflex"), a South Africa-based manufacturer of pipe couplings, flange adapters, dismantling joints and repair clamps for a total cash purchase price of $4.5 million.

In addition to making acquisitions, we from time to time review our operations to determine whether it would be in our interest to divest of certain non-core or non-strategic businesses. Information regarding divestitures within our Process & Motion Control and Water Management platforms during the last three fiscal years are included below.

Process & Motion Control

• During fiscal 2015, we ceased operations on our non-core Mill Products business, which conducted its operations in the United States and Australia. We have no continuing involvement in the business subsequent to the sale and historical results are presented as a discontinued operation in our consolidated financial statements. Refer to Item 8, Note 4 Discontinued Operations for additional information.

Water Management

• During the fourth quarter of fiscal 2016, we made the decision to exit product lines sold under the Rodney Hunt® Fontaine® tradename. The exit of this non-strategic product line also resulted in the recognition of various non-cash charges related to the impairment of property and equipment, impairment of intangible assets and other exit related costs associated with this product line. Refer to Item 8, Note 5 Restructuring and Other Similar Charges for additional information.

Customers

Process & Motion Control Customers

Our Process & Motion Control components are either incorporated into products sold by OEMs or sold to end users for their MRO requirements either directly in certain regions or, more commonly, through industrial distributors as aftermarket products. While approximately 49% of our Process & Motion Control net sales are through our distribution partners, OEMs and end users ultimately drive the demand for our Process & Motion Control products. With approximately 2,300 distributor locations worldwide, we have one of the most extensive distribution networks in the industry. The largest of our Process & Motion Control industrial distributors, which is also our largest customer, accounted for approximately 8.4%, 8.9%, and 7.8% of consolidated net sales during the fiscal years ended March 31, 2016, 2015 and 2014, respectively.

Rather than serving as passive conduits for delivery of product, our industrial distributors participate in the overall competitive dynamic in the Process & Motion Control industry. Industrial distributors play a role in determining which of our Process & Motion Control products are stocked at their distributor centers and branch locations and, consequently, are most readily accessible to MRO buyers, and the price at which these products are sold.

We market our Process & Motion Control products both to OEMs and directly to end users to create preference of our products through end-user specification. We believe this customer preference is important in differentiating our Process & Motion Control products from our competitors' products, and preserves our ability to create channel partnerships where distributors will recommend Rexnord products to OEMs and end users. In some instances, we have established a relationship with the end user such that we, the end user, and the end user's preferred distributor enter into a trilateral agreement whereby the distributor will purchase our Process & Motion Control products and stock them for the end user. We believe our extensive product portfolio positions us to benefit from the trend towards rationalizing suppliers by industrial distributors.

Water Management Customers

Our water safety, quality, flow control, and conservation products are sold for new construction, remodeling, and retrofit applications to customers in our commercial construction, institutional, infrastructure, and residential construction end markets and are distributed through independent sales representatives, plumbing wholesalers, and industry-specific distributors in the foodservice, industrial, janitorial, and sanitation industries. Our independent sales representatives work with architects, engineers, building owners and operators, contractors, and builders, to specify our water safety, quality, flow control and conservation products for their use and with wholesalers to assess and meet the needs of building contractors in construction projects. They also combine knowledge of our products’ installation methods and delivery availability with knowledge of the local markets to provide contractors with value-added service. We use several hundred independent sales representatives, along with a network of regional distribution centers and third-party warehouses, to provide our customers with same-day service and quick response times.

Water and wastewater end users primarily consist of municipalities. Our independent sales representatives, as well as approximately 200 direct sales and marketing associates, work with these end users, as well as their general contractors and engineering firms, to provide them with the engineered solutions that meet their needs. VAG^® GA^®, and Wilkins^® benefit from strong brand recognition in the industry, which is further bolstered by a strong customer propensity to replace “like-for-like” products.

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In addition to our domestic Water Management manufacturing facilities, we have maintained a global network of independent sources that manufacture high quality, lower-cost component parts for our commercial, institutional, infrastructure, and residential products. These sources fabricate parts to our specifications using our proprietary designs, which enables us to focus on product engineering, assembly, testing, and quality control. By closely monitoring these sources and through extensive product testing, we are able to maintain product quality and be a cost-competitive producer of commercial and institutional products.

Product Development

The majority of our new product development begins with our extensive “Voice of the Customer” operating philosophy. We have a team of approximately 350 engineers and technical employees who are organized by product line. Each of our product lines has technical staff responsible for product development and application support. The Rexnord Innovation Center provides additional support through enhanced capabilities and specialty expertise that can be utilized for product innovation and new product development. The Rexnord Innovation Center is a certified lab comprised of approximately 30 specialists that offers testing capability and design support during the development process to all of our product lines. Our existing pipeline and continued investment in new product development are expected to drive revenue growth as we address key customer needs.

In both of our Process & Motion Control and Water Management platforms, we have demonstrated a commitment to developing technologically advanced products within the industries we serve. In the Process & Motion Control platform, we had approximately 200 and approximately 500 active United States and foreign patents, respectively, as of March 31, 2016. In addition, we thoroughly test our Process & Motion Control products to ensure their quality, understand their wear characteristics and improve their performance. These practices have enabled us, together with our customers, to develop reliable and functional Process & Motion Control solutions. In our Water Management platform, we had approximately 200 and approximately 100 active United States and foreign patents, respectively, as of March 31, 2016. Product innovation is crucial in the commercial and institutional plumbing products markets because new products must continually be developed to meet specifications and regulatory demands. Zurn's plumbing products are known in the industry for such innovation. During fiscal 2016, 2015, and 2014 our total investment in research, development and engineering was $37.2 million, $38.8 million, and $41.4 million, respectively, or approximately 2% of net sales.

Rexnord Business System (“RBS”)

We operate our Company in a disciplined way. The Rexnord Business System is our operating philosophy and it creates a scalable, process-based framework that focuses on driving superior customer satisfaction and financial results by targeting world-class operating performance. RBS is based on the following principles: (1) strategy deployment (a long-term strategic planning process that determines annual improvement priorities and the actions necessary to achieve those priorities); (2) measuring our performance based on customer satisfaction, or the “Voice of the Customer;” (3) involvement of all our associates in the execution of our strategy; and (4) a culture that embraces Kaizen, the Japanese philosophy of continuous improvement. We believe applying RBS can yield superior growth, quality, delivery and cost positions relative to our competition, resulting in enhanced profitability and ultimately the creation of stockholder value. As we have applied RBS over the past several years, we have experienced significant improvements in growth, productivity, cost reduction and asset efficiency and believe there are substantial opportunities to continue to improve our performance as we continue to apply RBS.

Suppliers and Raw Materials

The principal materials used in our Process & Motion Control and Water Management manufacturing processes are commodities and components available from numerous sources. The key materials used in our Process & Motion Control manufacturing processes include: sheet, plate and bar steel, castings, forgings, high-performance engineered plastic and a variety of components. Within our Water Management platform, we purchase a broad range of materials and components throughout the world in connection with our manufacturing activities that include: bar steel, brass, castings, copper, zinc, forgings, plate steel, high-performance engineered plastic and resin. Our global sourcing strategy is to maintain alternate sources of supply for our important materials and components wherever possible within both our Process & Motion Control and Water Management platforms. Historically, we have been able to successfully source materials, and consequently are not dependent on a single source for any significant raw material or component. As a result, we believe there is a readily available supply of materials in sufficient quantity from a variety of sources to serve both our short-term and long-term requirements. Additionally, we have not experienced any significant shortage of our key materials and have not historically engaged in hedging transactions for commodity supplies. We generally purchase our materials on the open market. However, in certain situations we have found it advantageous to enter into contracts for certain commodity purchases. Although currently we are not a party to any unconditional purchase obligations, including take-or-pay contracts or through-put contracts, these contracts generally have had one to five-year terms and have contained competitive and benchmarking clauses to ensure competitive pricing.

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Backlog

Our backlog of unshipped orders was $409 million and $443 million as of March 31, 2016 and March 31, 2015, respectively. As of March 31, 2016, approximately 16% of our backlog was scheduled to ship beyond fiscal 2017. Also, see Risk Factor titled “The loss or financial instability of any significant customer could adversely affect our business, financial condition, results of operations or cash flows.” within Part I Item 1A of this report for more information on the risks associated with backlog.

Seasonality

We do not experience significant seasonality of demand for our Process & Motion Control products, although sales generally are slightly higher during our fourth fiscal quarter as our customers spend against recently approved capital budgets and perform maintenance and repairs in advance of spring and summer activity. Our Process & Motion Control end markets also do not experience significant seasonality of demand.

Demand for our Water Management products is primarily driven by commercial construction activity, remodeling, and retrofit opportunities, and to a lesser extent, new home starts as well as water and wastewater infrastructure expansion for municipal, industrial, and hydropower applications. Accordingly, weather has an impact on the seasonality of certain end markets. With the exception of our remodeling and retrofit opportunities, weather is an important variable as it significantly impacts construction. Spring and summer months in the United States and Europe represent the main construction season for increased construction in the commercial, institutional, and infrastructure markets, as well as new housing starts. As a result, sales generally decrease slightly in the third and fourth fiscal quarters as compared to the first two quarters of the fiscal year. The autumn and winter months generally impede construction and installation activity.

Our business also depends upon general economic conditions and other market factors beyond our control, and we serve customers in cyclical industries. As a result, our operating results could be negatively affected during economic downturns. See Risk Factor titled "General economic financial market weakness, as well as overall challenging market cycles may adversely affect our financial condition or results of operations” within Part I Item 1A of this report for more information on the risks associated with general economic conditions.

Employees

As of March 31, 2016, we had approximately 7,700 employees, of whom approximately 4,200 were employed in the United States. Approximately 500 of our United States employees are represented by labor unions. The five United States collective bargaining agreements to which we are a party have expiration dates between August 2016 and October 2019. Additionally, approximately 1,900 of our employees reside in Europe, where trade union membership is common. We believe we have a strong relationship with our employees, including those represented by labor unions.

Environmental Matters

Our operations and facilities worldwide are subject to extensive laws and regulations related to pollution and the protection of the environment, health and safety, including those governing, among other things, emissions to air, discharges to water, the generation, handling, storage, treatment and disposal of hazardous wastes and other materials, and the remediation of contaminated sites. A failure by us to comply with applicable requirements or the permits required for our operations could result in civil or criminal fines, penalties, enforcement actions, third-party claims for property damage and personal injury, requirements to clean up property or to pay for the costs of cleanup or regulatory or judicial orders enjoining or curtailing operations or requiring corrective measures, including the installation of pollution control equipment or remedial actions.

Some environmental laws and regulations impose requirements to investigate and remediate contamination on present and former owners and operators of facilities and sites, and on a potentially responsible party (“PRP”) for sites to which such parties may have sent waste for disposal. Such liability can be imposed without regard to fault and, under certain circumstances, may be joint and several, resulting in one PRP being held responsible for the entire obligation. Liability may also include damages to natural resources. On occasion we are involved in such investigations and/or cleanup, and also have been or could be named as a PRP in environmental matters.

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ITEM 1A. RISK FACTORS.

We have identified the following material risks to our business. The risks described below are not the only risks facing us. Additional risks and uncertainties not currently known to us, or those risks we currently view to be immaterial, may also materially and adversely affect our business, financial condition or results of operations. If any of these risks materialize, our business, financial condition, results of operations or cash flows could be materially and adversely affected.

Strategic Risks

Strategic risk relates to the Company's business plans and strategies, including the risks associated with: competitive threats; the global macro-environment in which we operate; international uncertainties; restructuring initiatives; mergers and acquisitions; protection of intellectual property; and other risks, including customer concentration, reliance on independent distributors and retention of key personnel.

The markets in which we sell our products are highly competitive.

We operate in highly competitive markets in both of our platforms. Some of our competitors have achieved substantially more market penetration in certain of the markets in which we operate. Some of our competitors are larger and may have greater financial and other resources than we do, and our competitors may adopt more aggressive sales policies and devote greater resources to the development, promotion and sale of their products than we do, all of which could result in a loss of customers and in turn adversely affect our results of operations.

We operate in highly fragmented markets within the Process & Motion Control platform. As a result, we compete against numerous companies. Competition in our business lines is based on a number of considerations, including product performance, cost of transportation in the distribution of products, brand reputation, quality of client service and support, product availability and price. Additionally, some of our larger customers are attempting to reduce the number of vendors from which they purchase in order to increase their efficiency. If we are not selected to become one of these preferred providers, we may lose access to certain sections of the markets in which we compete. Our customers increasingly demand a competitively priced broad product range and we must continue to develop our expertise in order to manufacture and market these products successfully. To remain competitive, we will need to invest continuously in manufacturing, customer service and support, marketing and our distribution networks. We cannot assure that we will have sufficient resources to continue to make these investments or that we will maintain our competitive position within each of the markets we serve.

Within the Water Management platform, we compete against both large international and national rivals, as well as many regional competitors. Significant competition in any of the markets in which the Water Management platform operates could result in substantial downward pressure on product pricing and our profit margins, thereby adversely affecting the Water Management financial results. Furthermore, we cannot provide assurance that we will be able to maintain or increase the current market share of our products successfully in the future.

General economic financial market weakness, as well as overall challenging market cycles, may adversely affect our financial condition or results of operations.

Our business operations have been adversely affected in recent years by volatility and weaknesses in the global economy and financial markets. A weakening of current conditions or a future downturn may adversely affect our future results of operations and financial condition. Weak, challenging or volatile economic conditions in the end-markets, businesses or geographic areas in which we sell our products could reduce demand for products and result in a decrease in sales volume for a prolonged period of time, which would have a negative impact on our future results of operations.

Our financial performance depends, in large part, on conditions in the markets that we serve in the U.S. and the global economy generally. Some of the industries we serve are highly cyclical, such as the aerospace, energy and industrial equipment industries. We have undertaken cost reduction programs as well as diversified our markets to mitigate the effects of economic downturns; however, such programs may be unsuccessful. Any sustained weakness in demand or downturn or uncertainty in the economy generally would materially reduce our net sales and profitability.

For example, sales to the construction industry are driven by trends in commercial and residential construction, housing starts and trends in residential repair and remodeling. Consumer confidence, weather conditions, mortgage rates, credit standards and availability of consumer credit and income levels play a significant role in driving demand in commercial and residential construction, repair and remodeling sector. A drop or weakness in consumer confidence, prolonged adverse weather conditions, lack of availability or increased cost of credit, credit standards or unemployment could delay a recovery of commercial and residential construction levels and have a material adverse effect on our business, financial condition, results of operations or cash flows. This may express itself in substantial downward pressure on product pricing and our profit margins, thereby adversely affecting our financial results.

Additionally, many of our products are used in the energy, mining and cement and aggregates markets. Recent reductions

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and volatility in the prices of petroleum-related products and certain other mined raw materials costs have adversely affected the energy and mining industries, reducing their capital investments and the demand for certain of the Company's products. Some customers may defer or cancel anticipated expenditures, projects or expansions until such time as these projects will be profitable based on the underlying cost of commodities compared to the cost of the project. Weakness in those markets may also affect pricing of our products that are sold for use in those markets.

Volatility and disruption of financial markets, as in recent years, could limit the ability of our customers to obtain adequate financing to maintain operations and may cause them to terminate existing purchase orders, reduce the volume of products they purchase from us in the future or impact their ability to pay their receivables. Adverse economic and financial market conditions may also cause our suppliers to be unable to meet their commitments to us or may cause suppliers to make changes in the credit terms they extend to us, such as shortening the required payment period for outstanding accounts receivable or reducing or eliminating the amount of trade credit available to us.

The loss or financial instability of any significant customer or customers accounting for our backlog could adversely affect our business, financial condition, results of operations or cash flows.

A substantial part of our business is concentrated with a few customers, and we have certain customers that are significant to our business. During fiscal 2016, our top 20 customers accounted for approximately 37.6% of our consolidated net sales, and our largest customer accounted for 8.4% of our consolidated net sales. The loss of one or more of these customers, or deterioration in our relationship with any of them could have a material adverse effect on our business, financial condition, results of operations or cash flows.

Our contracted backlog is comprised of future orders for our products from a broad number of customers. Defaults by any of the customers that have placed significant orders with us could have a significant adverse effect on our net sales, profitability and cash flow. Our customers may in the future default on their obligations to us due to bankruptcy, lack of liquidity, operational failure or other reasons deriving from the general economic environment or circumstances affecting those customers in particular. If a customer defaults on its obligations to us, it could have a material adverse effect on our backlog, business, financial condition, results of operations or cash flows. As of March 31, 2016, approximately 16% of our backlog was scheduled to ship beyond fiscal 2017.

We rely on independent distributors. Termination of one or more of our relationships with any of those independent distributors or an increase in the distributors’ sales of our competitors’ products could have a material adverse effect on our business, financial condition, results of operations or cash flows.

In addition to our own direct sales force, we depend on the services of independent distributors to sell our Process & Motion Control products and provide service and aftermarket support to our OEMs and end users. We rely on an extensive distribution network, with nearly 2,300 distributor locations nationwide; however, for fiscal 2016, approximately 25% of our Process & Motion Control net sales were generated through sales to three of our key independent distributors, the largest of which accounted for 15% of Process & Motion Control net sales. Water Management, we depend on a network of several hundred independent sales representatives and approximately 60 third-party warehouses to distribute our products; however, for fiscal 2016, our three key independent distributors generated approximately 28% of our Water Management net sales with the largest accounting for 16% of Water Management net sales.

The loss of one of our key distributors or of a substantial number of our other distributors or an increase in the distributors' sales of our competitors' products to our customers could have a material adverse effect on our business, financial condition, results of operations or cash flows.

Our international operations are subject to uncertainties, which could adversely affect our business, financial condition, results of operations or cash flows.

Our business is subject to certain risks associated with doing business internationally. A significant portion of our sales are international; approximately 32% of our total net sales in fiscal 2016 originated outside of the U.S. Additionally, we have significant manufacturing operations outside of the U.S. Accordingly, our future results could be harmed by a variety of factors relating to global operations, including:

•fluctuations in currency exchange rates, particularly fluctuations in the Euro against the U.S. dollar;

•foreign exchange controls;

•compliance with export controls and trade compliance regulations;

•tariffs or other trade protection measures and import or export licensing requirements;

•changes in tax laws;

•interest rates;

•differences in business practices in various countries;

•changes and differences in regulatory requirements in countries in which we operate or make sales;

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•differing labor regulations, practices and standards;

•requirements relating to withholding taxes on remittances and other payments by subsidiaries;

• restrictions on our ability to own or operate subsidiaries, make investments or acquire new businesses in these jurisdictions;

• restrictions under U.S. tax laws and other laws on our ability to repatriate dividends from our foreign subsidiaries; and

• exposure to liabilities under anti-corruption laws in various countries, including the U.S. Foreign Corrupt Practices Act of 1977 ("FCPA").

As we continue to expand our business globally, our success will depend, in large part, on our ability to anticipate and effectively manage these and other risks associated with our international operations. However, any of these factors could have a material adverse effect on our international operations and, consequently, our business, financial condition, results of operations or cash flows.

We may be unable to realize intended benefits from our cost reduction, restructuring and divestiture efforts, and as a result our profitability may be hurt or our business otherwise might be adversely affected.

In order to operate more efficiently and control costs, we undertake from time to time restructuring plans, which include global facility consolidations, product rationalizations, workforce reductions and other cost reduction initiatives. We also choose to divest operations which we no longer believe are additive or complementary to our platforms or strategic direction. These plans are intended to reduce operating costs, to modify our footprint to reflect changes in the markets we serve, to reflect changes in business focus and/or to address overall manufacturing overcapacity, including as a result of acquisitions. We may undertake further restructuring actions, workforce reductions or divestitures in the future. These types of activities are complex. If we do not successfully manage our current restructuring activities, or any other restructuring activities or divestitures that we may undertake in the future, expected efficiencies, benefits and cost savings might be delayed or not realized, and our operations and business could be disrupted.

In addition, as a result of such actions, we expect to incur restructuring expenses and other charges, which may be material, and may exceed our estimates Several factors could cause restructuring or divestiture activities to adversely affect our business, financial condition and results of operations. These include potential disruption of our operations and other aspects of our business. Employee morale and productivity could also suffer or result in unintended employee attrition. These activities require substantial management time and attention and may divert management from other important work or result in a failure to meet operational targets. Divestures may also give rise to obligations to buyers or other parties that could have a financial effect after the transaction is completed. Moreover, we could encounter changes to, or delays in executing, any restructuring or divestiture plans, any of which could cause further disruption and additional unanticipated expense.

Inability to identify, or effectively integrate, acquisitions could adversely affect our business, financial condition, results of operations or cash flows.

We cannot ensure that suitable acquisition candidates will be identified and acquired in the future, that the financing of any such acquisition will be available on satisfactory terms, that we will be able to complete any such acquisition, that we will be able to successfully integrate any acquired business or operations, or that we will be able to accomplish our strategic objectives as a result of any such acquisition. Nor can we ensure that our acquisition strategies will be successfully received by customers or achieve their intended benefits.

Acquisitions are often undertaken to improve the operating results of either or both of the acquirer and the acquired company and we cannot ensure that we will be successful in this regard. We cannot provide any assurance that we will be able to fully realize the intended benefits from our acquisitions. We have encountered, and may encounter, various risks in acquiring other companies including the possible inability to integrate an acquired business into our operations, potential failure to realize anticipated benefits, diversion of management's attention, issues in customer transitions, potential inadequacies of indemnities and other contractual remedies and unanticipated problems, risks or liabilities, including environmental, some or all of which could have a material adverse effect on our business, financial condition, results of operations or cash flows.

The inability to adequately protect intellectual property, or defend against infringement claims brought against us, could adversely affect our business.

We attempt to protect our intellectual property through a combination of patent, trademark, copyright and trade secret protection, as well as third-party nondisclosure and assignment agreements. We cannot assure that any of our applications for protection of our intellectual property rights will be approved and maintained or that our competitors will not infringe or successfully challenge our intellectual property rights. We also rely on unpatented proprietary technology. It is possible that others will independently develop the same or similar technology or otherwise obtain access to our unpatented technology. To protect our trade secrets and other proprietary information, we require employees, consultants and advisors to enter into confidentiality

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agreements. We cannot assure that these agreements will provide meaningful protection for our trade secrets, know-how or other proprietary information in the event of any unauthorized use, misappropriation or disclosure. If we are unable to maintain the proprietary nature of our technologies, our ability to sustain margins on some or all of our products may be affected, which could have a material adverse effect on our business, financial condition, results of operations or cash flows. In addition, in the ordinary course of our operations, from time to time we pursue and are pursued in potential litigation relating to the protection of certain intellectual property rights, including some of our more profitable products. An adverse ruling in any such litigation could have a material adverse effect on our business, financial condition, results of operations or cash flows.

Our inability to attract and retain key personnel may adversely affect our business.

Our success depends on our ability to recruit, retain and develop highly-skilled management and key personnel. Competition for these persons in our industry is intense and we may not be able to successfully recruit, train or retain qualified personnel, or to effectively implement successions to existing personnel. If we fail to retain and recruit the necessary personnel or arrange for successors to key personnel, our business could materially suffer.

Terrorism, conflicts and wars may materially adversely affect our business, financial condition and results of operations.

As a global company with a large international footprint, we are subject to increased risk of damage or disruption to us, our employees, facilities, partners, suppliers, distributors, resellers or customers due to acts of terrorism, political conflicts and wars, in multiple locations around the world. The potential for future attacks, the national and international responses to attacks or perceived threats to national security, and other actual or potential actions, conflicts or wars have created, and will continue to create, economic and political uncertainties. In addition, as a global company with headquarters and significant operations located in the U.S., actions against or by the U.S. may particularly impact our business or employees. Although it is impossible to predict the occurrences or consequences of any such events, they could result in disruptions to our operations, decreases in demand for our products, difficulty or impossibility in delivering products to our customers or receiving components from our suppliers, delays and inefficiencies in our supply chain and risks to our employees, resulting in, among other things, temporarily closed facilities, travel restrictions or longer-term disruptions, any of which could adversely affect our business, financial condition, results of operations and cash flows.

Operational Risks

Operational risk relates to risks arising from innovation, systems, processes, and external or internal events that affect the operation of our businesses. It includes product life cycle and execution; information management and data protection and security, including cyber security; supply chain and business disruption; and other risks, including human resources and employee relations.

We are subject to risks associated with changing technology, manufacturing techniques, distribution channels and business continuity, which could place us at a competitive disadvantage.

The successful implementation of our business strategy requires us to continuously evolve our existing products and introduce new products to meet customers' needs in the industries we serve. Our products are characterized by stringent performance and specification requirements that mandate a high degree of manufacturing and engineering expertise. If we fail to meet these requirements, our business could be at risk. We believe that our customers rigorously evaluate their suppliers on the basis of a number of factors, including product quality, price competitiveness, technical and manufacturing expertise, development and product design capability, new product innovation, reliability and timeliness of delivery, operational flexibility, customer service and overall management. Our success will depend on our ability to continue to meet our customers' changing specifications with respect to these criteria. We cannot ensure that we will be able to address technological advances or introduce new products that may be necessary to remain competitive within our businesses. We cannot ensure that we can adequately protect any of our own technological developments to produce a sustainable competitive advantage. Furthermore, we may be subject to business continuity risk in the event of an unexpected loss of a material facility or operation. We cannot ensure that we can adequately protect against such a loss.

Increases in the cost or availability of raw materials could adversely affect our business, financial condition, results of operations or cash flows.

Our manufacturing processes depend on third parties for raw materials, in particular bar steel, brass, castings, copper, forgings, high-performance engineered plastic, plate steel, resin, sheet steel and zinc, as well as petroleum and other carbon-based fuel products. We generally purchase our raw materials on the open market on a purchase order basis. These contracts generally have had one to five year terms and have contained competitive and benchmarking clauses intended to ensure competitive pricing. While we currently maintain alternative sources for most raw materials, our business is subject to the risk of price fluctuations, inefficiencies in the event of a need to change our suppliers, and delays in the delivery of and potential unavailability of our raw materials. Any such price fluctuations or delays, if material, could harm our profitability or operations. In addition, the loss of a

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substantial number of suppliers could result in material cost increases or reduce our production capacity.

We do not typically enter into hedge transactions to reduce our exposure to purchase price risks and cannot ensure that we would be successful in recouping these increases if these risks were to materialize. In addition, if we are unable to continue to purchase our required quantities of raw materials on commercially reasonable terms, or at all, or if we are unable to maintain or enter into our purchasing contracts for our larger commodities, our business operations could be disrupted and our profitability could be impacted in a material adverse manner.

The ongoing updates to our Enterprise Resource Planning (“ERP”) systems, as well as failures of our data security and information technology infrastructure and cyber security, could cause substantial business interruptions and/or adversely affect our business.

Utilizing a phased approach, we continue to update our ERP systems across both our Process & Motion Control and Water Management platforms. If these updates are unsuccessful, we could incur substantial business interruptions, including the inability to perform routine business transactions, which could have a material adverse effect on our financial performance. Further, these updates may not result in the benefits we intend or be implemented on a timely basis.

In addition, we depend heavily on information technology infrastructure to manage our business objectives and operations, support our customers’ requirements and protect sensitive information. There have been significant and increasing instances of data and security breaches, malicious interference with technology systems and industrial espionage involving companies in numerous industries. While we have taken steps to maintain and enhance adequate data security and address these risks and uncertainties by implementing additional security technologies, internal controls, network and data center resiliency, and redundancy and recovery processes, these measures may be inadequate. As a result, any inability by us to successfully manage our information systems, or respond effectively to any attack on or interference with our systems, including matters related to system and data security, privacy, reliability, compliance, performance and access, problems related to our systems caused by natural disasters, security breaches or malicious attacks, and any inability of these systems to fulfill their intended business purpose, could impede our ability to record or process orders, manufacture and ship in a timely manner, account for and collect receivables, protect sensitive data of the Company, our customers, our employees, our suppliers and other business partners, comply with our third party obligations of confidentiality and care, or otherwise carry on business in the normal course. Any such events could require significant costly remediation and could cause us to lose customers and/or revenue, require us to incur significant expense to remediate, including as a result of legal or regulatory claims or proceedings, or damage our reputation, any of which could have a material adverse effect on our business, financial condition, results of operations or cash flows.

Weather could adversely affect the demand for products in our Water Management platform and decrease its net sales.

Demand for our Water Management products is primarily driven by commercial construction activity, remodeling and retrofit opportunities, and to a lesser extent, new home starts as well as water and wastewater infrastructure expansion for municipal, industrial and hydropower applications. Weather is an important variable affecting financial performance as it significantly impacts construction activity. Adverse weather conditions, such as prolonged periods of cold or rain, blizzards, hurricanes and other severe weather patterns, could delay or halt construction and remodeling activity, which could have a negative effect on our business. For example, an unusually severe winter can lead to reduced construction activity and magnify the seasonal decline in our Water Management net sales and earnings during the winter months. In addition, a prolonged winter season can delay construction and remodeling plans and hamper the typical seasonal increase in net sales and earnings during the spring months.

Disruptions caused by labor disputes or organized labor activities could adversely affect our business or financial results.

As of March 31, 2016, we had approximately 7,700 employees. Approximately 500 of our United States employees are represented by labor unions and approximately 1,900 of our employees reside in Europe, where trade union membership is common. Although we believe that our relations with our employees are currently strong, if our unionized workers were to engage in a strike, work stoppage or other slowdown in the future, we could experience a significant disruption of our operations, which could interfere with our ability to deliver products on a timely basis and could have other negative effects, such as decreased productivity and increased labor costs. Such negative effects could have a material adverse effect on our business, financial condition, results of operations or cash flows. In addition, if a greater percentage of our workforce becomes unionized as a result of legal or regulatory changes which may make union organizing easier, or otherwise, our costs could increase and our efficiency be affected in a material adverse manner, negatively impacting our business and financial results. Further, many of our direct and indirect customers and their suppliers, and organizations responsible for shipping our products, have unionized workforces and their businesses may be impacted by strikes, work stoppages or slowdowns, any of which, in turn, could have a material adverse effect on our business, financial condition, results of operations or cash flows.

Financial Risks

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Financial risk relates to our ability to meet our financial obligations. It includes our highly leveraged disposition, compliance with debt covenants, access to liquidity and restrictive credit agreements.

Our debt levels could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry, inhibit us from making beneficial acquisitions and prevent us from making debt service payments.

We are a highly leveraged company. Our ability to generate sufficient cash flow from operations to make scheduled payments on our debt will depend on a range of economic, competitive and business factors, many of which are outside our control. Our business may not generate sufficient cash flow from operations to meet our debt service and other obligations, and currently anticipated cost savings and operating improvements may not be realized on schedule, or at all. If we are unable to meet our expenses and debt service and other obligations, we may need to refinance all or a portion of our indebtedness on or before maturity, sell assets or raise equity. We may not be able to refinance any of our indebtedness, sell assets or raise equity on commercially reasonable terms or at all, which could cause us to default on our obligations and impair our liquidity. Our inability to generate sufficient cash flow to satisfy our debt obligations or to refinance our obligations on commercially reasonable terms would have a material adverse effect on our business, financial condition, results of operations and cash flows.

Our substantial indebtedness could also have other important consequences with respect to our ability to manage and grow our business successfully, including the following:

• it may limit our ability to borrow money for our working capital, capital expenditures, strategic initiatives, acquisitions or other purposes;

• it may make it more difficult for us to satisfy our obligations with respect to our indebtedness, and any failure to comply with the obligations of any of our debt instruments, including restrictive covenants and borrowing conditions, could result in an event of default under our credit agreement and our other indebtedness;

• a substantial portion of our cash flow from operations will be dedicated to the repayment of our indebtedness and so will not be available for other purposes;

• it may limit our flexibility in planning for, or reacting to, changes in our operations or business, or in taking advantage of strategic opportunities;

• we are and will continue to be more highly leveraged than some of our competitors, which may place us at a competitive disadvantage;

• it may make us more vulnerable to downturns in our business or the economy;

• it may restrict us from making strategic acquisitions or divestitures, introducing new technologies or exploiting business opportunities; and

• along with the financial and other restrictive covenants in the documents governing our indebtedness, among other things, may limit our ability to borrow additional funds, make acquisitions or capital expenditures, acquire or dispose of assets or take certain of the actions mentioned above, any of which could restrict our operations and business plans.

Furthermore, a substantial portion of our indebtedness, including the senior secured credit facilities and borrowings outstanding under our accounts receivable securitization facility, bears interest at rates that fluctuate with changes in certain short-term prevailing interest rates. In addition, our hedging arrangements may not protect us to the extent we expect. See Part II Item 7A, Quantitative and Qualitative Disclosures About Market Risk for additional information.

Also, in spite of the limitations in our credit agreement, we may still incur significantly more debt, which could intensify the risks described above on our business, results and financial condition. For more information about our indebtedness, see Part II Item 8, Note 11 Long-Term Debt to the consolidated financial statements.

Our credit agreement imposes significant operating and financial restrictions, which could have a material adverse effect on our business, financial condition, results of operations or cash flows.

Our credit agreement contains various covenants that limit or prohibit our ability, among other things, to:

• incur or guarantee additional indebtedness;

• pay dividends on our capital stock or redeem, repurchase, retire or make distributions in respect of our capital stock or subordinated indebtedness or make other restricted payments;

• make certain loans, acquisitions, capital expenditures or investments;

• sell certain assets, including stock of our subsidiaries;

• enter into sale and leaseback transactions;

• create or incur liens;

• consolidate, merge, sell, transfer or otherwise dispose of all or substantially all of our assets; and

• Enter into certain transactions with our affiliates.

Our credit agreement contains covenants that restrict our ability to take certain actions, such as incurring additional debt,

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if we are unable to meet defined specified financial ratios. As of March 31, 2016, our first lien leverage ratio was 3.9x. Failure to comply with the leverage covenant of the credit agreement can result in limiting our long-term growth prospects by hindering our ability to incur future indebtedness or grow through acquisitions. A breach of any of these covenants could result in a default under our debt agreements. For more information, see Part II Item 7 "Management’s Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources".

The restrictions contained in the credit agreement could:

• limit our ability to plan for or react to market conditions or meet capital needs or otherwise restrict our activities or business plans;

• restrict our announced plans to repurchase shares of our common stock;

• adversely affect our ability to finance our operations, to enter into strategic acquisitions, to fund investments or other capital needs or to engage in other business activities that would be in our interest; and

• limit our access to the cash generated by our subsidiaries.

Upon the occurrence of an event of default under the credit agreement, the lenders could elect to declare all amounts outstanding under the senior secured credit facilities to be immediately due and payable and terminate all commitments to extend further credit. If we were unable to repay those amounts, the lenders under the senior secured credit facilities could proceed against the collateral granted to them to secure the senior secured credit facilities on a first- priority lien basis. If the lenders under the senior secured credit facilities accelerate the repayment of borrowings, such acceleration could have a material adverse effect on our business, financial condition, results of operations or cash flows. For a more detailed description of the limitations on our ability to incur additional indebtedness, see Part II Item 7 "Management’s Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources".

Our goodwill and intangible assets are valued at an amount that is high relative to our total assets and in excess of our stockholders equity.

As of March 31, 2016, goodwill and intangible assets totaled $1,193.8 million and $520.9 million, respectively, and represent a substantial portion of our assets. These assets result from our acquisitions, representing the excess of cost over the fair value of the tangible net assets we have acquired. We assess at least annually whether there has been impairment in the value of our goodwill and indefinite lived intangible assets. Significant negative industry or economic trends, disruptions to our business, inability to effectively integrate acquired businesses, unexpected significant changes or planned changes to the use of our assets, changes in the structure of our business, divestitures, market capitalization declines, or increases in associated discount rates may impair our goodwill and other intangible assets. Any determination requiring the impairment of goodwill or intangible assets would negatively affect our results of operations, particularly in the period in which we take any related charges, and financial condition.

Our required cash contributions to our pension plans may increase further and we could experience a material change in the funded status of our defined benefit pension plans and the amount recorded in our consolidated balance sheets related to those plans. Additionally, our pension costs could increase in future years.

The funded status of the defined benefit pension plans depends on such factors as asset returns, market interest rates, legislative changes and funding regulations. If the returns on the assets of any of our plans were to decline in future periods, if market interest rates were to decline, if the Pension Benefit Guaranty Corporation (“PBGC”) were to require additional contributions to any such plans as a result of acquisitions or if other actuarial assumptions were to be modified, our future required cash contributions and pension costs to such plans could increase. Any such increases could have a material and adverse effect on our business, financial condition, results of operations or cash flows.

The need to make contributions, which may be substantial, to such plans may reduce the cash available to meet our other obligations, including our obligations under our credit agreement or to meet the needs of our business. In addition, the PBGC may terminate our U.S. defined benefit pension plans under limited circumstances, including in the event the PBGC concludes that the risk may increase unreasonably if such plans continue. In the event a U.S. defined benefit pension plan is terminated for any reason while it is underfunded, we could be required to make an immediate payment to the PBGC of all or a substantial portion of such plan's underfunding, as calculated by the PBGC based on its own assumptions (which might result in a larger obligation than that based on the assumptions we have used to fund such plan), and the PBGC could place a lien on material amounts of our assets.

Legal and Compliance Risks

Legal and compliance risk relates to risks arising from conformity with external policies and procedures, government and regulatory compliance, and ongoing environment and legal proceedings. These include customer driven policies, government and regulatory requirements and environmental health and safety litigation. These types of risks may impose additional cost on us or cause us to have to change our business models or practices.

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Our failure to comply with third-party certification requirements and customer-driven policies and standards, including those related to social responsibility, could adversely affect our reputation, business and results of operations.

In addition to complying with laws and applicable government regulations and requirements, prevailing industry standards, competitive pressures and/or our customers may require us to comply with further quality, social responsibility, or other business policies or standards, before customers and prospective customers commence, or continue, doing business with us. These expectations, policies and standards may be more restrictive than current laws and regulations as well as our own pre-existing policies; they may be customer-driven, established by the industry sectors in which we operate or imposed by third-party organizations.

Our compliance with these policies, standards and third party certification requirements could be costly and could in some cases require us to change the way in which we operate. In addition, if we fail to comply, or if our compliance increases our costs and/or restricts our ability to do business as compared to our competitors that do not adhere to such standards, we could experience an adverse effect on our customer relationships, reputation, operations, cost structure and/or profitability.

We are subject to changes in legislative, regulatory and legal developments involving taxes.

We are subject to U.S. federal and state, and other countries' and jurisdictions', income, payroll, property, sales and use, fuel, and other types of taxes. Changes in tax rates, enactment of new tax laws, revisions of tax regulations, and claims or litigation with taxing authorities may require significant judgment in determining the appropriate provision and related accruals for these taxes; and as a result, such changes could result in substantially higher taxes and, therefore, could have a significant adverse effect on our results or operations, financial conditions and liquidity. In this regard, the U.S., the European Union and member states along with numerous other countries are currently engaged in establishing fundamental changes to tax laws affecting the taxation of multinational corporations.  Currently, a significant amount of our revenue is generated from customers located outside of the United States, and an increasingly greater portion of our assets and employees are located outside of the U.S. U.S. income tax and foreign withholding taxes have not been provided on undistributed earnings for certain non-U.S. subsidiaries, because such earnings are intended to be indefinitely reinvested in the operations of those subsidiaries. However, current U.S. tax laws may provide significant impediments to and tax expense upon repatriating funds, if we would determine to do so in the future. Future legislation may substantially reduce (or have the effect of substantially reducing) our ability to defer U.S. taxes on profit permanently reinvested outside the United States. Additionally, any such developments in the U.S. or other countries could have a negative impact on our ability to compete in the global marketplace.

We may incur significant costs for environmental compliance and/or to address liabilities under environmental laws and regulations.

Our operations and facilities worldwide are subject to extensive laws and regulations related to pollution and the protection of the environment, health and safety, including those governing, among other things, emissions to air, discharges to water, the generation, handling, storage, treatment and disposal of hazardous wastes and other materials, and the remediation of contaminated sites. A failure by us to comply with applicable requirements or the permits required for our operations could result in civil or criminal fines, penalties, enforcement actions, third-party claims for property damage and personal injury, requirements to clean up property or to pay for the costs of cleanup or regulatory or judicial orders enjoining or curtailing operations or requiring corrective measures, including the installation of pollution control equipment or remedial actions.

Some environmental laws and regulations impose requirements to investigate and remediate contamination on present and former owners and operators of facilities and sites, and on potentially responsible parties (“PRPs”) for sites to which such parties may have sent waste for disposal. Such liability can be imposed without regard to fault and, under certain circumstances, may be joint and several, resulting in one PRP being held responsible for the entire obligation. Liability may also include damages to natural resources. On occasion we are involved in such investigations and/or cleanup, and also have been or could be named as a PRP in environmental matters.

The discovery of additional contamination, including at acquired facilities, the imposition of more stringent environmental, health and safety laws and regulations, including cleanup requirements, disputes with our insurers or the insolvency of other responsible parties could require us to incur significant capital expenditures or operating costs materially in excess of our accruals. Future investigations we undertake may lead to discoveries of contamination that must be remediated, and decisions to close facilities may trigger remediation requirements that are not currently applicable. We may also face liability for alleged personal injury or property damage due to exposure to hazardous substances used or disposed of by us, contained within our current or former products, or present in the soil or groundwater at our current or former facilities. We could incur significant costs in connection with such liabilities. See Part II Item 8, Note 18 Commitments and Contingencies to the consolidated financial statements.

Certain subsidiaries are subject to litigation, including numerous asbestos and product liability claims, which could adversely affect our business, financial condition, results of operations or cash flows.

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Certain subsidiaries are co-defendants in various lawsuits in a number of U.S. jurisdictions alleging personal injury as a result of exposure to asbestos that was used in certain components of our products. The uncertainties of litigation and the uncertainties related to insurance and indemnification coverage make it difficult to accurately predict the ultimate financial effect of these claims. If our insurance or indemnification coverage is to cover our potential financial exposure, or the actual number or value of asbestos-related claims differs materially from our existing estimates, we could incur material costs that could have a material adverse effect on our business, financial condition, results of operations or cash flows.

In addition, we may be subject to product liability claims if the use of our products, or the exposure to our products or their raw materials, is alleged to have resulted in injury or other adverse effects. We currently maintain product liability insurance coverage but we cannot assure that we will be able to obtain such insurance on commercially reasonable terms in the future, if at all, or that any such insurance will provide adequate coverage against claims. Product liability claims can be expensive to defend and can divert the attention of management and other personnel for long periods of time, regardless of the ultimate outcome. In addition, our business depends on the strong brand reputation we have developed; if this reputation is damaged as a result of a product liability claim, it may be difficult to maintain our pricing positions and market share with respect to our products. An unsuccessful product liability defense could have a material adverse effect on our business, financial condition, results of operations or cash flows.

See Part II Item 8, Note 18 Commitments and Contingencies to the consolidated financial statements for additional details.

ITEM 1B. UNRESOLVED STAFF COMMENTS.

None.

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ITEM 2. PROPERTIES.

Within Process & Motion Control, as of March 31, 2016, we had 45 principal manufacturing, warehouse and repair facilities as set forth below:

		Total Square Feet
Location	Number of Facilities	Owned	Leased
North America	23	2,617,000	5,305,000
Europe	11	442,000	266,000
Asia	6	292,000	39,000
South America	2	77,000	15,000
Africa	1	80,000	—
Australia	2	—	63,000

Within Water Management, as of March 31, 2016, we had 26 principal manufacturing and warehouse facilities as set forth below:

		Total Square Feet
Location	Number of Facilities	Owned	Leased
North America	20	1,167,000	806,000
Europe	2	1,240,000	356,000
Asia	2	79,000	265,000
Africa	1	—	22,000
Australia	1	—	29,000

We believe our Process & Motion Control and Water Management properties are suitable for their respective operations and provide sufficient capacity for our current and future anticipated needs.

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ITEM 3. LEGAL PROCEEDINGS.

Information with respect to our legal proceedings is contained in Part II Item 8, Note 18 Commitments and Contingencies to the consolidated financial statements.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

*                *                *

Executive Officers of the Registrant

The following table sets forth information concerning our executive officers as of the date of this report:

Name	Age	Position(s)	In Current Position(s) since
Todd A. Adams	45	President, Chief Executive Officer and Director	2009
Mark W. Peterson	44	Senior Vice President and Chief Financial Officer	2011
Rodney Jackson	46	Senior Vice President-Business and Corporate Development	2014
George J. Powers	49	Chief Human Resources Officer	2015
Craig G. Wehr	51	Group Executive, President - Zurn	2013
Patricia M. Whaley	57	Vice President, General Counsel and Secretary	2002
Kevin J. Zaba	49	Group Executive, President - Process & Motion Control Platform	2016

Information about the business experience of our executive officers during at least the past five fiscal years is as follows:

Todd A. Adams became our President and Chief Executive Officer in 2009. Mr. Adams joined us in 2004 as Vice President, Treasurer and Controller; he has also served as Senior Vice President and Chief Financial Officer from 2008 to 2009 and as President of the Water Management platform in 2009.

Mark W. Peterson became our Senior Vice President and Chief Financial Officer in 2011. Mr. Peterson previously served as Vice President and Controller of Rexnord from 2008 to 2011 and as a Rexnord Divisional CFO from 2006 to 2008. Mr. Peterson is a certified public accountant.

Rodney Jackson became Senior Vice President – Business & Corporate Development in 2014. Prior to joining Rexnord, Mr. Jackson was a member of Danaher Corporation’s Corporate Development team, most recently as Vice President of Corporate Development and M&A lead for its product identification and motion platforms. Prior to joining Danaher in 2007, Mr. Jackson served in various roles of increasing responsibility with Pentair and worked in investment banking at Goldman Sachs. Mr. Jackson started his career at Arthur Andersen.

George J. Powers became our Chief Human Resources Officer in January 2015. Prior to joining Rexnord, Mr. Powers served in various positions with Schneider Electric, a global energy management company, since 1993, most recently as Senior Vice President, Human Resources – Global Solutions Division, from 2013 to 2015, and as Senior Vice President, Human Resources & Administration – North America Operating Division from 2008 to 2012.

Craig G. Wehr became President of our Zurn Group in 2013. Mr. Wehr previously served in various positions with Zurn Industries LLC since 1993, including as Vice President / General Manager of Zurn Specification Drain Operations from 2011 to 2012 and as Zurn Group Vice President of Sales and Marketing from 2007 to 2011.

Patricia M. Whaley became our Vice President, General Counsel and Secretary in 2002. Ms. Whaley previously served in various legal positions of increasing responsibility with Rexnord and its prior parent corporations, including as Division Senior Counsel for the Automation Systems Division of Invensys plc and corporate counsel for BTR Inc.

Kevin J. Zaba became President of our Process & Motion Control Platform in April 2016. He also served as the President of our Power Transmission Group from 2014 to 2016. Prior to joining Rexnord, Mr. Zaba served in various positions with Rockwell Automation, Inc. since 2004, most recently as Vice President – Solutions, Services & Sales in 2014, as Vice President / General Manager – Control & Visualization Products Business from 2011 to 2014 and as Managing Director – Systems and Solutions Asia Pacific Region from 2008 to 2011.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

Our common stock has been listed on the New York Stock Exchange (“NYSE”) under the symbol “RXN” since March 29, 2012. Prior to that date, there was no public trading market for our common stock. The following table sets forth for the indicated period the high and low sales prices per share for our common stock on the NYSE:

Fiscal 2015	High	Low
First quarter	$30.25	$25.08
Second quarter	$29.88	$26.22
Third quarter	$29.95	$24.89
Fourth quarter	$28.36	$24.20
Fiscal 2016	High	Low
First quarter	$27.73	$23.42
Second quarter	$24.32	$16.60
Third quarter	$20.98	$16.33
Fourth quarter	$20.63	$14.04

As of May 12, 2016, there were 101,695,697 shares of our common stock outstanding held by 5 holders of record. We believe the number of beneficial owners of our common stock exceeds 1,000.

Dividend Policy

We did not pay any dividends in fiscal 2016 or 2015. We currently intend to retain all future earnings, if any, for use in the operation of our business and to fund future growth. In addition, our credit agreement limits our ability to pay dividends or other distributions on our common stock. The decision whether to pay dividends will be made by our Board of Directors in light of conditions then existing, including factors such as our results of operations, financial condition and requirements, business conditions and covenants under any applicable borrowing agreements and other contractual arrangements.

Issuer Purchases of Equity Securities

Refer to Item 8, Note 19. Common stock repurchases and public offerings for information related to our fiscal 2016 share repurchases. There were no shares repurchased in the fourth quarter of fiscal 2016.

Securities Authorized for Issuance Under Equity Compensation Plans

The information required is incorporated by reference from the section entitled "Equity Compensation Plan Information" in the Fiscal 2017 Proxy Statement.

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Performance Graph

Set forth below is a line graph comparing the cumulative total shareholder return of our common stock with the Standard & Poor's (the "S&P") 500 Index and the Russell 2000 Index, for the four-year period ended March 31, 2016 (since our initial public offering). We chose the Russell 2000 Index because it represents companies with a market capitalization similar to that of Rexnord. We added the S&P 1500 Industrial Index in fiscal 2016 because a portion of our Performance Stock Units are measured relative to the total shareholder return of this index. Refer to Note 15, Stock-Based Compensation, for additional information. The graph assumes the value of the investment in our common stock and each index was $100 on March 30, 2012 and that all dividends were reinvested. The shareholder return shown on the graph below is not necessarily indicative of future performance and the indices included do not necessarily reflect management's opinion that such indices are an appropriate measure of the relative performance of Rexnord's stock.

	3/12		3/13		3/14		3/15		3/16
Rexnord Corporation	$	100.00	$	100.62	$	137.35	$	126.49	$	95.83
S&P 500 Index	$	100.00	$	111.41	$	132.93	$	146.82	$	146.24
Russell 2000 Index	$	100.00	$	114.60	$	141.28	$	150.88	$	134.17
S&P 1500 Industrial Index	$	100.00	$	113.69	$	141.37	$	150.17	$	150.13

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ITEM 6. SELECTED FINANCIAL DATA.

The following table of selected historical financial information is based on our consolidated financial statements, including those included elsewhere in this Form 10-K. This data should be read in conjunction with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8, Financial Statements and Supplementary Data. Our fiscal year is the year ending on March 31 of the corresponding calendar year. For example, our fiscal year 2016, or fiscal 2016, means the period from April 1, 2015 to March 31, 2016. The Statements of Operations, Other Data and Balance Sheet Data are derived from our audited financial statements.

(in millions, except share and per share amounts)	Year Ended March 31, 2016			Year Ended March 31, 2015 (1)			Year Ended March 31, 2014 (2)			Year Ended March 31, 2013 (3)			Year Ended March 31, 2012 (4)
Statements of Operations:
Net sales	$	1,923.8		$	2,050.2		$	2,034.3		$	1,943.5		$	1,882.6
Cost of sales	1,258.6			1,304.0			1,280.9			1,226.9			1,202.7
Gross profit	665.2			746.2			753.4			716.6			679.9
Selling, general and administrative expenses	385.7			415.1			419.1			398.4			375.6
Zurn PEX loss contingency (5)	—			—			—			10.1			—
Restructuring and other similar costs	34.9			12.9			8.4			8.6			6.8
Actuarial loss on pension and postretirement benefit obligations	12.9			59.4			2.7			5.5			9.1
Amortization of intangible assets	57.4			55.1			50.8			51.1			50.9
Income from operations	174.3			203.7			272.4			242.9			237.5
Non-operating (expense) income:
Interest expense, net	(91.4		)	(87.9		)	(109.1		)	(153.3		)	(176.2		)
Loss on the extinguishment of debt (6)	—			—			(133.2		)	(24.0		)	(10.7		)
Loss on divestiture (7)	—			—			—			—			(6.4		)
Other income (expense), net (8)	3.1			(7.2		)	(15.1		)	(2.9		)	(7.1		)
Income from continuing operations before income taxes	86.0			108.6			15.0			62.7			37.1
Provision (benefit) for income taxes	17.1			16.8			(10.0		)	15.4			6.5
Net income from continuing operations	68.9			91.8			25.0			47.3			30.6
(Loss) income from discontinued operations, net of tax (9)	(1.4		)	(8.0		)	4.6			2.8			(0.7		)
Net income	67.5			83.8			29.6			50.1			29.9
Non-controlling interest loss	(0.4		)	—			(0.6		)	—			—
Net income attributable to Rexnord	$	67.9		$	83.8		$	30.2		$	50.1		$	29.9
Net income per share from continuing operations (10):
Basic	$	0.68		$	0.90		$	0.25		$	0.49		$	0.46
Diluted	$	0.67		$	0.88		$	0.25		$	0.47		$	0.42
Net (loss) income per share from discontinued operations:
Basic	$	(0.01	)	$	(0.08	)	$	0.05		$	0.03		$	0.01
Diluted	$	(0.01	)	$	(0.08	)	$	0.05		$	0.03		$	0.01
Net income per share attributable to Rexnord:
Basic	$	0.67		$	0.82		$	0.31		$	0.52		$	0.45
Diluted	$	0.66		$	0.80		$	0.30		$	0.50		$	0.41
Weighted-average number of shares outstanding:
Basic	100,841			101,530			98,105			95,972			66,751
Effect of dilutive stock options	2,469			3,197			3,213			3,894			5,314
Diluted	103,310			104,727			101,318			99,866			72,065
Other Data:
Net cash provided by (used for):
Operating activities	219.0			245.9			190.8			144.5			139.3
Investing activities	(45.2		)	(177.3		)	(163.8		)	(81.8		)	(324.2		)
Financing activities	(56.3		)	(17.4		)	(210.3		)	165.7			93.2
Depreciation and amortization of intangible assets	115.4			112.2			106.9			110.9			112.7
Capital expenditures	52.1			48.8			52.2			60.1			58.5

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	March 31,
(in millions)	2016		2015		2014		2013		2012
Balance Sheet Data:
Cash and cash equivalents	$	484.6	$	370.3	$	339.0	$	524.1	$	298.0
Working capital (11)	771.7		694.6		700.0		666.7		574.2
Total assets	3,354.8		3,409.3		3,371.3		3,455.5		3,264.6
Total debt (12)	1,920.1		1,940.0		1,959.8		2,113.3		2,397.4
Stockholders’ equity (deficit)	588.0		552.7		562.1		428.5		(80.8		)

_______________________ 

(1) Consolidated financial data as of and for the year ended March 31, 2015 reflects the acquisition of Green Turtle subsequent to April 15, 2014, Tollok subsequent to October 30, 2014 and Euroflex subsequent to January 12, 2015. As a result, the comparability of the operating results for the period presented is affected by the revaluation of the assets acquired and the liabilities assumed on the respective dates of the acquisitions.

(2) Consolidated financial data as of and for the year ended March 31, 2014 reflects the acquisition of Klamflex subsequent to April 26, 2013, Micro Precision subsequent to August 21, 2013, LWG subsequent to August 30, 2013, and PGH subsequent to December 16, 2013. As a result, the comparability of the operating results for the period presented is affected by the revaluation of the assets acquired and the liabilities assumed on the respective dates of the acquisitions.

(3) Consolidated financial data as of and for the year ended March 31, 2013 reflects the acquisition of Cline Acquisition Corp. subsequent to December 13, 2012 and excludes the assets associated with a divestiture of an engineered chain business located in Shanghai, China on December 18, 2012. As a result, the comparability of the operating results for the period presented is affected by the revaluation of the assets acquired and the liabilities assumed on the date of the acquisitions and the assets divested on the date of that divestiture.

(4) Consolidated financial data as of and for the year ended March 31, 2012 reflects the acquisition of Autogard Holdings Limited subsequent to April 2, 2011 and VAG Holdings GmbH subsequent to October 10, 2011 and excludes the assets associated with a divestiture of a German subsidiary on July 19, 2011. As a result, the comparability of the operating results for the period presented is affected by the revaluation of the assets acquired and the liabilities assumed on the date of the acquisitions and the assets divested on the date of that divestiture.

(5) In the year ended March 31, 2013, we recognized a $10.1 million incremental charge related to a legal settlement reached in connection with litigation associated with alleged failure or anticipated failure of Zurn brass fittings.

(6) In the year ended March 31, 2014, we recognized a $133.2 million loss on the extinguishment of debt, which consisted of a $109.9 million bond tender premium paid to holders of the 8.50% Notes as a result of the tender offer and redemption, third party transaction costs of $5.3 million and a $14.0 million non-cash write-off of deferred financing fees and net original issue discount associated with the extinguished, then-existing term loan debt. In addition, we recognized a $4.0 million loss associated with the $150.0 million prepayment under the former credit agreement.

(7) On July 19, 2011, we sold substantially all of the net assets of a non-material business based in Germany. The Company recorded a pre-tax loss on divestiture of approximately $6.4 million during fiscal 2012.

(8) Other income (expense), net includes the impact of foreign currency transactions, sale of property, plant and equipment, and other miscellaneous expenses and income. See Item 7, Management Discussion and Analysis of Financial Condition and Results of Operations for further information.

(9) In fiscal 2015, we discontinued the operations and exited our non-core business that manufactured ring gears and pinions (“Mill Products”) utilized for crushing machinery applications in the mining sector. In fiscal 2013, we completed the sale of a non-core engineered chain business located in Shanghai, China. Accordingly, the results of operations for both have been reported as discontinued operations in the consolidated statements of operations for all periods presented.

(10) Our initial public offering closed on April 3, 2012. Therefore, the common stock issued in connection with the initial public offering is not included in the outstanding shares as of March 31, 2012.

(11) Working capital represents total current assets less total current liabilities.

(12) Total debt represents long-term debt, net of an unamortized original issue discount and deferred financing costs, plus the current portion of long-term debt.

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion of results of operations and financial condition includes periods prior to the acquisitions of Klamflex Pipe Couplings Ltd. ("Klamflex"), Micro Precision Gear Technology ("Micro Precision"), L.W. Gemmell ("LWG"), Precision Gear Holdings, LLC ("PGH"), Green Turtle Technologies Ltd., Green Turtle Americas Ltd., and Filamat Composites Inc. (collectively "Green Turtle"), Tollok S.p.A. ("Tollok"), and Euroflex Transmissions (India) Private Limited ("Euroflex"). Our financial performance includes Klamflex subsequent to April 26, 2013, Micro Precision subsequent to August 21, 2013, LWG subsequent to August 30, 2013, PGH subsequent to December 16, 2013, Green Turtle subsequent to April 15, 2014, Tollok subsequent to October 30, 2014 and Euroflex subsequent to January 12, 2015. Accordingly, the discussion and analysis does not reflect the impact of Klamflex, Micro Precision, LWG, PGH, Green Turtle, Tollok and Euroflex transactions prior to the respective closing date.

In addition, the following discussion of results of operations and financial condition exclude our former non-core business that manufactured ring gears and pinions utilized for crushing machinery applications in the mining sector ("Mill Products") and our former non-core engineered chain business located in Shanghai, China. We exited the Mill Products business during fiscal 2015 and accordingly all results of operations and financial condition associated with Mill Products have been reclassified to discontinued operations.

You should read the following discussion of our financial condition and results of operations together with Item 6, Selected Financial Data and Item 8, Financial Statements and Supplementary Data. Our fiscal year is the year ending March 31 of the corresponding calendar year. For example, our fiscal year 2016, or fiscal 2016, means the period from April 1, 2015 to March 31, 2016.

This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the “Risk Factors” in Part I, Item 1A of this report. Actual results may differ materially from those contained in any forward-looking statements. See also “Cautionary Notice Regarding Forward-Looking Statements” found elsewhere in this report.

The information contained in this section is provided as a supplement to the consolidated financial statements and the related notes included elsewhere in this Form 10-K to help provide an understanding of our financial condition, changes in our financial condition and results of our operations. This section is organized as follows:

Company Overview. This section provides a general description of our business.

Financial Statement Presentation. This section provides a brief description of certain items and accounting policies that appear in our financial statements and general factors that impact these items.

Critical Accounting Estimates. This section discusses the accounting policies and estimates that we consider to be important to our financial condition and results of operations and that require significant judgment and estimates on the part of management in their application.

Overview. This section provides a description of the current events impacting the fiscal 2016 results of operations.

Results of Operations. This section provides an analysis of our results of operations for our fiscal years ended March 31, 2016 and 2015 in each case as compared to the prior period's performance.

Non-GAAP Financial Measures. This section provides an explanation of certain financial measures we use that are not in accordance with U.S. generally accepted accounting principles ("GAAP").

Covenant Compliance. This section provides a description of certain restrictive covenants with which our credit agreement require us to comply.

Liquidity and Capital Resources. This section provides an analysis of our cash flows for our fiscal years ended March 31, 2016, 2015 and 2014, as well as a discussion of our indebtedness and its potential effects on our liquidity.

Tabular Disclosure of Contractual Obligations. This section provides a discussion of our commitments as of March 31, 2016.

Quantitative and Qualitative Disclosures about Market Risk. This section discusses our exposure to potential losses arising from adverse changes in interest rates and commodity prices.

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Company Overview

We are a growth-oriented, multi-platform industrial company with what we believe are leading market shares and highly-trusted brands that serve a diverse array of global end markets. Our heritage of innovation and specification have allowed us to provide highly-engineered, mission-critical solutions to customers for decades and affords us the privilege of having long-term, valued relationships with market leaders. We operate our Company in a disciplined way and the Rexnord Business System (“RBS”) is our operating philosophy. Grounded in the spirit of continuous improvement, RBS creates a scalable, process-based framework that focuses on driving superior customer satisfaction and financial results by targeting world-class operating performance throughout all aspects of our business. Refer to Item 1, Business, for additional information.

Financial Statement Presentation

The following paragraphs provide a brief description of certain items and accounting policies that appear in our financial statements and general factors that impact these items.

Net Sales. Net sales represent gross sales less deductions taken for sales returns and allowances and incentive rebate programs.

Cost of Sales. Cost of sales includes all costs of manufacturing required to bring a product to a ready for sale condition. Such costs include direct and indirect materials, direct and indirect labor costs, including fringe benefits, supplies, utilities, depreciation, insurance, pension and postretirement benefits, information technology costs and other manufacturing related costs.

The largest component of our cost of sales is cost of materials, which represented approximately 37% of net sales in fiscal 2016. The principal materials used in our Process & Motion Control manufacturing processes are commodities that are available from numerous sources and include sheet, plate and bar steel, castings, forgings, high-performance engineered plastics and a wide variety of other components. Within Water Management, we purchase a broad range of materials and components throughout the world in connection with our manufacturing activities. Major raw materials and components include bar steel, brass, castings, copper, forgings, high-performance engineered plastic, plate steel, resin, sheet plastic and zinc. We have a strategic sourcing program to significantly reduce the number of direct and indirect suppliers we use and to lower the cost of purchased materials. The next largest component of our cost of sales is direct and indirect labor, which represented approximately 16% of net sales in fiscal 2016.

Selling, General and Administrative Expenses. Selling, general and administrative expenses primarily includes sales and marketing, finance and administration, engineering and technical services and distribution. Our major cost elements include salary and wages, fringe benefits, pension and postretirement benefits, insurance, depreciation, advertising, travel and information technology costs.

Critical Accounting Estimates

The methods, estimates and judgments we use in applying our critical accounting policies have a significant impact on the results we report in our consolidated financial statements. We evaluate our estimates and judgments on an on-going basis. We base our estimates on historical experience and on assumptions that we believe to be reasonable under the circumstances. Our experience and assumptions form the basis for our judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may vary from what we anticipate and different assumptions or estimates about the future could change our reported results. Within the context of these critical accounting policies, we are not currently aware of any reasonably likely event that would result in materially different amounts being reported.

We believe the following accounting policies are the most critical to us in that they are important to our financial statements and they require difficult, subjective and/or complex judgments in the preparation of our consolidated financial statements.

Revenue recognition. Net sales are recorded upon transfer of title and risk of product loss to the customer. Net sales relating to any particular shipment are based upon the amount invoiced for the delivered goods less estimated future rebate payments and sales returns which are based upon historical experience. Revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. The value of returned goods during the years ended March 31, 2016, 2015 and 2014 was approximately 1.0% or less of net sales. Other than a standard product warranty, there are no other significant post-shipment obligations.

Receivables. Receivables are stated net of allowances for doubtful accounts of $8.9 million at March 31, 2016 and $16.8 million at March 31, 2015. We evaluate the collectability of our receivables and establish the allowance for doubtful accounts based on a combination of specific customer circumstances and historical write-off experience. Credit is extended to customers based upon an evaluation of their financial position. Generally, advance payment is not required. Allowances for doubtful accounts established are recorded within Selling, general and administrative expenses within the consolidated statements of operations.

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Inventory. Inventories are stated at the lower of cost or market. Market is determined based on estimated net realizable values. Approximately 64% of the Company’s total inventories as of March 31, 2016 and 2015 were valued using the “last-in, first-out” (LIFO) method. All remaining inventories are valued using the “first-in, first-out” (FIFO) method. The valuation of inventories includes material, labor and overhead and requires management to determine the amount of manufacturing variances to capitalize into inventories. We capitalize material, labor and overhead variances into inventories based upon estimates of key drivers, which generally include raw material purchases (for material variances), standard labor (for labor variances) and calculations of inventory turnover (for overhead variances).

In some cases we have determined a certain portion of our inventories are excess or obsolete. In those cases, we write down the value of those inventories to their net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. The total write-down of inventories charged to expense was $9.5 million, $5.2 million and $3.8 million, during fiscal 2016, 2015 and 2014, respectively.

Impairment of intangible assets and tangible fixed assets. The carrying value of long-lived assets, including amortizable intangible assets and tangible fixed assets, are evaluated for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment of amortizable intangible assets and tangible fixed assets is generally determined by comparing projected undiscounted cash flows to be generated by the asset, or group of assets, to its carrying value. If impairment is identified, a loss is recorded equal to the excess of the asset's net book value over its fair value, and the cost basis is adjusted. Determination of the fair value requires various estimates including internal cash flow estimates generated from the asset, quoted market prices and appraisals as appropriate to determine fair value. Actual results could vary from these estimates.

Our recorded goodwill and indefinite lived intangible assets are not amortized but are tested annually for impairment or whenever circumstances indicate that impairment may exist using a discounted cash flow methodology based on future business projections and a market value approach. The estimated fair value of the Company's reporting units is dependent on several significant assumptions, including its weighted average cost of capital (discount rate) and future earnings and cash flow projections.

In connection with the fiscal 2016 footprint optimization initiatives and the decision to exit the non-strategic Rodney Hunt® Fontaine® (“RHF”) flow control gate product line, we recognized impairment charges associated with related fixed assets and intangible assets of $6.6 million and $10.9 million, respectively. See Item 8, Note 5 Restructuring and Other Similar Costs, to the consolidated financial statements for more information. The impairment of fixed assets was determined utilizing independent appraisals of the assets, classified as Level 3 inputs within the Fair Value hierarchy. Refer to Note 13, Fair Value Measurements, for additional information.

Retirement benefits. We have significant pension and post-retirement benefit income and expense and assets/liabilities that are developed from actuarial valuations. These valuations include key assumptions regarding discount rates, expected return on plan assets, mortality rates and the current health care cost trend rate. We consider current market conditions in selecting these assumptions. Changes in the related pension and post-retirement benefit income/costs or assets/liabilities may occur in the future due to changes in the assumptions and changes in asset values.

We recognize the net actuarial gains or losses in excess of unrecognized gain or loss exceeding 10 percent of the greater of the market-related value of plan assets or the plan's projected benefit obligation at re-measurement (the "corridor") in the Corporate segment operating results during the fourth quarter of each fiscal year (or upon any re-measurement date). During fiscal 2016, 2015 and 2014, we recognized $12.9 million, $59.4 million and $2.7 million, respectively, of non-cash actuarial losses in connection with re-measurements of the plan. Net periodic benefit costs recorded on a quarterly basis are primarily comprised of service and interest cost, amortization of unrecognized prior service cost and the expected return on plan assets. See Item 8, Note 16 Retirement Benefits, to the consolidated financial statements for additional information.

The obligation for postretirement benefits other than pension also is actuarially determined and is affected by assumptions including the discount rate and expected future increase in per capita costs of covered postretirement health care benefits. Changes in the discount rate and differences between actual and assumed per capita health care costs may affect the recorded amount of the expense in future periods.

Income taxes. We are subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in determining our worldwide provision for income taxes and recording the related deferred tax assets and liabilities.

We assess our income tax positions and record tax liabilities for all years subject to examination based upon management’s evaluation of the facts and circumstances and information available at the reporting dates. For those income tax positions where it is more-likely-than-not that a tax benefit will be sustained upon the conclusion of an examination, we have recorded the largest amount of tax benefit having a cumulatively greater than 50% likelihood of being realized upon ultimate settlement with the applicable taxing authority, assuming that it has full knowledge of all relevant information. For those tax positions which do not meet the more-likely-than-not threshold regarding the ultimate realization of the related tax benefit, no tax benefit has been recorded

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in the financial statements. In addition, we have provided for interest and penalties, as applicable, and record such amounts as a component of the overall income tax provision. As of March 31, 2016 and 2015, our liability for unrecognized tax benefits was $15.6 million and $26.6 million, respectively.

We recognize deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities, net operating losses (“NOL’s”), tax credit and other carryforwards. We regularly review our deferred tax assets for recoverability and establish a valuation allowance based on historical losses, projected future taxable income and the expected timing of the reversals of existing temporary differences. As a result of this review, we continue to maintain a partial valuation allowance against certain foreign NOL carryforwards and other related deferred tax assets, as well as certain state NOL carryforwards. As of March 31, 2016 and 2015, valuation allowances of $27.2 and $25.0 million were recorded against our deferred tax assets. See Item 8, Note 17 Income Taxes, for additional information.

Commitments and Contingencies. We are subject to proceedings, lawsuits and other claims related to environmental, labor, product and other matters. We are required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. We determine the amount of accruals needed, if any, for each individual issue based on our professional knowledge and experience and discussions with legal counsel. The required accruals may change in the future due to new developments in each matter, the ultimate resolution of each matter or changes in approach, such as a change in settlement strategy.

Through acquisitions, we have assumed presently recorded and potential future liabilities relating to product liability, environmental and other claims. We have recorded accruals for claims related to these obligations when appropriate and, on certain occasions, have obtained the assistance of an independent actuary in the determination of those accruals. If actual experience deviates from our estimates, we may need to record adjustments to these liabilities in future periods. Refer to Item 8, Note 18 Commitments and Contingencies, for additional information.

Warranty Accruals. Accruals are recorded on our consolidated balance sheets to reflect our contractual liabilities relating to warranty commitments to our customers. We provide warranty coverage of various lengths and terms to our customers depending on standard offerings and negotiated contractual agreements. We accrue an estimate for warranty expense at the time of sale based on historical warranty return rates and repair costs. Should future warranty experience differ materially from our historical experience, we may be required to record additional warranty accruals which could have a material adverse effect on our results of operations in the period in which these additional accruals are required.

Environmental Liabilities. We accrue an estimated liability for each environmental matter when the likelihood of an unfavorable outcome is probable and the amount of loss associated with such unfavorable outcome is reasonably estimable. We presume that a matter is probable of an unfavorable outcome if (a) litigation has commenced or a claim has been asserted or if commencement of litigation or assertion of a claim is probable and (b) if we are somehow associated with the site. In addition, if the reporting entity has been named as a Potentially Responsible Party (“PRP”), an unfavorable outcome is presumed.

Estimating environmental remediation liabilities involves an array of issues at any point in time. In the early stages of the process, cost estimates can be difficult to derive because of uncertainties about a variety of factors. For this reason, estimates developed in the early stages of remediation can vary significantly, and, in many cases, early estimates later require significant revision. The following are some of the factors that are integral to developing cost estimates:

• The extent and types of hazardous substances at a site;

• The impact, if any, on natural resources and third parties

• The range of technologies that can be used for remediation;

• Evolving standards of what constitutes acceptable remediation; and

• The number and financial condition of other PRPs and the extent of their responsibility for the remediation.

An estimate of the range of an environmental remediation liability typically is derived by combining estimates of various components of the liability, which themselves are likely to be ranges. At the early stages of the remediation process, particular components of the overall liability may not be reasonably estimable. This fact does not preclude our recognition of a liability. Rather, the components of the liability that can be reasonably estimated are viewed as a surrogate for the minimum in the range of our overall liability. Estimated legal and consulting fees are included as a component of our overall liability.

Asbestos Claims and Insurance for Asbestos Claims. As noted in Item 8, Note 18 Commitments and Contingencies, to the consolidated financial statements, certain Water Management subsidiaries are subject to asbestos litigation. As a result, we have recorded a liability for pending and potential future asbestos claims, as well as a receivable for insurance coverage of such liability. The valuation of our potential asbestos liability was based on the number and severity of future asbestos claims, future settlement costs, and the effectiveness of defense strategies and settlement initiatives.

The present estimate of our asbestos liability assumes (i) our continuous vigorous defense strategy will remain effective; (ii) new asbestos claims filed annually will decline modestly through the next ten years; (iii) the values by disease will remain

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consistent with past experience and (iv) our insurers will continue to pay defense costs without eroding the coverage amounts of our insurance policies. Our potential asbestos liability could be adversely affected by changes in law and other factors beyond our control. Further, while our current asbestos liability is based on an estimate of claims through the next ten years, such liability may continue beyond that time period and such liability could be substantial.

We estimate that our available insurance to cover our potential asbestos liability as of the end of fiscal 2016 is greater than our potential asbestos liability. This conclusion was reached after considering our experience in asbestos litigation, the insurance payments made to date by our insurance carriers, existing insurance policies, the industry ratings of the insurers and the advice of insurance coverage counsel with respect to applicable insurance coverage law relating to the terms and conditions of those policies. We used these same considerations when evaluating the recoverability of our receivable for insurance coverage of potential asbestos claims.

Recent Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"), which simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual and interim periods beginning in late 2017 with early adoption permitted. We are currently evaluating the impact ASU 2016-09 will have on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02''). The ASU requires management to recognize lease assets and lease liabilities by lessees for all operating leases. ASU 2016-02 is effective for fiscal 2019 and interim periods included therein on a modified retrospective basis. We are currently evaluating the impact this guidance will have on our consolidated financial statements.    

In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). The update changes how deferred taxes are classified on the balance sheet, eliminating the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016. We elected to early adopt the ASU for fiscal 2016 on a retrospective basis in order to enhance comparability. Accordingly, we have presented prior period amounts for deferred income taxes in a manner that conforms to the current period presentation.

In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805) Simplifying the Accounting for Measurement-Period Adjustments ("ASU 2015-16"). This update removes the requirement to restate prior periods to reflect adjustments made to provisional amounts. Rather, adjustments to the provisional amounts are to be recognized in the reporting period in which the adjustments are recognized. The adjustments related to previous reporting periods since the acquisition date must be disclosed by income statement line item either on the face of the income statement or in the notes. As permitted by ASU 2015-16, we elected to early adopt this guidance beginning with the second quarter of fiscal 2016, with no material effect to the financial statements or related notes thereto.

In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory ("ASU 2015-11"). The new guidance requires inventory to be measured at the lower of cost and net realizable value, which is defined as the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. Under current guidance, net realizable value is one of several calculations needed to measure inventory at lower of cost or market and as such, the new guidance reduces the complexity in measurement. This new guidance is effective for our first quarter of fiscal year 2018 and early adoption is permitted. The guidance must be applied prospectively. We are currently evaluating the impact of the adoption of this requirement on the consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement of debt issuance costs is not affected by the amendments in this update. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015 and is required to be applied retrospectively to all prior periods presented. As permitted by ASU 2015-03, we elected to early adopt this guidance beginning with the first quarter of fiscal 2016, which resulted in the reclassification of $10.5 million of unamortized debt issuance costs from other assets to long-term debt on the consolidated balance sheets as of March 31, 2015. Refer to Item 8, Note 11 Long-Term Debt for additional information.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09")in order to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The guidance specifies

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revenue should be recognized in the amount that reflects the consideration the company expects to be entitled to in exchange for the transfer of promised goods or services to customers. ASU 2014-09 will be effective for our first quarter of fiscal 2019 and allows for full retrospective adoption applied to all periods presented or retrospective adoption with the cumulative effect of initially applying this update recognized at the date of initial application. We are currently evaluating the method of adoption and the potential impact adoption will have on our consolidated financial statements.

In the first quarter of 2016, we adopted FASB ASU No. 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"), which changes the criteria for reporting discontinued operations. ASU 2014-08 allows only disposals representing a strategic shift in operations to be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations, as well as pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. As this guidance is a prospective change, the significance of ASU 2014-08 is dependent on any qualifying future dispositions or disposals.

Overview

Restructuring and Other Similar Costs

During fiscal 2016, we continued to execute various restructuring actions. These initiatives were implemented to drive efficiencies and reduce operating costs while also modifying our footprint to reflect changes in the markets we serve, the impact of acquisitions on our overall manufacturing capacity and the refinement of our overall product portfolio. These restructuring actions primarily resulted in workforce reductions, impairment of related manufacturing facilities, equipment and intangible assets, lease termination costs, and other facility rationalization costs. We expect to continue executing initiatives to optimize our operating margin and manufacturing footprint as well as select product-line rationalizations. As such, we expect further expenses related to workforce reductions, potential impairment of assets, lease termination costs, and other facility rationalization costs. As of the date of this filing, our full supply chain optimization and footprint repositioning plan remains preliminary and related expenses are not yet estimable.

We recorded restructuring charges of $34.9 million, $12.9 million and $8.4 million during the fiscal years ended March 31, 2016, 2015 and 2014, respectively.

Product Line Divestiture

During the fourth quarter of fiscal 2016, we made the decision to exit the non-strategic Rodney Hunt® Fontaine® (“RHF”) flow control gate product line. In connection with the decision, we deemed that certain intangible assets associated with the RHF tradename, customer relationships and patents had no future value resulting in impairment charges of $10.4 million, $0.3 million and $0.2 million, respectively. We also recognized impairment charges associated with fixed assets of $5.6 million.  

For purposes of comparison in the following discussion of Results of Operations, the RHF net sales and operating losses for the years ended March 31, 2016 and 2015 are presented below:

	Year Ended
	March 31, 2016			March 31, 2015			Change			% Change
Net sales	$	39.0		$	41.6		$	(2.6	)	(6.3	)%
Loss from operations (1)	(42.8		)	(12.7		)	(30.1		)	237.0	%

(1) Loss from operations in fiscal 2016 includes $19.5 million of impairment charges related to fixed and intangible assets, as well as other charges associated with the decision to exit RHF. Refer to Item 8. Note 5 Restructuring and Other Similar Charges, for more information.

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Results of Operations

Fiscal Year EndedMarch 31, 2016 Compared with the Fiscal Year EndedMarch 31, 2015:

Net sales

(Dollars in Millions)

	Year Ended
	March 31, 2016		March 31, 2015		Change			% Change
Process & Motion Control	$	1,100.3	$	1,230.2	$	(129.9	)	(10.6	)%
Water Management	823.5		820.0		3.5			0.4	%
Consolidated	$	1,923.8	$	2,050.2	$	(126.4	)	(6.2	)%

Process & Motion Control

Process & Motion Control net sales for the year ended March 31, 2016 decreased 10.6% from the prior year to $1,100.3 million. Core net sales (which excludes 2% growth from acquisitions and a 4% adverse impact from foreign currency translation) declined 9% as growth in our Aerospace and food and beverage end markets was more than offset by the adverse demand across several of our process industry end markets coupled with the related de-stocking within our corresponding distribution channels during the first half of fiscal 2016.

Water Management

Water Management net sales for the year ended March 31, 2016 increased 0.4% from the prior year to $823.5 million. Core net sales (which excludes a 4% adverse impact from foreign currency translation and a 1% adverse impact associated with the exit of our RHF product line) increased 5% as a result of favorable demand trends across the majority of our end markets as well as the timing of project shipments to our water and wastewater infrastructure end markets.

Income (loss) from operations

(Dollars in Millions)

	Year Ended
	March 31, 2016			March 31, 2015			Change			% Change
Process & Motion Control	$	146.8		$	219.6		$	(72.8	)	(33.2	)%
% of net sales	13.3		%	17.9		%	(4.6		)%
Water Management	72.8			79.0			(6.2		)	(7.8	)%
% of net sales	8.8		%	9.6		%	(0.8		)%
Corporate	(45.3		)	(94.9		)	49.6			(52.3	)%
Consolidated	$	174.3		$	203.7		$	(29.4	)	(14.4	)%
% of net sales	9.1		%	9.9		%	(0.8		)%

Process & Motion Control

Process & Motion Control income from operations for fiscal 2016 was $146.8 million compared to $219.6 million for fiscal 2015. Operating income as a percentage of net sales decreased 460 basis points to 13.3% in fiscal 2016 as a result of reduced absorption on lower year over year sales, adverse product mix associated with lower sales to our U.S. general industrial end markets and incremental investments in our market expansion and supply chain optimization and footprint repositioning initiatives.

Water Management

Water Management income from operations for fiscal 2016 was $72.8 million compared to $79.0 million in fiscal 2015. Operating income as a percentage of net sales decreased 80 basis points to 8.8% in fiscal 2016 compared to fiscal 2015. Excluding the incremental year over year loss from operations of RHF and the absence of the fiscal 2015 charge to establish reserves for accounts receivable and inventory related to a Venezuelan customer, Water Management operating income as a percentage of net sales increased by 210 basis points to 14.7% related to the benefit of core volume growth and RBS-driven productivity gains and efficiencies.

Corporate

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Corporate expenses were $45.3 million in fiscal 2016 compared to $94.9 million in fiscal 2015. The year over year decrease was primarily driven by the recognition of $12.9 million non-cash actuarial pension and other postretirement losses in fiscal 2016 compared to the recognition of $59.4 million of non-cash actuarial losses in fiscal 2015. The recognition of higher non-cash actuarial losses in fiscal 2015 was driven primarily by the adoption of the updated mortality assumptions released by the Society of Actuaries in fiscal 2015, lower discount rates used in performing our annual re-measurement of our pension and post-retirement obligations and the completion of a lump sum settlement associated with our domestic non-union defined benefit plan. See Item 8, Note 16 Retirement Benefits to the consolidated financial statements for additional information. The remaining decrease in Corporate expenses from fiscal 2015 to fiscal 2016 was due to project-related expenses.

Interest expense, net

Interest expense, net was $91.4 million in fiscal 2016 compared to $87.9 million in fiscal 2015. The year over year increase in interest expense reflects the partial year impact of our interest rate swaps becoming effective in the third quarter of fiscal 2016. These interest rate swaps raised our effective interest rate by approximately 1.55% on $650.0 million of our term loans during the second half of fiscal 2016. See Item 8, Note 11 Long-Term Debt to the consolidated financial statements for more information.

Other income (expense), net

Other income (expense), net for fiscal 2016 was $3.1 million of income, which resulted primarily from of an $8.4 million CDSOA anti-dumping settlement. See Item 8, Note 6 Recovery Under Continued Dumping and Subsidy Offset Act ("CDSOA") to the consolidated financial statements for more information. This settlement was partially offset by foreign currency transaction losses of $3.0 million, losses on the sale of property, plant and equipment of $0.6 million and other miscellaneous losses of $1.7 million. Other expense, net for fiscal 2015 was $7.2 million which consisted of foreign currency transaction losses of $1.5 million, $1.4 million of losses on the sale of property, plant and equipment and other miscellaneous losses of $4.3 million.

Provision for income taxes

The income tax provision in fiscal 2016 was $17.1 million or an effective tax rate of 19.9%. The provision recorded was below the U.S. federal statutory rate of 35% due to the recognition of certain foreign-related branch losses for U.S. income tax purposes, the reduction in the overall state effective rate applied to the Company’s net deferred tax liabilities and the recognition of certain, previously unrecognized income tax benefits due to the lapse of the applicable statutes of limitations, partially offset by the increase in the valuation allowance recorded against certain foreign net operating loss carryforwards and related deferred tax assets in which the realization of such benefits was no longer deemed more-likely-than-not. The income tax provision in fiscal 2015 was $16.8 million or an effective tax rate of 15.5%. The provision recorded was below the U.S. federal statutory rate of 35% due to the accrual of foreign income taxes at rates which were generally below the U.S. federal statutory rate, the recognition of certain foreign-related branch losses for U.S. income tax purposes, the reduction in the valuation allowance recorded against certain foreign tax credit and state net operating loss carryforwards in which the realization of such benefits was now deemed more-likely-than-not and the recognition of certain, previously unrecognized income tax benefits due to the lapse of the applicable statutes of limitations, partially offset by certain one-time costs associated with a change to the U.S. income tax entity classification of a foreign subsidiary.

Net income from continuing operations

Our net income from continuing operations in fiscal 2016 was $68.9 million compared to $91.8 million in fiscal 2015 due to the factors described above. Diluted net income per share from continuing operations in fiscal 2015 was $0.67, compared to $0.88 in fiscal 2015. Comparability between periods is impacted by the anti-dilutive effect of the current year decrease in average outstanding shares primarily resulting from our fiscal 2016 repurchase of 1,552,500 shares of our common stock.

Loss from discontinued operations, net of tax

Our loss from discontinued operations, net of tax was $1.4 million for fiscal 2016 compared to $8.0 million in fiscal 2015. The loss from discontinued operations is related to the discontinuance of the non-core Mill Products business within our Process & Motion Control platform during fiscal 2015. See Item 8, Note 4 Discontinued Operations to the consolidated financial statements for more information.

Fiscal Year Ended March 31, 2015 Compared with the Fiscal Year Ended March 31, 2014

Net sales

(Dollars in Millions)

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	Year Ended
	March 31, 2015		March 31, 2014		Change			% Change
Process & Motion Control	$	1,230.2	$	1,238.2	$	(8.0	)	(0.6	)%
Water Management	820.0		796.1		23.9			3.0	%
Consolidated	$	2,050.2	$	2,034.3	$	15.9		0.8	%

Process & Motion Control

Process & Motion Control net sales for the year ended March 31, 2015 decreased 0.6% from the prior year to $1,230.2 million. Core net sales (which excludes 3% growth from acquisitions and a 2% adverse impact from foreign currency translation) decreased 2% year-over-year as the expected declines in our bulk material handling end market and soft global demand in the beverage sector more than offset moderate sales growth in the majority of our other end-markets.

Water Management

Water Management net sales for the year ended March 31, 2015 increased 3% from the prior year to $820.0 million. Core net sales (which excludes 2% growth from acquisitions and a 3% adverse impact from foreign currency translation) also increased 4% as a result of favorable demand trends across the majority of our end markets, partially offset by the unexpected delay of shipments for certain large water infrastructure projects and the weather delayed seasonal ramp-up of new construction activity in our fiscal 2015 fourth quarter.

Income (loss) from operations

(Dollars in Millions)

	Year Ended
	March 31, 2015			March 31, 2014			Change			% Change
Process & Motion Control	$	219.6		$	237.7		$	(18.1	)	(7.6	)%
% of net sales	17.9		%	19.2		%	(1.3		)%
Water Management	79.0			72.2			6.8			9.4	%
% of net sales	9.6		%	9.1		%	0.5		%
Corporate	(94.9		)	(37.5		)	(57.4		)	(153.1	)%
Consolidated	$	203.7		$	272.4		$	(68.7	)	(25.2	)%
% of net sales	9.9		%	13.4		%	(3.5		)%

Process & Motion Control

Process & Motion Control income from operations for fiscal 2015 was $219.6 million compared to $237.7 million for fiscal 2014. Operating income as a percentage of net sales decreased 130 basis points to 17.9% primarily related to incremental restructuring charges, the recognition of higher year over year depreciation, amortization and inventory fair value adjustments in connection with our recently completed acquisitions and incremental investments to fund market expansion initiatives.

Water Management

Water Management income from operations for fiscal 2015 was $79.0 million compared to $72.2 million in fiscal 2014. Operating income as a percentage of net sales increased 50 basis points in fiscal 2015 compared to fiscal 2014. On-going cost reduction initiatives as well as RBS-driven productivity gains and efficiencies generated approximately 200 basis points of operating margin improvement year over year that were partially offset by the negative impact of a $10.0 million charge to establish reserves for accounts receivable and inventory exposures related to a Venezuelan customer, incremental restructuring charges and the recognition of higher year over year depreciation, amortization and inventory fair value adjustments in connection with our acquisitions completed in that time period.

Corporate

Corporate expenses were $94.9 million in fiscal 2015 compared to $37.5 million in fiscal 2014. The year-over-year increase was primarily driven by the recognition of $59.4 million non-cash actuarial pension and other postretirement loss in fiscal 2015 compared to the recognition of $2.7 million of non-cash actuarial losses in fiscal 2014. The recognition of higher non-cash actuarial losses in fiscal 2015 was driven primarily by the adoption of the updated mortality assumptions released by the Society of Actuaries in fiscal 2015, lower discount rates used in performing our annual re-measurement of our pension and post-retirement obligations and the fiscal 2015 lump sum settlement of our domestic non-union defined benefit plan. See Item 8, Note 16 Retirement Benefits to the consolidated financial statements for additional information.

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Interest expense, net

Interest expense, net was $87.9 million in fiscal 2015 compared to $109.1 million in fiscal 2014. The year over year reduction in interest expense is primarily the result of the retirement of our 8.50% senior notes due 2018 (the "8.50% Notes") and the refinancing of our term loan facility in the second quarter of fiscal 2014. As a result of these transactions, our effective interest rate on approximately $1.1 billion of our outstanding debt was reduced by approximately 450 basis points.

Loss on extinguishment of debt

In fiscal 2014, we completed a re-pricing of our then-outstanding term loan facilities, a re-financing of our term loan facility and a full retirement of our then outstanding 8.50% Notes. In fiscal 2014, we recognized a $133.2 million loss in accordance with ASC 470-50 on the extinguished debt which was comprised of a $109.9 million bond tender premium paid to holders as a result of the tender offer and redemption, third party transaction costs of $6.1 million and a $17.2 million non-cash write-off of deferred financing fees and net original issue discount associated with the extinguished debt. We had no such charges in fiscal 2015.

Other expense, net

Other expense, net for fiscal 2015 was $7.2 million which consisted of foreign currency transaction losses of $1.5 million, $1.4 million of losses on the sale of property, plant and equipment and other miscellaneous losses of $4.3 million. Other expense, net for fiscal 2014 was $15.1 million, which consisted of $3.0 million of costs attributable to the now-concluded review of strategic alternatives that was initiated by our Board of Directors, foreign currency transaction losses of $3.9 million, $2.3 million of losses on the sale of property, plant and equipment and other miscellaneous losses of $5.9 million.

Provision (benefit) for income taxes

The income tax provision in fiscal 2015 was $16.8 million or an effective tax rate of 15.5%. The provision recorded was below the U.S. federal statutory rate of 35% due to the accrual of foreign income taxes at rates which were generally below the U.S. federal statutory rate, the recognition of certain foreign related branch losses for U.S. income tax purposes, the reduction in the valuation allowance recorded against certain foreign tax credit and state net operating loss carryforwards in which the realization of such benefits was now deemed more-likely-than-not and the recognition of certain, previously unrecognized income tax benefits due to the lapse of the applicable statutes of limitations, partially offset by certain one-time costs associated with a change to the U.S. income tax entity classification of a foreign subsidiary. The income tax benefit in fiscal 2014 was $10.0 million or an effective tax rate of (66.7)%. The income tax benefit recorded on income before taxes was due to the reduction in the valuation allowance recorded against certain U.S. foreign tax credit carryforwards as a result of certain changes in circumstances, making the realization of such benefits to now be more-likely-than-not; and the recognition of certain, previously unrecognized income tax benefits due to the lapse of the applicable statutes of limitations.

Net income from continuing operations

Our net income from continuing operations in fiscal 2015 was $91.8 million compared to $25.0 million in fiscal 2014 due to the factors described above. Diluted net income per share from continuing operations in fiscal 2015 was $0.88, compared to $0.25 in fiscal 2014. Comparability between periods is impacted by the dilutive effect of the current year increase in average outstanding shares primarily resulting from our sale of 3,000,000 shares of common stock in a fiscal 2014 offering.

(Loss) income from discontinued operations, net of tax

Our loss from discontinued operations, net of tax was $8.0 million for fiscal 2015 compared to income from discontinued operations, net of tax of $4.6 million in fiscal 2014. The (loss) income from discontinued operations is related to the discontinuance of the Mill Products business during fiscal 2015. See Item 8, Note 4 Discontinued Operations to the consolidated financial statements for more information.

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Non-GAAP Financial Measures

Core sales

Core sales excludes the impact of acquisitions, divestitures and foreign currency translation. Management believes that core sales facilitates easier comparisons of our net sales performance with prior and future periods and to our peers. We exclude the effect of acquisitions because the nature, size and number of acquisitions can vary dramatically from period to period and between us and our peers, and can also obscure underlying business trends and make comparisons of long-term performance difficult. We exclude the effect of foreign currency translation from this measure because the volatility of currency translation is not under management's control.

EBITDA

EBITDA is earnings before interest, taxes, depreciation and amortization. EBITDA is presented because it is an important supplemental measure of performance and it is frequently used by analysts, investors and other interested parties in the evaluation of companies in our industry. EBITDA is also presented and compared by analysts and investors, as well as management, in evaluating our ability to meet debt service obligations. Other companies in our industry may calculate EBITDA differently. EBITDA is not a measurement of financial performance under U.S. GAAP and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net income as indicators of operating performance or any other measures of performance derived in accordance with U.S. GAAP. Because EBITDA is calculated before recurring cash charges, including interest expense and taxes, and is not adjusted for capital expenditures or other recurring cash requirements of the business, it should not be considered as a measure of discretionary cash available to invest in the growth of the business.

Adjusted EBITDA

Adjusted EBITDA (as described below in “Covenant Compliance”) is an important measure because, under our credit agreement, our ability to incur certain types of acquisition debt and certain types of subordinated debt, make certain types of acquisitions or asset exchanges, operate our business and make dividends or other distributions, all of which will impact our financial performance, is impacted by our Adjusted EBITDA, as our lenders measure our performance with a net first lien leverage ratio by comparing our senior secured bank indebtedness to our Adjusted EBITDA (see “Covenant Compliance” for additional discussion of this ratio, including a reconciliation to our net income).We reported Adjusted EBITDA for the fiscal year ended March 31, 2016 of $365.5 million and net income for the same period of $67.5 million.

Covenant Compliance

Our credit agreement, which governs our senior secured credit facilities, contains, among other provisions, restrictive covenants regarding indebtedness, payments and distributions, mergers and acquisitions, asset sales, affiliate transactions, capital expenditures and the maintenance of certain financial ratios. Payment of borrowings under the credit agreement may be accelerated if there is an event of default. Events of default include the failure to pay principal and interest when due, a material breach of a representation or warranty, certain non-payments or defaults under other indebtedness, covenant defaults, events of bankruptcy and a change of control. Certain covenants contained in the credit agreement restrict our ability to take certain actions, such as incurring additional debt or making acquisitions, if we are unable to meet certain maximum net first lien leverage ratios and, with respect to our revolving facility, also require us to remain at or below a maximum net first lien leverage ratio of 7.75 to 1.0 as of the end of each fiscal quarter (3.91 to 1.0 at March 31, 2016). Failure to comply with this covenant could limit our long-term growth prospects by hindering our ability to incur future debt or make acquisitions.

“Adjusted EBITDA” is the term we use to describe EBITDA as defined and adjusted in our credit agreement, which is net income, adjusted for the items summarized in the table below. Adjusted EBITDA is intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors, excluding non-operational, non-cash or non-recurring losses or gains. Adjusted EBITDA is not a presentation made in accordance with GAAP, and our use of the term Adjusted EBITDA varies from others in our industry. This measure should not be considered as an alternative to net income, income from operations or any other performance measures derived in accordance with GAAP. Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. For example, Adjusted EBITDA does not reflect: (a) our capital expenditures, future requirements for capital expenditures or contractual commitments; (b) changes in, or cash requirements for, our working capital needs; (c) the significant interest expenses, or the cash requirements necessary to service interest or principal payments, on our debt; (d) tax payments that represent a reduction in cash available to us; (e) any cash requirements for the assets being depreciated and amortized that may have to be replaced in the future; or (f) the impact of earnings or charges resulting from matters that we and the lenders under our credit agreement may not consider indicative of our ongoing operations. In particular, our definition of Adjusted EBITDA allows us to add back certain non-cash, non-operating or non-recurring charges that are deducted in calculating net income, even though these are expenses that may recur, vary greatly and are difficult to predict and can represent the effect of long-term strategies as opposed to short-term results.

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In addition, certain of these expenses can represent the reduction of cash that could be used for other corporate purposes. Further, although not included in the calculation of Adjusted EBITDA below, the measure may at times allow us to add estimated cost savings and operating synergies related to operational changes ranging from acquisitions or dispositions to restructurings, and/or exclude one-time transition expenditures that we anticipate we will need to incur to realize cost savings before such savings have occurred.

The calculation of Adjusted EBITDA under our credit agreement as of March 31, 2016 is presented in the table below. However, the results of such calculation could differ in the future based on the different types of adjustments that may be included in such respective calculations at the time.

Set forth below is a reconciliation of net income to Adjusted EBITDA for the period indicated below.

(Dollars in Millions)	Year ended March 31, 2016
Net income	$	67.5
Interest expense, net	91.4
Income tax provision	17.1
Depreciation and amortization	115.4
EBITDA	$	291.4
Adjustments to EBITDA:
Actuarial loss on pension and postretirement benefit obligation	12.9
Loss on RHF product line exit (1) (excluding restructuring and related charges)	21.3
Restructuring and other similar charges (2)	34.9
Operating loss from discontinued operations, net of tax (3)	1.4
Stock-based compensation expense	7.5
LIFO income (4)	(0.8		)
Other income, net (5)	(3.1		)
Subtotal of adjustments to EBITDA	$	74.1
Adjusted EBITDA	$	365.5
Senior secured bank indebtedness (6)	$	1,429.0
Net first lien leverage ratio (7)	3.91		x

__________________________________

(1) During the fourth quarter of fiscal 2016, we made the determination to exit a product lines within our Water Management platform with products sold under the RHF tradename. The operating loss (excluding restructuring and related charges included in their respective adjusting lines above) is not included in Adjusted EBITDA in accordance with our credit agreement. See Item 8, Note 5 Restructuring and Other Similar Costs to the consolidated financial statements for more information.

(2) Represents restructuring costs comprised of workforce reductions, impairment of related manufacturing facilities, equipment and intangible assets, lease termination costs, and other facility rationalization costs. See Item 8, Note 5 Restructuring and Other Similar Costs to the consolidated financial statements for more information.

(3) Represents the loss on discontinued operations related to Mill Products. See Item 8, Note 4 Discontinued Operations of the consolidated financial statements for more information.

(4) Last-in first-out (LIFO) inventory adjustments are excluded in calculating Adjusted EBITDA as defined in our credit agreement.

(5) Other income, net for the year ended March 31, 2016, consists of an $8.4 million CDSOA anti-dumping settlement receipt, partially offset by foreign currency transaction losses of $3.0 million, losses on the sale of property, plant and equipment of $0.6 million and other miscellaneous costs of $1.7 million.

(6) The credit agreement defines our senior secured bank indebtedness (or other consolidated debt secured on a pari passu basis) as consolidated first lien indebtedness for borrowed money (other than letter of credit or bank guarantees), less unrestricted cash, which was $452.0 million (as defined by the credit agreement) at March 31, 2016. Senior secured bank indebtedness reflected in the table consists of borrowings under our credit agreement.

(7) The credit agreement defines the net first lien leverage ratio as the ratio of senior secured bank indebtedness (as described above) to Adjusted EBITDA for the trailing four fiscal quarters.

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Liquidity and Capital Resources     

Our primary sources of liquidity are available cash and cash equivalents, cash flow from operations, and borrowing availability under our $265.0 million revolving credit facility and our $100.0 million accounts receivable securitization program.

As of March 31, 2016, we had $484.6 million of cash and cash equivalents and $343.9 million of additional borrowing capacity ($243.9 million of available borrowings under our revolving credit facility and $100.0 million available under our accounts receivable securitization program). As of March 31, 2016, the available borrowings under our credit facility were reduced by $21.1 million due to outstanding letters of credit. As of March 31, 2015, we had $370.3 million of cash and approximately $341.0 million of additional borrowing capacity ($241.0 million of available borrowings under our revolving credit facility and $100.0 million available under our accounts receivable securitization program). Both our revolving credit facility and accounts receivable securitization program are available to fund our working capital requirements, capital expenditures and other general corporate purposes.

During fiscal 2016, we amended the agreement under the accounts receivable securitization program which extended the maturity of the facility and modified the terms. See Item 8, Note 11 Long-Term Debt for additional information.

Cash Flows

Net cash provided by operating activities in fiscal 2016 was $219.0 million compared to $245.9 million in fiscal 2015. The decrease in operating cash was primarily driven by reduced operating profit on lower net sales and higher cash income taxes, partially offset by the CDSOA anti-dumping settlement receipt and the expected benefit of lower trade working capital.

Net cash provided by operating activities in fiscal 2015 was $245.9 million compared to $190.8 million in fiscal 2014. The increase in operating cash was primarily driven by a decrease in cash interest as a result of our August 2013 debt refinancing.

Cash used for investing activities was $45.2 million in fiscal 2016 compared to $177.3 million in fiscal 2015. Investing activities in fiscal 2016 included the receipt of $1.1 million in cash associated with finalizing working capital related to the Euroflex acquisition whereas fiscal 2015 included $138.2 million of net cash used to fund the acquisitions of Euroflex, Tollok and Green Turtle. See Item 8, Note 3 Acquisitions for additional information. We invested $52.1 million in capital expenditures in fiscal 2016 compared to $48.8 million in fiscal 2015.

Cash used for investing activities was $177.3 million in fiscal 2015 compared to $163.8 million in fiscal 2014. We invested $48.8 million in capital expenditures in fiscal 2015 compared to $52.2 million in fiscal 2014. Cash used for investing activities in fiscal 2015 also included $138.2 million for the acquisitions of Euroflex, Tollok and Green Turtle (net of cash acquired), as compared to $112.0 million for acquisitions in fiscal 2014. In fiscal 2015, we also received proceeds of $9.7 million in connection with the sale of certain property, plant and equipment, primarily resulting from the sale of certain assets of the Mill Products business. See Item 8, Note 4 Discontinued Operations for additional information.

Cash used for financing activities was $56.3 million in fiscal 2016 compared to $17.4 million in fiscal 2015. Cash used for financing activities in fiscal 2016 consisted of $40.0 million of cash used to repurchase outstanding shares of our common stock under our board-authorized stock repurchase program (see Item 8 Note 19 Common stock repurchases and public offerings for additional details). In addition, we made $19.5 million of principal payments on our term loans and $5.9 million of other payments on short-term debt (inclusive of the $1.3 million redemption of our 8.875% senior notes). This was partially offset by $5.1 million of proceeds from stock option exercises and $4.0 million related to the excess tax benefit on the option exercises. The cash used for financing activities in fiscal 2015 consisted of $19.8 million principal payments on our term loans and $4.5 million of other net debt payments. The cash used by financing activities in fiscal 2015 also includes $5.8 million related to the excess tax benefit on stock option exercises and $1.1 million of proceeds on stock option exercises.

Cash used for financing activities was $17.4 million in fiscal 2015, as described above, compared to $210.3 million in fiscal 2014. The cash used by financing activities in the fiscal 2014 consisted of a $150.0 million prepayment of our then-outstanding term loan associated with the re-pricing of our term loan facility in April 2013. Fiscal 2014 also included a source of cash from the August 2013 refinancing of our term loan for $1,950.0 million (net of $19.5 million original issue discount) the proceeds of which were utilized to fully retire the previously outstanding $1,145.0 million of 8.50% Notes and $786.2 million of term loan and pay a $109.9 million tender premium to holders of the retired 8.50% Notes. The above transactions also included $17.1 million of related debt issue costs. Additionally, we received $73.8 million of proceeds from the closing of a common stock offering in February 2014, net of underwriting discounts and commissions and other direct costs of the offering.

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Tabular Disclosure of Contractual Obligations

The table below lists our contractual obligations at March 31, 2016 by period when due:

			Payments Due by Period
(in millions)	Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years
Term loans (1)	$	1,901.2	$	19.5	$	39.0	$	1,842.7	$	—
Other long-term debt (2)	39.7		0.7		0.8		0.4		37.8
Interest on long-term debt obligations (3)	406.5		87.5		170.3		148.6		0.1
Purchase commitments	150.9		141.7		8.5		0.7		—
Operating lease obligations	83.4		14.8		26.9		19.0		22.7
Pension and post-retirement plans (4)	94.3		6.4		24.4		63.5		n/a
Totals	$	2,676.0	$	270.6	$	269.9	$	2,074.9	$	60.6

_______________________

(1) Excludes an unamortized original issue discount and debt issuance costs of $20.2 million at March 31, 2016.

(2) Includes $37.4 million of financing related to the Company's participation in the New Market Tax Credit incentive program. Excludes unamortized debt issuance costs of $0.6 million at March 31, 2016.

(3) Interest on long-term debt obligations represents the cash interest expense using March 31, 2016 LIBOR rates.

(4) Represents expected pension and post-retirement contributions and benefit payments to be paid directly by us. Contributions and benefit payments beyond fiscal 2021 cannot be reasonably estimated.

We may be required to make significant cash outlays related to our unrecognized tax benefits, including interest and penalties. However, due to the uncertainty of the timing of future cash flows associated with our unrecognized tax benefits, we are unable to make reasonably reliable estimates of the period of cash settlement, if any, with the respective taxing authorities. Accordingly, unrecognized tax benefits, including interest and penalties and federal tax benefits where applicable, of $15.6 million as of March 31, 2016, have been excluded from the contractual obligations table above. See Part II Item 8, Note 17 Income Taxes of the consolidated financial statements for more information related to our unrecognized tax benefits.

No provision has been made for United States federal income taxes related to approximately $174.8 million of undistributed earnings of foreign subsidiaries that are considered to be permanently reinvested; see Part II Item 8, Note 17 Income Taxes to the consolidated financial statements for further information.

Our pension and post-retirement benefit plans are discussed in detail in Item 8, Note 16 Retirement Benefits, to the consolidated financial statements. The pension plans provide for monthly pension payments to eligible employees upon retirement. Other post-retirement benefits consist of retiree medical plans that cover a portion of employees in the United States that meet certain age and service requirements and other post-retirement benefits for employees at certain foreign locations. See “Risk Factors - Our required cash contributions to our pension plans may increase further and we could experience a material change in the funded status of our defined benefit pension plans and the amount recorded in our consolidated balance sheets related to those plans. Additionally, our pension costs could increase in future years.”

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Indebtedness

As of March 31, 2016 we had $1,920.1 million of total indebtedness outstanding as follows (in millions):

	Total Debt at March 31, 2016		Short-term Debt and Current Maturities of Long-Term Debt		Long-term Portion
Term loans (1)	$	1,881.0	$	19.5	$	1,861.5
Other (2)	39.1		0.7		38.4
Total	$	1,920.1	$	20.2	$	1,899.9

(1) Includes unamortized original issue discount and debt issuance costs of $20.2 million at March 31, 2016.

(2) Includes $36.8 million of financing related to the Company's participation in the New Market Tax Credit incentive program and unamortized debt issuance costs of $0.6 million.

See Item 8, Note 11 Long-Term Debt to the consolidated financial statements for a description of our outstanding indebtedness.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet or non-consolidated special-purpose entities.

Quantitative and Qualitative Disclosures about Market Risk

We are exposed to market risk during the normal course of business from changes in foreign currency exchange rates and interest rates. The exposure to these risks is managed through a combination of normal operating and financing activities and derivative financial instruments in the form of foreign currency forward contracts and interest rate swaps to cover known foreign currency transactions and interest rate fluctuations.

Foreign Currency Exchange Rate Risk

Our exposure to foreign currency exchange rates relates primarily to our foreign operations. For our foreign operations, exchange rates impact the U.S. Dollar ("USD") value of our reported earnings, our investments in the subsidiaries and the intercompany transactions with the subsidiaries. See Part I Item 1A “Our international operations are subject to uncertainties, which could adversely affect our business, financial condition, results of operations or cash flows.”

Approximately 32% of our sales originated outside of the United States in fiscal 2016. As a result, fluctuations in the value of foreign currencies against the USD, particularly the Euro, may have a material impact on our reported results. Revenues and expenses denominated in foreign currencies are translated into USD at the end of the fiscal period using the average exchange rates in effect during the period. Consequently, as the value of the USD changes relative to the currencies of our major markets, our reported results will vary.

Fluctuations in currency exchange rates also impact the USD amount of our stockholders' equity. The assets and liabilities of our non-U.S. subsidiaries are translated into USD at the exchange rates in effect at the end of the fiscal periods. As of March 31, 2016, stockholders' equity decreased by $10.0 million from March 31, 2015 as a result of foreign currency translation adjustments. If the USD had strengthened by an additional 10% as of March 31, 2016, the result would have further decreased stockholders' equity by approximately $51.8 million.

As we continue to expand our business globally, our success will depend, in large part, on our ability to anticipate and effectively manage these and other risks associated with our international operations. However, any of these factors could adversely affect our international operations and, consequently, our operating results.

At March 31, 2016, we had entered into certain foreign currency forward contracts. These foreign currency forward contracts were not accounted for as effective cash flow hedges in accordance with ASC 815, Derivatives and Hedging (“ASC 815”) and as such were marked to market through earnings. A hypothetical 10% adverse change in the foreign currency exchange rates would have resulted in a $1.9 million increase in the fair value of foreign exchange forward contacts as of March 31, 2016.

Interest Rate Risk

We utilize a combination of short-term and long-term debt to finance our operations and are exposed to interest rate risk on these debt obligations.

A substantial portion of our indebtedness, including indebtedness under the senior secured credit facilities bears interest at rates that fluctuate with changes in certain short-term prevailing interest rates. As of March 31, 2016, our outstanding borrowings under the term loan facility were $1,881.0 million (net of $20.2 million unamortized original issue discount and debt issuance

42

costs). As of March 31, 2016, current borrowings under the Company's credit agreement had an effective and weighted average interest rate of 4.00%, determined as LIBOR (subject to a 1% floor) plus an applicable margin of 3.00%.

In fiscal 2014, we entered into three forward-starting interest rate swaps to hedge the variability in future cash flows associated with a portion of the variable-rate term loans. The forward-starting interest rate swaps convert $650.0 million of the variable-rate term loans to a weighted average fixed interest rate of 2.55% plus the applicable margin (and inclusive of a 1% LIBOR floor). Those interest rate swaps became effective beginning on September 28, 2015 with a maturity of September 27, 2018. In fiscal 2015, we also entered into two interest rate caps in order to mitigate exposure to increasing interest rates on our variable-rate interest loans. The interest rate caps were effective beginning as of October 24, 2014, with a maturity of October 24, 2018, and cap the interest on $750.0 million of our variable-rate interest loans at 3%, plus the applicable margin. The existing interest rate swaps and interest rate caps together have effectively hedged approximately 74% of our outstanding variable rate term loans with a weighted average interest rate that cannot exceed 2.79% plus the applicable margin of 3%.

Our net income would likely be affected by changes in market interest rates. As discussed above, our term loan facilities are subject to a 1% LIBOR floor. Therefore, a 100 basis point increase in the March 31, 2016 market interest rate would increase interest expense under the senior secured credit facilities by approximately $5.5 million on an annual basis. An additional 100 basis point increase in the LIBOR rate would add approximately $12.5 million of annual interest expense under our term loan facility.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The information with respect to the Company's market risk is contained under the caption "Quantitative and Qualitative Disclosures About Market Risk" in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.

43

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

The consolidated financial statements included in this Form 10-K include the accounts of Rexnord Corporation and subsidiaries (collectively, the "Company”).

Index to Financial Statements

Rexnord Corporation and Subsidiaries

Consolidated Financial Statements

As of March 31, 2016 and 2015 and

for the years ended March 31, 2016, 2015, and 2014

Reports of Ernst & Young LLP, Independent Registered Public Accounting Firm	45
Consolidated Balance Sheets	47
Consolidated Statements of Operations	48
Consolidated Statements of Comprehensive Income (Loss)	48
Consolidated Statements of Stockholders' Equity	49
Consolidated Statements of Cash Flows	50
Notes to Consolidated Financial Statements	51

44

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders of Rexnord Corporation

We have audited the accompanying consolidated balance sheets of Rexnord Corporation as of March 31, 2016 and 2015, and the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for each of the three years in the period ended March 31, 2016. Our audits also included the financial statement schedule listed in Item 15(a)(2). These financial statements and schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Rexnord Corporation at March 31, 2016 and 2015, and the consolidated results of its operations and its cash flows for each of the three years in the period ended March 31, 2016, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Rexnord Corporation’s internal control over financial reporting as of March 31, 2016, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) and our report dated May 18, 2016 expressed an unqualified opinion thereon.

/s/ ERNST & YOUNG LLP

Milwaukee, Wisconsin

May 18, 2016

45

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders of Rexnord Corporation

We have audited Rexnord Corporation’s internal control over financial reporting as of March 31, 2016, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (the “COSO criteria”). Rexnord Corporation’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, Rexnord Corporation maintained, in all material respects, effective internal control over financial reporting as of March 31, 2016, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Rexnord Corporation as of March 31, 2016 and 2015, and the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity, and cash flows for each of the three years in the period ended March 31, 2016 of Rexnord Corporation and our report dated May 18, 2016 expressed an unqualified opinion thereon.

/s/ ERNST & YOUNG LLP

Milwaukee, Wisconsin

May 18, 2016

46

Rexnord Corporation and Subsidiaries

Consolidated Balance Sheets

(in Millions, except share amounts)

	March 31, 2016			March 31, 2015
Assets
Current assets:
Cash and cash equivalents	$	484.6		$	370.3
Receivables, net	317.6			336.0
Inventories, net	327.2			367.7
Other current assets	46.7			53.6
Total current assets	1,176.1			1,127.6
Property, plant and equipment, net	397.2			417.6
Intangible assets, net	520.9			587.7
Goodwill	1,193.8			1,202.3
Insurance for asbestos claims	32.0			35.0
Other assets	34.8			39.1
Total assets	$	3,354.8		$	3,409.3
Liabilities and stockholders' equity
Current liabilities:
Current maturities of debt	$	20.2		$	24.3
Trade payables	200.8			234.1
Compensation and benefits	54.0			53.9
Current portion of pension and postretirement benefit obligations	5.0			5.0
Other current liabilities	124.4			115.7
Total current liabilities	404.4			433.0
Long-term debt	1,899.9			1,915.7
Pension and postretirement benefit obligations	195.5			203.0
Deferred income taxes	186.0			203.3
Reserve for asbestos claims	32.0			35.0
Other liabilities	49.0			66.6
Total liabilities	2,766.8			2,856.6
Stockholders' equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued	—			—
Common stock, $0.01 par value; 200,000,000 shares authorized; shares issued: 101,435,762 at March 31, 2016 and 102,681,964 at March 31, 2015	1.0			1.0
Additional paid-in capital	856.2			885.9
Retained deficit	(129.6		)	(197.5		)
Accumulated other comprehensive loss	(139.0		)	(130.2		)
Treasury stock at cost; 0 and 900,904 shares at March 31, 2016 and March 31, 2015, respectively	—			(6.3		)
Total Rexnord stockholders' equity	588.6			552.9
Non-controlling interest	(0.6		)	(0.2		)
Total stockholders' equity	588.0			552.7
Total liabilities and stockholders' equity	$	3,354.8		$	3,409.3

See notes to consolidated financial statements.

47

Rexnord Corporation and Subsidiaries

Consolidated Statements of Operations

(in Millions, except share and per share amounts)

	Year Ended
	March 31, 2016			March 31, 2015			March 31, 2014
Net sales	$	1,923.8		$	2,050.2		$	2,034.3
Cost of sales	1,258.6			1,304.0			1,280.9
Gross profit	665.2			746.2			753.4
Selling, general and administrative expenses	385.7			415.1			419.1
Restructuring and other similar charges	34.9			12.9			8.4
Actuarial loss on pension and postretirement benefit obligations	12.9			59.4			2.7
Amortization of intangible assets	57.4			55.1			50.8
Income from operations	174.3			203.7			272.4
Non-operating expense:
Interest expense, net	(91.4		)	(87.9		)	(109.1		)
Loss on the extinguishment of debt	—			—			(133.2		)
Other income (expense), net	3.1			(7.2		)	(15.1		)
Income from continuing operations before income taxes	86.0			108.6			15.0
Provision (benefit) for income taxes	17.1			16.8			(10.0		)
Net income from continuing operations	68.9			91.8			25.0
(Loss) income from discontinued operations, net of tax	(1.4		)	(8.0		)	4.6
Net income	67.5			83.8			29.6
Non-controlling interest loss	(0.4		)	—			(0.6		)
Net income attributable to Rexnord	$	67.9		$	83.8		$	30.2
Net income per share from continuing operations:
Basic	$	0.68		$	0.90		$	0.25
Diluted	$	0.67		$	0.88		$	0.25
Net (loss) income per share from discontinued operations:
Basic	$	(0.01	)	$	(0.08	)	$	0.05
Diluted	$	(0.01	)	$	(0.08	)	$	0.05
Net income per share attributable to Rexnord:
Basic	$	0.67		$	0.82		$	0.31
Diluted	$	0.66		$	0.80		$	0.30
Weighted-average number of shares outstanding (in thousands):
Basic	100,841			101,530			98,105
Effect of dilutive stock options	2,469			3,197			3,213
Diluted	103,310			104,727			101,318

Rexnord Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

(in Millions)

	Year Ended
	March 31, 2016			March 31, 2015			March 31, 2014
Net income attributable to Rexnord	$	67.9		$	83.8		$	30.2
Other comprehensive income (loss):
Foreign currency translation adjustments	(10.0		)	(84.3		)	7.1
Unrealized loss on interest rate derivatives, net of tax	(4.3		)	(10.9		)	(1.7		)
Change in pension and other postretirement defined benefit plans, net of tax	5.5			(11.2		)	9.5
Other comprehensive (loss) income, net of tax	(8.8		)	(106.4		)	14.9
Non-controlling interest loss	(0.4		)	—			(0.6		)
Total comprehensive income (loss)	$	58.7		$	(22.6	)	$	44.5

See notes to consolidated financial statements.

48

Rexnord Corporation and Subsidiaries

Consolidated Statements of Stockholders’ Equity

(in Millions)

	Common Stock		Additional Paid-In Capital			Retained (Deficit) Earnings			Accumulated Other Comprehensive (Loss) Income			Treasury Stock (1)			Non-controlling interest (2)			Total Stockholders’ (Deficit) Equity
Balance at March 31, 2013	1.0		784.0			(311.5		)	(38.7		)	(6.3		)	—			428.5
Comprehensive income (loss):
Net income (loss)	—		—			30.2			—			—			(0.6		)	29.6
Foreign currency translation adjustments	—		—			—			7.1			—			—			7.1
Unrealized loss on interest rate derivatives, net of $1.0 million income tax benefit	—		—			—			(1.7		)	—			—			(1.7		)
Change in pension and other postretirement defined benefit plans, net of $4.9 million income tax expense	—		—			—			9.5			—			—			9.5
Total comprehensive income (loss)	—		—			30.2			14.9			—			(0.6		)	44.5
Stock-based compensation expense	—		7.0			—			—			—			—			7.0
Issuance of equity to non-controlling interest holders	—		—			—			—			—			0.4			0.4
Issuance of common stock, net of direct offering costs (3)	—		73.8			—			—			—			—			73.8
Exercise of stock options, net of shares surrendered	—		2.1			—			—			—			—			2.1
Tax benefit on stock option exercises	—		5.8			—			—			—			—			5.8
Balance at March 31, 2014	$	1.0	$	872.7		$	(281.3	)	$	(23.8	)	$	(6.3	)	$	(0.2	)	$	562.1
Comprehensive income (loss):
Net income	—		—			83.8			—			—			—			83.8
Foreign currency translation adjustments	—		—			—			(84.3		)	—			—			(84.3		)
Unrealized loss on interest rate derivatives, net of $4.2 million income tax benefit	—		—			—			(10.9		)	—			—			(10.9		)
Change in pension and other postretirement defined benefit plans, net of $4.3 million income tax benefit	—		—			—			(11.2		)	—			—			(11.2		)
Total comprehensive income (loss)	—		—			83.8			(106.4		)	—			—			(22.6		)
Stock-based compensation expense	—		6.3			—			—			—			—			6.3
Exercise of stock options, net of shares surrendered	—		1.1			—			—			—			—			1.1
Tax benefit on stock option exercises	—		5.8			—			—			—			—			5.8
Balance at March 31, 2015	$	1.0	$	885.9		$	(197.5	)	$	(130.2	)	$	(6.3	)	$	(0.2	)	$	552.7
Comprehensive income (loss):
Net income	—		—			67.9			—			—			(0.4		)	67.5
Foreign currency translation adjustments	—		—			—			(10.0		)	—			—			(10.0		)
Unrealized loss on interest rate derivatives, net of $2.6 million income tax benefit	—		—			—			(4.3		)	—			—			(4.3		)
Change in pension and other postretirement defined benefit plans, net of $3.0 million income tax expense	—		—			—			5.5			—			—			5.5
Total comprehensive income (loss)	—		—			67.9			(8.8		)	—			(0.4		)	58.7
Stock-based compensation expense	—		7.5			—			—			—			—			7.5
Common stock repurchased and canceled (4)	—		(40.0		)	—			—			—			—			(40.0		)
Exercise of stock options, net of shares surrendered	—		5.1			—			—			—			—			5.1
Cancellation of treasury stock			(6.3		)							6.3						—
Tax benefit on stock option exercises	—		4.0			—			—			—			—			4.0
Balance at March 31, 2016	1.0		856.2			(129.6		)	(139.0		)	—			(0.6		)	588.0

(1) During fiscal 2016, the Company canceled all outstanding shares held in treasury stock and returned such shares to the status of authorized but unissued shares..

(2) Represents a 49% non-controlling interest in a Water Management joint venture.

(3) On February 5, 2014, the Company closed a public offering of shares of its common stock. In that offering, the Company sold 3,000,000 shares of common stock, at a public offering price of $25.75 per share for aggregate offering proceeds of $73.8 million, net of underwriting discounts and commissions and other direct costs of the offering.

(4) During fiscal 2016, the Company repurchased and canceled 1,552,500 shares of common stock at a total cost of $40.0 million at an average price of $25.76. Refer to Note 15 for additional information regarding the stock repurchase program.

See notes to consolidated financial statements.

49

Rexnord Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(in Millions)

	Year Ended
	March 31, 2016			March 31, 2015			March 31, 2014
Operating activities
Net income	$	67.5		$	83.8		$	29.6
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	58.0			57.1			56.1
Amortization of intangible assets	57.4			55.1			50.8
Amortization of deferred financing costs	2.0			2.1			2.6
Non-cash asset impairment	17.5			—			—
Loss on dispositions of property, plant and equipment	0.6			3.0			2.3
Deferred income taxes	(13.9		)	(36.9		)	(27.6		)
Non-cash charge for disposal of discontinued operations	1.5			9.7			—
Actuarial loss on pension and post retirement benefit obligations	12.9			59.4			2.7
Other non-cash charges (credits)	9.6			(9.8		)	(0.1		)
Loss on extinguishment of debt	—			—			133.2
Stock-based compensation expense	7.5			6.4			7.0
Changes in operating assets and liabilities:
Receivables	1.5			6.1			(11.3		)
Inventories	37.7			(15.2		)	(11.3		)
Other assets	7.5			0.1			(6.8		)
Accounts payable	(32.4		)	3.7			26.0
Accruals and other	(15.9		)	21.3			(62.4		)
Cash provided by operating activities	219.0			245.9			190.8
Investing activities
Expenditures for property, plant and equipment	(52.1		)	(48.8		)	(52.2		)
Acquisitions, net of cash acquired	1.1			(138.2		)	(112.0		)
Proceeds from dispositions of property, plant and equipment	5.8			0.5			0.4
Proceeds from divestiture, net of cash	—			9.2			—
Cash used for investing activities	(45.2		)	(177.3		)	(163.8		)
Financing activities
Proceeds from borrowings of debt	0.9			0.1			1,935.1
Repayments of long-term debt	(19.5		)	(19.8		)	(1,948.4		)
Proceeds from borrowings of short-term debt	—			11.5			13.5
Repayments of short-term debt	(5.9		)	(16.1		)	(165.6		)
Payment of deferred financing fees	(0.9		)	—			(17.1		)
Payment of tender premium	—			—			(109.9		)
Proceeds from issuance of common stock, net of direct offering costs	—			—			73.8
Proceeds from exercise of stock options	5.1			1.1			2.1
Third party investment in non-controlling interest	—			—			0.4
Repurchase of Company common stock	(40.0		)	—			—
Excess tax benefit on exercise of stock options	4.0			5.8			5.8
Cash used for financing activities	(56.3		)	(17.4		)	(210.3		)
Effect of exchange rate changes on cash and cash equivalents	(3.2		)	(19.9		)	(1.8		)
Increase (decrease) in cash and cash equivalents	114.3			31.3			(185.1		)
Cash and cash equivalents at beginning of period	370.3			339.0			524.1
Cash and cash equivalents at end of period	$	484.6		$	370.3		$	339.0

See notes to consolidated financial statements.

50

Rexnord Corporation and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2016

1. Basis of Presentation and Description of Business

The consolidated financial statements included herein have been prepared by Rexnord Corporation (“Rexnord” or the "Company"), in accordance with accounting principles generally accepted in the United States ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the consolidated financial statements include all adjustments necessary for a fair presentation of the financial position and the results of operations for the periods presented.    

The Company

Rexnord is a growth-oriented, multi-platform industrial company with what it believes to be leading market shares and highly-trusted brands that serve a diverse array of global end markets. The Company's heritage of innovation and specification have allowed it to provide highly-engineered, mission-critical solutions to customers for decades and affords the privilege of having long-term, valued relationships with market leaders. The Company operates in a disciplined way and its Rexnord Business System (“RBS”) is the operating philosophy. Grounded in the spirit of continuous improvement, RBS creates a scalable, process-based framework that focuses on driving superior customer satisfaction and financial results by targeting world-class operating performance throughout all aspects of its business.

The Process & Motion Control platform designs, manufactures, markets and services a comprehensive range of specified, highly-engineered mechanical components used within complex systems where our customers' reliability requirements and costs of failure or downtime are high. The Process & Motion Control portfolio includes motion control products, shaft management products, aerospace components, and related value-added services.

The Water Management platform designs, procures, manufactures, and markets products that provide and enhance water quality, safety, flow control and conservation. The Water Management product portfolio includes professional grade water control and safety, water distribution and drainage, finish plumbing, and site works products for primarily nonresidential buildings and flow control products for water and wastewater treatment infrastructure markets.

2. Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Reclassifications

Certain prior year amounts have been reclassified to conform to the fiscal 2016 presentation.

Revenue Recognition

Net sales are recorded upon transfer of title and risk of product loss to the customer. Net sales relating to any particular shipment are based upon the amount invoiced for the delivered goods less estimated future rebate payments and sales returns which are based upon the Company’s historical experience. Revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. The value of returned goods during the years ended March 31, 2016, 2015 and 2014 was approximately 1.0% or less of net sales. Other than a standard product warranty, there are no post-shipment obligations.

The Company classifies shipping and handling fees billed to customers as net sales and the corresponding costs are classified as cost of sales in the consolidated statements of operations.

Stock-Based Compensation

The Company accounts for stock based compensation in accordance with Accounting Standards Codification ("ASC") 718, Accounting for Stock Compensation ("ASC 718"). ASC 718 requires compensation costs related to stock-based payment transactions to be recognized in the financial statements. Generally, compensation cost is measured based on the grant-date fair value of the equity instruments issued. Compensation cost is recognized over the requisite service period, generally as the awards vest. See further discussion of the Company’s equity plans in Note 15, Stock-Based Compensation.

Per Share Data

51

Basic net income (loss) per share from continuing and discontinued operations is computed by dividing net income from continuing operations and (loss) income from discontinued operations, respectively, by the corresponding weighted average number of common shares outstanding for the period. Diluted net income (loss) per share from continuing and discontinued operations is computed based on the weighted average number of common shares outstanding increased by the number of incremental shares that would have been outstanding if the potential dilutive shares were issued through the exercise of outstanding stock options to purchase common shares, except when the effect would be anti-dilutive. The computation for diluted net income per share for the fiscal year ended March 31, 2016, 2015 and 2014 excludes 2,896,640, 1,268,623 and 1,278,316 shares due to their anti-dilutive effects, respectively.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less to be cash and cash equivalents.

Receivables

Receivables are stated net of allowances for doubtful accounts of $8.9 million at March 31, 2016 and $16.8 million at March 31, 2015. The Company evaluates the collectability of its receivables and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances and historical write-off experience. Credit is extended to customers based upon an evaluation of their financial position. Generally, advance payment is not required. Allowances for doubtful accounts established are recorded within Selling, general and administrative expenses within the consolidated statements of operations.

Significant Customers

The Company’s largest customer accounted for 8.4%, 8.9% and 7.8% of consolidated net sales for the years ended March 31, 2016, 2015 and 2014, respectively. Receivables related to this Process & Motion Control industrial distributor at March 31, 2016 and 2015 were $8.1 million and $10.2 million, respectively.

Inventories

Inventories are comprised of material, direct labor and manufacturing overhead, and are stated at the lower of cost or market. Market is determined based on estimated net realizable values. Approximately 64% of the Company’s total inventories as of both March 31, 2016 and 2015 were valued using the “last-in, first-out” (LIFO) method. All remaining inventories are valued using the “first-in, first-out” (FIFO) method.

In some cases, the Company has determined a certain portion of inventories are excess or obsolete. In those cases, the Company writes down the value of those inventories to their net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are more or less favorable than those projected by management, adjustments to established inventory reserves may be required. The total write-down of inventories charged to expense was $9.5 million, $5.2 million and $3.8 million, during fiscal 2016, 2015 and 2014, respectively.

Property, Plant and Equipment

Property, plant and equipment are stated at cost. Depreciation is provided using the straight-line method over 10 to 30 years for buildings and improvements, 5 to 10 years for machinery and equipment and 3 to 5 years for computer hardware and software. Where appropriate, the depreciable lives of certain assets may be adjusted to reflect a change in the use of those assets, or depreciation may be accelerated in the case of an eventual asset disposal. Maintenance and repair costs are expensed as incurred.

Goodwill and Intangible Assets

Intangible assets consist of acquired trademarks and tradenames, customer relationships (including distribution network) and patents. The customer relationships, patents, and certain tradenames are being amortized using the straight-line method over their estimated useful lives of 3 to 20 years, 3 to 15 years, and 3 to 10 years, respectively. Goodwill, trademarks and certain tradenames have indefinite lives and are not amortized. However, the goodwill and intangible assets are tested annually for impairment using a discounted cash flow and market value approach analysis and may be tested more frequently if any triggering events occur that would reduce the recoverability of the asset.

Impairment of Long-Lived Assets

The carrying value of long-lived assets, including amortizable intangible assets and tangible fixed assets, are evaluated for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment of amortizable intangible assets and tangible fixed assets is generally determined by comparing projected undiscounted cash flows to be generated by the asset, or group of assets, to its carrying value. If impairment is identified, a loss is recorded equal to the excess of the asset's net book value over its fair value, and the cost basis is adjusted. Determination of the fair value requires various estimates including internal cash flow estimates generated from the asset, quoted market prices and appraisals as appropriate to determine fair value. Actual results could vary from these estimates.

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Product Warranty

The Company offers warranties on the sales of certain of its products and records an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims. The following table presents changes in the Company’s product warranty liability during each of the periods presented (in millions):

	Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014
Balance at beginning of period	$	6.8		$	8.0		$	7.7
Acquired obligations	—			—			0.2
Charged to operations	2.8			1.8			3.9
Claims settled	(2.8		)	(3.0		)	(3.8		)
Balance at end of period	$	6.8		$	6.8		$	8.0

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes (“ASC 740”). Deferred income taxes are provided for future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, net operating losses, tax credits and other applicable carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be actually paid or recovered. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of continuing operations in the period that includes the date of enactment.

The Company regularly reviews its deferred tax assets for recoverability and provides a valuation allowance against its deferred tax assets if, based upon consideration of all positive and negative evidence, the Company determines that it is more-likely-than-not that a portion or all of the deferred tax assets will ultimately not be realized in future tax periods. Such positive and negative evidence would include review of historical earnings and losses, anticipated future earnings, the time period over which the temporary differences and carryforwards are anticipated to reverse and implementation of feasible, prudent tax planning strategies.

The Company is subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in determining the Company's worldwide provision for income taxes and recording the related deferred tax assets and liabilities. In the ordinary course of the Company's business, there is inherent uncertainty in quantifying the ultimate tax outcome of all of the numerous transactions and required calculations relating to the Company's tax positions. Accruals for unrecognized tax benefits are provided for in accordance with the requirements of ASC 740. An unrecognized tax benefit represents the difference between the recognition of benefits related to uncertain tax positions for income tax reporting purposes and financial reporting purposes. The Company has established a reserve for interest and penalties, as applicable, for uncertain tax positions and it is recorded as a component of the overall income tax provision.

The Company is subject to periodic income tax examinations by domestic and foreign income tax authorities. Although the outcome of income tax examinations is always uncertain, the Company believes that it has appropriate support for the positions taken on its income tax returns and has adequately provided for potential income tax assessments. Nonetheless, the amounts ultimately settled relating to issues raised by the taxing authorities may differ materially from the amounts accrued for each year.

See Note 17, Income Taxes, for additional information.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss, net of tax, for the fiscal years ending March 31, 2016, 2015 and 2014 are as follows (in millions):

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	Interest Rate Derivatives			Foreign Currency Translation			Pension and Postretirement Plans			Total
Balance April 1, 2013	—			0.7			(39.4		)	(38.7		)
Other comprehensive (loss) income before reclassifications	(1.7		)	7.1			10.5			15.9
Amounts reclassified from accumulated other comprehensive loss	—			—			(1.0		)	(1.0		)
Net current period other comprehensive (loss) income	(1.7		)	7.1			9.5			14.9
Balance at March 31, 2014	(1.7		)	7.8			(29.9		)	(23.8		)
Other comprehensive loss before reclassifications	(10.9		)	(84.3		)	(14.1		)	(109.3		)
Amounts reclassified from accumulated other comprehensive loss	—			—			2.9			2.9
Net current period other comprehensive loss	(10.9		)	(84.3		)	(11.2		)	(106.4		)
Balance at March 31, 2015	$	(12.6	)	$	(76.5	)	$	(41.1	)	$	(130.2	)
Other comprehensive (loss) income before reclassifications	(4.3		)	(10.0		)	6.7			(7.6		)
Amounts reclassified from accumulated other comprehensive loss	—			—			(1.2		)	(1.2		)
Net current period other comprehensive (loss) income	(4.3		)	(10.0		)	5.5			(8.8		)
Balance at March 31, 2016	$	(16.9	)	$	(86.5	)	$	(35.6	)	$	(139.0	)

The following table summarizes the amounts reclassified from accumulated other comprehensive loss to net income during the fiscal years ending March 31, 2016, 2015 and 2014 (in millions):

Pension and postretirement plans	Year Ending March 31, 2016			Year Ending March 31, 2015			Year Ending March 31, 2014			Income Statement Line Item
Amortization of prior service credit	$	(1.9	)	$	(1.7	)	$	(1.7	)	Selling, general and administrative expenses
Lump Sum Settlement	—			6.5			—			Actuarial loss on pension and postretirement benefit obligations
Provision (benefit) for income taxes	0.7			(1.9		)	0.7
Total, net of income taxes	$	(1.2	)	$	2.9		$	(1.0	)

Derivative Financial Instruments

The Company is exposed to certain financial risks relating to fluctuations in foreign currency exchange rates and interest rates. The Company selectively uses foreign currency forward contracts and interest rate derivatives to manage its foreign currency and interest rate risks. All hedging transactions are authorized and executed pursuant to defined policies and procedures which prohibit the use of financial instruments for speculative purposes.

The Company accounts for derivative instruments in accordance with ASC 815, Accounting for Derivative Instruments and Hedging Activities (“ASC 815”). ASC 815 requires companies to recognize all of its derivative instruments as either assets or liabilities in the balance sheet at fair value. Fair value is defined under ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative instrument has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. As of March 31, 2016 and 2015, the Company had forward-starting interest rate swaps and interest rate caps on its variable rate term debt that are designated and qualify as hedging instruments. For the derivative instruments designated and qualifying as effective hedging instruments under ASC 815, the changes in the fair value of the effective portion of the instrument are recognized in accumulated other comprehensive loss whereas any changes in the fair value of a derivative instrument that is not designated or does not qualify as an effective hedge are recorded in other non-operating expense. See Note 12, Derivative Financial Instruments, for further information regarding the classification and accounting.

Financial Instrument Counterparties

The Company is exposed to credit losses in the event of non-performance by counterparties to its financial instruments. The Company anticipates, however, that counterparties will be able to fully satisfy their obligations under these instruments. The Company places cash and temporary investments and foreign currency and interest rate swap and cap contracts with various high-quality financial institutions. Although the Company does not obtain collateral or other security to support these financial instruments, it does periodically evaluate the credit-worthiness of each of its counterparties.

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Foreign Currency Translation

Assets and liabilities of subsidiaries operating outside of the United States with a functional currency other than the U.S. dollar are translated into U.S. dollars using exchange rates at the end of the respective period. Revenues and expenses of such entities are translated at average exchange rates in effect during the respective period. Foreign currency translation adjustments are included as a component of accumulated other comprehensive loss. Currency transaction losses are included in other expense, net in the consolidated statements of operations and totaled $3.0 million, $1.5 million and $3.9 million for the years ended March 31, 2016, 2015 and 2014, respectively.

Advertising Costs

Advertising costs are charged to selling, general and administrative expenses on the consolidated statements of operations as incurred and amounted to $9.2 million, $10.4 million, and $9.6 million for the years ended March 31, 2016, 2015 and 2014, respectively.

Research, Development and Engineering Costs

Research, development and engineering costs are charged to selling, general and administrative expenses on the consolidated statements of operations as incurred and for the years ended March 31, 2016, 2015 and 2014 amounted to the following (in millions):

	Year Ended March 31, 2016		Year Ended March 31, 2015		Year Ended March 31, 2014
Research and development costs	$	12.4	$	12.8	$	13.0
Engineering costs	24.8		26.0		28.4
Total	$	37.2	$	38.8	$	41.4

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and temporary investments, forward currency contracts and trade accounts receivable.

Recent Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual and interim periods beginning in 2017 with early adoption permitted. The Company is evaluating the impact of the adoption of ASU 2016-09 on its consolidated financial statements.

In February 2015, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02''), which requires management to recognize lease assets and lease liabilities by lessees for all operating leases on the consolidated balance sheets. ASU 2016-02 is effective for the Company's fiscal 2019 and interim periods included therein on a modified retrospective basis. The Company is currently evaluating the impact this guidance will have on its financial statements upon adoption.    

In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). ASU 2015-17 changes how deferred taxes are classified on the balance sheet, eliminating the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. ASU 2015-17 is effective for fiscal years and interim periods within those years beginning after December 15, 2016. The Company elected to early adopt ASU 2015-17 for fiscal 2016 on a retrospective basis in order to enhance comparability. Accordingly, the Company has presented prior period amounts for deferred income taxes in a manner that conforms to the current period presentation.

In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805) Simplifying the Accounting for Measurement-Period Adjustments ("ASU 2015-16"), which removes the requirement to restate prior periods to reflect adjustments made to provisional amounts. Rather, adjustments to the provisional amounts are to be recognized in the reporting period in which the adjustments are recognized. The adjustments related to previous reporting periods since the acquisition date must be disclosed by income statement line item either on the face of the income statement or in the notes. As permitted by ASU 2015-16, the Company elected to early adopt this guidance beginning in the second quarter of fiscal 2016 with no material impact to the financial statements or related notes thereto.

In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory ("ASU 2015-11"). ASU 2015-11 requires inventory to be measured at the lower of cost and net realizable value, which is defined as the estimated selling

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price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. Under existing guidance, net realizable value is one of several calculations needed to measure inventory at lower of cost or market and as such, the new guidance reduces the complexity in measurement. ASU 2015-11 is effective for the Company's first quarter of fiscal year 2018, with early adoption is permitted, and must be applied prospectively. The Company is currently evaluating the impact of the adoption of this requirement on the consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement of debt issuance costs is not affected by the amendments in this update. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015 and is required to be applied retrospectively to all prior periods presented. As permitted by ASU 2015-03, the Company elected to early adopt this guidance beginning with the first quarter of fiscal 2016, which resulted in the reclassification of $10.5 million of unamortized debt issuance costs from other assets to long-term debt on the consolidated balance sheets as of March 31, 2015. Refer to Note 11, Long-Term Debt for additional discussion regarding debt instruments and related classification.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09")in order to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The guidance specifies revenue should be recognized in the amount that reflects the consideration the company expects to be entitled to in exchange for the transfer of promised goods or services to customers. ASU 2014-09 will be effective for the Company in the first quarter of fiscal 2019 and allows for full retrospective adoption applied to all periods presented or retrospective adoption with the cumulative effect of initially applying this update recognized at the date of initial application. The Company is currently evaluating the method of adoption and the potential impact adoption will have on its consolidated financial statements.

In the first quarter of 2016, the Company adopted FASB ASU No. 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"), which changes the criteria for reporting discontinued operations. ASU 2014-08 allows only disposals representing a strategic shift in operations to be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations, as well as pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. As this guidance is a prospective change, the significance of ASU 2014-08 for the Company is dependent on any future dispositions or disposals.

3. Acquisitions

The purchase price for the below transactions is stated net of cash acquired and excludes transaction costs.

Fiscal Year 2015

On January 12, 2015, the Company acquired Euroflex Transmissions (India) Private Limited ("Euroflex") for a cash purchase price of $76.0 million. Euroflex, based in Hyderabad, India, is a supplier of high performance disc couplings used in power generation, gas compression and industrial process machinery applications.  The acquisition of Euroflex added complementary product lines to the Company's existing Process & Motion Control platform.

On October 30, 2014, the Company acquired Tollok S.p.A. ("Tollok"), a supplier of highly engineered shaft locking devices for the power generation and process industries, as well as general industrial applications. The purchase price was $39.2 million, which was comprised of $33.4 million that was paid at closing, $3.4 million of deferred purchase price payable in fiscal 2017 and additional consideration, not to exceed $3.8 million, in 2 years following the acquisition. Cash payments made after the acquisition date are settled in Euros based on prevailing exchange rates at the time of payment. Tollok, based in Ferrara, Italy, added complementary product lines to the Company's existing Process & Motion Control platform.

On April 15, 2014, the Company acquired Green Turtle Technologies Ltd., Green Turtle Americas Ltd. and Filamat Composites Inc. (collectively "Green Turtle") for a total cash purchase price of $27.7 million. Green Turtle, based in Toronto, Ontario, and Charlotte, North Carolina, is a manufacturer of branded fiberglass oil and grease separators and traps. This acquisition broadened the product portfolio of the Company's existing Water Management platform.

The Company's results of operations include the acquired operations subsequent to the respective acquisition dates. The acquisitions of Green Turtle, Tollok and Euroflex were not material to the Company’s consolidated financial statements. Pro-forma results of operations and certain other U.S. GAAP disclosures related to the acquisitions during the fiscal year ended March 31, 2015 have not been presented because they are not significant to the Company's consolidated statements of operations and financial position.

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The fiscal 2015 acquisitions were accounted for as business combinations and recorded by allocating the purchase price of the acquisitions to the fair value of the assets acquired and liabilities assumed at the respective acquisition date. The excess of the acquisition purchase price over the fair value assigned to the assets acquired and liabilities assumed was recorded as goodwill. During the twelve months ended March 31, 2016, the Company adjusted the purchase price allocation by reducing goodwill by $4.8 million in connection with the finalization of Euroflex and Tollok acquisition date working capital, refinement of the fair value assigned to acquired intangible assets and establishment of income tax positions within the opening balance sheet. After incorporating the changes described above, the purchase price allocation resulted in non-tax deductible goodwill of $69.9 million, other intangible assets of $71.4 million and other net assets of $1.6 million.     

Fiscal Year 2014

On December 16, 2013, the Company acquired Precision Gear Holdings, LLC (“PGH”) for a total cash purchase price of $77.1 million. PGH has two operating subsidiaries, Merit Gear LLC (“Merit Gear”), located in Antigo, Wisconsin, and Precision Gear LLC (“Precision Gear”), located in Twinsburg, Ohio. Merit Gear is a build-to-print manufacturer of high-quality gearing and specialized gearboxes primarily for the North American oil and gas market, along with other diversified industrial markets. Precision Gear is a leading manufacturer of highly specialized gears primarily serving the aerospace market, along with various other industrial markets. This acquisition was complementary to the Company's existing Process & Motion Control product portfolio.

On August 30, 2013, the Company acquired certain assets of L.W. Gemmell ("LWG") for a total cash purchase price of $8.2 million. LWG, based in Australia, is a distributor of non-residential plumbing products. A portion of LWG's historical sales were from existing Water Management product lines. As such, the acquisition provided the Company with additional product offerings and the opportunity to expand its international presence through a more direct ownership structure.

On August 21, 2013, the Company acquired certain assets of Micro Precision Gear Technology Limited ("Micro Precision") for a total cash purchase price of $22.2 million. Micro Precision, based in the United Kingdom, is a built-to-print manufacturer of specialty gears and electric motor components primarily sold to the aerospace market. This acquisition expanded the Company's existing Process & Motion Control product offerings and its presence in Europe.

On April 26, 2013, the Company acquired Klamflex Pipe Couplings Ltd. ("Klamflex") for a total cash purchase price of $4.5 million. Klamflex, based in South Africa, is a manufacturer of pipe couplings, flange adapters, dismantling joints and repair clamps. This acquisition broadened the product portfolio of the Company's existing Water Management platform and expanded the Company's global presence.

The Company's results of operations include the acquired operations subsequent to the respective acquisition dates. The acquisitions of PGH, LWG, Micro Precision and Klamflex were not material to the Company’s consolidated financial statements, either individually or in the aggregate. Pro-forma results of operations and certain other U.S. GAAP disclosures related to the acquisitions during the fiscal year ended March 31, 2014 have not been presented because they are not significant to the Company's consolidated statements of operations and financial position, either individually or in the aggregate.

The fiscal year 2014 acquisitions were accounted for as business combinations and recorded by allocating the purchase price of the acquisitions to the fair value of the assets acquired and liabilities assumed at the respective acquisition dates. The excess of the acquisition purchase prices over the fair value assigned to the assets acquired and liabilities assumed was recorded as goodwill. During fiscal 2015, the Company adjusted the preliminary allocations for the Micro Precision and PGH purchase prices in connection with finalizing the valuation of each businesses' tradenames and the time period each tradename will be utilized by the Company post-acquisition. The opening balance sheet has been adjusted to reflect these changes, which included an increase to goodwill of $1.8 million and a net decrease to intangible assets of $1.8 million. The amortization expense recognized in historical periods was not materially impacted as a result of the adjustments to the purchase price allocations. The final aggregate purchase price allocation of these acquisitions resulted in goodwill of $26.7 million ($24.6 million of tax deductible goodwill), other intangible assets of $23.3 million, property, plant and equipment of $36.7 million and other net assets of $25.3 million.

During fiscal 2014, the Company also established a new French sales office in its Water Management platform to expand its European water and wastewater market presence via a joint venture between the Company and six external sales associates. The Company contributed an immaterial amount of capital to the joint venture. As the Company has a 51% ownership stake and is deemed to have significant control over the new legal entity, the financial statements of the new joint venture have been wholly consolidated in accordance with ASC 810, Consolidations.  The remaining 49% of the joint venture that is not owned by the Company has been presented as a non-controlling interest throughout the consolidated financial statements.

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4. Discontinued Operations

As indicated in Note 2 Significant Accounting Policies, the Company adopted ASU 2014-08 effective April 1, 2015. Prior to the adoption of this guidance, in fiscal 2015 the Company ceased all operations related to its former Mill Products business, which conducted its operations in the United States and Australia and was a component of the Process & Motion Control operating segment. As a result, the Company met the criteria to present this business as a discontinued operation in accordance with the authoritative guidance. Accordingly, the results of operations of the Mill Products business are reported as discontinued operations in the consolidated statements of operations for all periods presented. The corresponding assets and liabilities related to the prior period were reclassified in accordance with authoritative literature and classified as assets held for sale for all periods presented in the consolidated balance sheets. The consolidated statements of cash flows for the fiscal years ended March 31, 2016, 2015 and 2014 have not been adjusted to separately disclose cash flows related to discontinued operations.

The following table summarizes the results of the Mill Products business included within (loss) income from discontinued operations, net of tax on the consolidated statements of operations (in millions):

	Year Ended
	March 31, 2016			March 31, 2015			March 31, 2014
Net sales	$	—		$	34.1		$	47.7
(Loss) income from operations before income taxes	(2.2		)	(10.9		)	7.2
(Benefit) provision for income taxes	(0.8		)	(2.9		)	2.6
Net (loss) income from discontinued operations	$	(1.4	)	$	(8.0	)	$	4.6
Net (loss) income per share from discontinued operations:
Basic	$	(0.01	)	$	(0.08	)	$	0.05
Diluted	$	(0.01	)	$	(0.08	)	$	0.05

In exiting the Mill Products business in fiscal 2015, the Company agreed to sell certain assets associated with the business for aggregate cash consideration of approximately $9.2 million and the remaining assets and liabilities of the discontinued operation were adjusted to reflect their net realizable value. As of March 31, 2015, included as Other current assets on the consolidated balance sheets was $2.6 million of long-lived assets. The exit of Mill Products resulted in the Company recording a net charge of $9.7 million, consisting of a $3.8 million impairment loss associated with property, plant and equipment, $4.1 million impairment of goodwill allocated to the discontinued operation and other exit related costs of $1.8 million.

During fiscal 2016, the Company disposed most of the assets originally classified as Other current assets on the consolidated balance sheets. However, after actively marketing the assets and not being able to find a buyer, the remaining assets were written off, contributing to the loss from discontinued operations noted above.

5. Restructuring and Other Similar Charges

During fiscal 2016, the Company continued to execute various restructuring actions. These initiatives were implemented to drive efficiencies and reduce operating costs while also modifying the Company's footprint to reflect changes in the markets it serves, the impact of acquisitions on the Company's overall manufacturing capacity and the refinement of its overall product portfolio. These restructuring actions primarily resulted in workforce reductions, impairment of related manufacturing facilities, equipment and intangible assets, lease termination costs, and other facility rationalization costs. Management expects to continue executing initiatives to optimize its operating margin and manufacturing footprint as well as select product-line rationalizations. As such, the Company expects further expenses related to workforce reductions, potential impairment of assets, lease termination costs, and other facility rationalization costs. The Company's restructuring plans are preliminary and related expenses are not yet estimable.

The following table summarizes the Company's restructuring and other similar costs incurred during the years ended March 31, 2016, 2015 and 2014 by classification of operating segment (in millions):

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	Year Ended March 31, 2016
	Process & Motion Control		Water Management		Corporate		Consolidated
Severance costs	$	10.8	$	4.2	$	0.3	$	15.3
Asset impairment charges (1)	1.0		16.5		—		$	17.5
Lease termination and other costs	0.5		1.6		—		2.1
Total restructuring and other similar costs	$	12.3	$	22.3	$	0.3	$	34.9
	Year Ended March 31, 2015
	Process & Motion Control		Water Management		Corporate		Consolidated
Severance costs	$	7.6	$	3.3	$	—	$	10.9
Lease termination and other costs	1.2		0.8		—		2.0
Total restructuring and other similar costs	$	8.8	$	4.1	$	—	$	12.9
	Year Ended March 31, 2014
	Process & Motion Control		Water Management		Corporate		Consolidated
Severance costs	$	3.3	$	2.0	$	0.8	$	6.1
Lease termination and other costs	1.6		0.7		—		2.3
Total restructuring and other similar costs	$	4.9	$	2.7	$	0.8	$	8.4
	Restructuring Costs To-date (Period from April 1, 2013 to March 31, 2016)
	Process & Motion Control		Water Management		Corporate		Consolidated
Severance costs	$	21.7	$	9.5	$	1.1	$	32.3
Asset impairment charges	1.0		16.5		—		$	17.5
Lease termination and other costs	3.3		3.1		—		6.4
Total restructuring and other similar costs	$	26.0	$	29.1	$	1.1	$	56.2

(1) In connection with the fiscal 2016 footprint optimization initiatives and the decision to exit the non-strategic Rodney Hunt® Fontaine® (“RHF”) flow control gate product line, the Company recognized impairment charges associated with related fixed assets and intangible assets of $6.6 million and $10.9 million, respectively.  The impairment of fixed assets was determined utilizing independent appraisals of the assets, classified as Level 3 inputs within the Fair Value hierarchy.  Refer to Note 13 for additional information.  Following the Company’s decision to exit the RHF product line, the Company deemed certain intangible assets associated with the RHF tradename, customer relationships and patents had no future value resulting in impairment charges of $10.4 million, $0.3 million and $0.2 million, respectively.    

The Company evaluated the requirements for held-for-sale and discontinued operations presentation in connection with the decision to exit its flow-control gate product line and determined the product line did not meet the definition provided within the authoritative literature of held for sale or discontinued operations. Pre-tax loss from operations associated with this non-strategic exit of the RHF product-line were as follows in each of the last three fiscal years:

Years ending March 31,	Pre-tax Loss			Description
2016	$	(43.1	)	Includes asset impairments described above and other restructuring charges (primarily severance costs) of $16.5 million and $2.9 million, respectively
2015	(14.0		)	Includes other restructuring charges (primarily severance costs) of $2.2 million
2014	(10.1		)	Includes other restructuring charges of (primarily severance costs) $0.3 million

The following table summarizes the activity in the Company's accrual for restructuring costs for the fiscal years ended March 31, 2016 and 2015 (in millions):

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	Severance Costs			Asset impairment charges			Lease Termination and Other Costs			Total
Accrued Restructuring Costs, March 31, 2014	$	3.4		$	—		$	0.4		$	3.8
Charges	10.9			—			2.0			12.9
Cash payments	(7.6		)	—			(1.3		)	(8.9		)
Non-cash charges	—			—			(0.8		)	(0.8		)
Accrued Restructuring Costs, March 31, 2015 (1)	6.7			—			0.3			7.0
Charges	15.3			17.5			2.1			34.9
Cash payments	(11.5		)	—			(2.1		)	(13.6		)
Non-cash charges	—			(17.5		)	—			(17.5		)
Accrued Restructuring Costs, March 31, 2016 (1)	$	10.5		$	—		$	0.3		$	10.8

(1) The restructuring accrual is included in Other current liabilities on the consolidated balance sheets.

6. Recovery Under Continued Dumping and Subsidy Offset Act (“CDSOA”)

The Company, as a producer of ball bearing products in the U.S., participated in the distribution of monies collected by Customs and Border Protection (“CBP”) from anti-dumping cases under the CDSOA. Through its participation the Company provided relevant information to CBP regarding historical manufacturing, personnel and development costs for previous calendar years. In February 2006, U.S. legislation was enacted that ended CDSOA distributions to U.S. manufacturers for imports covered by anti-dumping duty orders entering the U.S. after September 30, 2007. Because monies were collected by CBP until September 30, 2007 and for prior year entries, the Company has received periodic recoveries.

In connection with this program, beginning in 2006, CBP began to withhold amounts that would have otherwise been distributed as a result of pending litigation challenging past and future distributions and the administrative operation of the law. Beginning in fiscal 2013, CBP began to distribute these withheld funds to domestic producers. In connection with the distribution of these withheld funds, the Company recorded $8.4 million of income during fiscal 2016. The Company did not receive any distributions in fiscal 2015 or 2014. CDSOA recoveries are recorded within Other income (expense), net on the consolidated statements of operations for each respective fiscal year. As a result of still pending litigation, the Company cannot reasonably estimate the amount of CDSOA payments, if any, that it may receive in future years and/or whether it will be required to repay any previously received distributions.

7. Inventories

The major classes of inventories are summarized as follows (in millions):

	March 31,
	2016		2015
Finished goods	$	148.4	$	168.5
Work in progress	55.3		70.7
Purchased components	67.6		69.9
Raw materials	49.3		52.8
Inventories at First-in, First-Out ("FIFO") cost	320.6		361.9
Adjustment to state inventories at Last-in, First-Out ("LIFO") cost	6.6		5.8
	$	327.2	$	367.7

Certain prior year balances have been reclassified to conform to the current period presentations.

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8. Property, Plant and Equipment

Property, plant and equipment, net is summarized as follows (in millions):

	March 31,
	2016			2015
Land	$	31.2		$	33.5
Buildings and improvements	210.8			217.7
Machinery and equipment	401.0			388.2
Hardware and software	65.4			61.5
Construction in-progress	37.6			25.9
	746.0			726.8
Less accumulated depreciation	(348.8		)	(309.2		)
	$	397.2		$	417.6

9. Goodwill and Intangible Assets

The changes in the net carrying value of goodwill and identifiable intangible assets for the years ended March 31, 2016 and 2015 by operating segment, are presented below (in millions):

							Amortizable Intangible Assets
	Goodwill			Indefinite Lived Intangible Assets			Trade-Names			Customer Relationships			Patents			Total Identifiable Intangible Assets Excluding Goodwill
Process & Motion Control
Net carrying amount as of March 31, 2014	$	904.0		$	197.6		$	1.9		$	94.4		$	3.7		$	297.6
Acquisitions	54.7			—			5.2			51.6			—			56.8
Purchase price allocation adjustments (1)	1.8			(3.1		)	1.3			—			—			(1.8		)
Amortization	—			—			(1.0		)	(31.0		)	(1.2		)	(33.2		)
Currency translation adjustment and other (2)	(10.6		)	(1.6		)	(0.1		)	(2.0		)	—			(3.7		)
Net carrying amount as of March 31, 2015	$	949.9		$	192.9		$	7.3		$	113.0		$	2.5		$	315.7
Purchase price allocation adjustments (1)	(4.8		)	—			4.2			—			—			4.2
Amortization	—			—			(1.7		)	(32.9		)	(1.2		)	(35.8		)
Currency translation adjustment and other	(2.7		)	(2.2		)	(0.7		)	(1.1		)	0.6			(3.4		)
Net carrying amount as of March 31, 2016	$	942.4		$	190.7		$	9.1		$	79.0		$	1.9		$	280.7
Water Management
Net carrying amount as of March 31, 2014	$	246.7		$	140.8		$	—		$	147.0		$	7.2		$	295.0
Acquisitions	20.0			—			1.6			7.3			1.5			10.4
Amortization	—			—			(0.2		)	(19.4		)	(2.3		)	(21.9		)
Currency translation adjustment and other	(14.3		)	(5.6		)	—			(5.8		)	(0.1		)	(11.5		)
Net carrying amount as of March 31, 2015	$	252.4		$	135.2		$	1.4		$	129.1		$	6.3		$	272.0
Amortization	—			—			(0.3		)	(19.2		)	(2.1		)	(21.6		)
Currency translation adjustment and other (3)	(1.0		)	(10.2		)	(0.5		)	(0.1		)	0.6			(10.2		)
Net carrying amount as of March 31, 2016	$	251.4		$	125.0		$	0.6		$	109.8		$	4.8		$	240.2
Consolidated
Net carrying amount as of March 31, 2014	$	1,150.7		$	338.4		$	1.9		$	241.4		$	10.9		$	592.6
Acquisitions	74.7			—			6.8			58.9			1.5			67.2
Purchase price allocation adjustments (1)	1.8			(3.1		)	1.3			—			—			(1.8		)
Amortization	—			—			(1.2		)	(50.4		)	(3.5		)	(55.1		)
Currency translation adjustment and other (2)	(24.9		)	(7.2		)	(0.1		)	(7.8		)	(0.1		)	(15.2		)
Net carrying amount as of March 31, 2015	$	1,202.3		$	328.1		$	8.7		$	242.1		$	8.8		$	587.7
Purchase price allocation adjustments (1)	(4.8		)	—			4.2			—			—			4.2
Amortization	—			—			(2.0		)	(52.1		)	(3.3		)	(57.4		)
Currency translation adjustment and other (3)	(3.7		)	(12.4		)	(1.2		)	(1.2		)	1.2			(13.6		)
Net carrying amount as of March 31, 2016	$	1,193.8		$	315.7		$	9.7		$	188.8		$	6.7		$	520.9

____________________

(1) Refer to Note 3 Acquisitions for additional information regarding purchase price allocation adjustments.

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(2) Includes $4.1 million of goodwill allocated to the Mill Products business in connection to the Company's decision to discontinue the Mill Products business during fiscal 2015. See Note 4 Discontinued Operations for additional information regarding the discontinued operation.

(3) Includes $10.4 million, $0.3 million, and $0.2 million of impairment of indefinite-lived intangible assets, customer relationships and patents, respectively, associated with the exit of the RHF product line. Refer to Note 5 Restructuring and Other Similar Charges, for additional information.

The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of March 31, 2016 and March 31, 2015 are as follows (in millions):

		March 31, 2016
	Weighted Average Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Intangible assets subject to amortization:
Patents	10 years	$	41.3	$	(34.6	)	$	6.7
Customer relationships (including distribution network)	13 years	628.4		(439.6		)	188.8
Tradenames	8 years	12.7		(3.0		)	9.7
Intangible assets not subject to amortization - trademarks and tradenames		315.7		—			315.7
		$	998.1	$	(477.2	)	$	520.9
		March 31, 2015
	Weighted Average Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Intangible assets subject to amortization:
Patents	10 years	$	40.1	$	(31.3	)	$	8.8
Customer relationships (including distribution network)	13 years	635.4		(393.3		)	242.1
Tradenames	8 years	10.0		(1.3		)	8.7
Intangible assets not subject to amortization - trademarks and tradenames		328.1		—			328.1
		$	1,013.6	$	(425.9	)	$	587.7

Intangible asset amortization expense totaled $57.4 million, $55.1 million and $50.8 million for the years ended March 31, 2016, 2015 and 2014, respectively. Patents, tradenames, and customer relationships acquired during fiscal 2015 were assigned a weighted-average useful life of 3 years, 9 years, and 17 years, respectively.

The Company expects to recognize amortization expense on the intangible assets subject to amortization of $37.8 million in fiscal year 2017, $27.0 million in fiscal year 2018, $26.7 million in fiscal year 2019, $26.5 million in fiscal year 2020, and $25.1 million in fiscal year 2021.

During the third quarter of fiscal 2016, the Company completed the testing of indefinite lived intangible assets (tradenames) and goodwill for impairment in accordance with ASC 350, Intangibles-Goodwill and Other. The fair value of the Company's indefinite lived intangible assets and reporting units were primarily estimated using an income valuation model (discounted cash flow) and market approach (guideline public company comparables), which indicated that the fair value of the Company's indefinite lived intangible assets and reporting units exceeded their carrying value; therefore, no impairment was present. Total cumulative goodwill impairment charges as of March 31, 2016 and 2015 was $323.4 million.

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10. Other Current Liabilities

Other current liabilities are summarized as follows (in millions):

	March 31, 2016		March 31, 2015
Customer advances	$	8.3	$	7.0
Sales rebates	28.2		25.4
Commissions	7.9		3.9
Restructuring and other similar charges (1)	10.8		7.0
Product warranty (2)	6.8		6.8
Risk management (3)	9.9		9.4
Legal and environmental	4.6		3.8
Taxes, other than income taxes	6.6		8.0
Income taxes payable	15.0		19.2
Interest payable	5.6		5.5
Other	20.7		19.7
	$	124.4	$	115.7

____________________

(1) See more information related to the restructuring obligations balance within Note 5.

(2) See more information related to the product warranty obligations balance within Note 2.

(3) Includes projected liabilities related to losses arising from automobile, general and product liability claims.

11. Long-Term Debt

Long-term debt is summarized as follows (in millions):

	March 31,
	2016		2015
Term loans (1)	1,881.0		1,895.8
8.875% Senior notes due 2016	—		1.3
Other (2)	39.1		42.9
Total	1,920.1		1,940.0
Less current maturities	20.2		24.3
Long-term debt	$	1,899.9	$	1,915.7

____________________

(1) Includes an unamortized original issue discount and debt issuance costs of $20.2 million and $25.0 million at March 31, 2016 and March 31, 2015, respectively.

(2) Includes unamortized debt issuance costs of $0.6 million at each of March 31, 2016 and 2015. Refer to "Other Subsidiary Debt" below for additional information.

Senior Secured Credit Facility

During fiscal 2014, the Company entered into the Third Amended and Restated First Lien Credit Agreement (the "Credit Agreement"). The senior secured credit facilities under the Credit Agreement are funded by a syndicate of banks and other financial institutions and provide for loans of up to $2,215.0 million, consisting of (i) a $1,950.0 million term loan facility with a maturity date of August 21, 2020 (the "Term Loan"); and (ii) a $265.0 million revolving credit facility with a maturity date of March 15, 2017; under the revolving credit facility, the Company has borrowing capacity available for letters of credit and for borrowings on a same-day notice, referred to as swingline loans.

The proceeds of the Term Loan were used to (i) repay in full the $786.2 million aggregate principal amount of existing term loans then-outstanding under the Company's former credit agreement, together with accrued interest thereon, (ii) retire (through a cash tender offer and redemption) all of the Company's former 8.50% Senior Notes due 2018 (the “8.50% Notes”) and (iii) pay related fees and expenses. The Company accounted for these transactions in accordance with ASC 470-50, Debt Modifications and Extinguishments (“ASC 470-50”). The Company recognized a $129.2 million loss on the debt extinguishment which was comprised of a $109.9 million bond tender premium paid to holders of the 8.50% Notes as a result of the tender offer and redemption, third party transaction costs of $5.3 million, and a $14.0 million non-cash write-off of deferred financing fees and net original issue discount associated with the extinguished debt.

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Earlier in fiscal 2014, the Company had made a $150.0 million prepayment under the former credit agreement and recognized a related pre-tax loss of $4.0 million in accordance with ASC 470-50, which was comprised of $0.8 million of fees paid to lenders and a non-cash write-off of $3.2 million of deferred financing fees and net original issue discount associated with the extinguished debt.

As of March 31, 2016 and March 31, 2015, the Company's outstanding borrowings under the Term Loan was $1,881.0 million and $1,895.8 million, respectively (net of $20.2 million and $25.0 million unamortized original issue discount and debt issuance costs, respectively). At March 31, 2016 and March 31, 2015, the term borrowings under the Credit Agreement had an effective and average interest rate of 4.00%, determined as the London Interbank Offered Rate or LIBOR (subject to a 1% floor) plus an applicable margin of 3.00%. The interest rates for the Term Loan are subject to a leverage-based pricing grid. As of March 31, 2016 and March 31, 2015, interest rates under the Credit Agreement for the Term Loan were at the Company's option of either "(a)" or "(b)" as further described here: (a) in the case of alternative base rate ("ABR") borrowings, 2.00% (subject to a first lien leverage ratio) plus a base rate determined by reference to the highest of (1) the federal funds effective rate plus 0.50%, (2) the prime rate determined from time to time by Credit Suisse AG, the administrative agent under the Credit Agreement and (3) LIBOR in effect for a one-month period plus 1.00%; or (b) in the case of Eurocurrency borrowings, 3.00% (subject to a first lien leverage ratio) plus a Eurocurrency rate (subject to a 1% LIBOR floor). In the event the Company's first lien leverage ratio is less than 3.25 to 1.0, its applicable margin on both ABR and Eurocurrency term loan borrowings would decrease by twenty-five (25) basis points.

For revolving commitments, the Company's applicable margin above the base rate (as described above) is 3.00% in the case of ABR borrowings and 4.00% in the case of Eurocurrency borrowings, subject to a first lien leverage test. In the event the Company's first lien leverage ratio is less than 1.5 to 1.0, its applicable margin on both ABR and Eurocurrency borrowings would decrease by twenty-five (25) basis points. The Company's actual first lien leverage ratio was 3.91 to 1.0 as of March 31, 2016.

In addition to paying interest on outstanding principal under the senior secured credit facilities, the Company is subject to a commitment fee to the lenders under the revolving credit facility with respect to the unutilized commitments thereunder at a rate equal to 0.50% per annum.

As of March 31, 2016, the remaining mandatory principal payments prior to maturity on the term loan facilities were $82.9 million. Principal payments of $4.9 million are scheduled to be made at the end of each calendar quarter until June 30, 2020, after which the entire term facility matures.

All amounts outstanding under the revolving credit facility will be due and payable in full, and the commitments thereunder will terminate, on March 15, 2017. No amounts were borrowed under the revolving credit facility at March 31, 2016 or March 31, 2015; however, $21.1 million and $24.0 million of the revolving credit facility was considered utilized in connection with outstanding letters of credit at March 31, 2016 and 2015, respectively.

The Credit Agreement, among other things: (i) allows for one or more future issuances of secured notes, which may include, in each case, indebtedness secured on a pari passu basis with the obligations under the senior secured credit facilities, so long as, in each case, among other things, an agreed amount of the net cash proceeds from any such issuance are used to prepay term loans under the senior secured credit facilities at par; (ii) subject to the requirement to make such offers on a pro rata basis to all lenders and certain other restrictions, allows the Company to agree with individual lenders to extend the maturity date of any of the loans and/or commitments provided by such lenders and to otherwise modify the terms of the loans and/or commitments provided by such lenders (including, without limitation, increasing the interest rate or fees payable in respect of such loans and/or commitments and/or modifying the amortization schedule in respect of such loans); and (iii) allows for one or more future issuances of additional secured notes, which may include, in each case, indebtedness secured on a pari passu basis with the obligations under the senior secured credit facilities, in an amount not to exceed the amount of incremental facility availability under the senior secured credit facilities.

The Credit Agreement also contains a number of typical covenants that, among other things, constrain, subject to certain fully-negotiated exceptions, the Company's ability, and the ability of the Company's subsidiaries, to: sell assets; incur additional indebtedness; repay other indebtedness; pay dividends and distributions, repurchase its capital stock, or make payments, redemptions or repurchases in respect to certain indebtedness; create liens on assets; make investments, loans, guarantees or advances; make certain acquisitions; engage in certain mergers or consolidations; enter into sale-and-leaseback transactions; engage in certain transactions with affiliates; amend certain material agreements governing its indebtedness; make capital expenditures; enter into hedging agreements; amend its organizational documents; change the business conducted by it and its subsidiaries; and enter into agreements that restrict dividends from subsidiaries. In addition, payment of borrowings under the Credit Agreement may be accelerated upon an event of default. Events of default include, among others, the failure to pay principal and interest when due, a material breach of a representation or warranty, covenant defaults, certain non-payments or defaults under other material indebtedness, events of bankruptcy and a change of control. As of March 31, 2016, the Company was in compliance with all applicable covenants under its Credit Agreement, including compliance with a maximum permitted first lien leverage ratio (the Company's sole financial maintenance covenant under its revolver) of 7.75 to 1.00.

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Senior Notes

Outstanding Tranche of Notes

At March 31, 2015, the Company had outstanding $1.3 million in principal of 8.875% Senior Notes due in fiscal 2016. Those Notes were redeemed in full during fiscal 2016.

Other Subsidiary Debt

During fiscal 2013 and fiscal 2012, the Company received $4.3 million and $5.5 million, respectively, in net proceeds from financing agreements related to facility modernization projects at two North American manufacturing facilities. These financing agreements were structured with unrelated third party financial institutions (the "Investor") and their wholly-owned community development entities in connection with the Company's participation in transactions qualified under the federal New Market Tax Credit program, pursuant to Section 45D of the Internal Revenue Code of 1986, as amended. Through its participation in this program, the Company has secured low interest financing and the potential for future debt forgiveness related to eligible capital projects. Upon closing of these transactions, the Company provided an aggregate of $27.6 million to the Investor, in the form of loans receivable, with a term of thirty years, bearing an interest rate of approximately 2.0% per annum. As collateral for these loans, the Company has granted a security interest in the assets acquired with the loan proceeds. No earlier than December 2018, and upon meeting certain conditions, both the Investor and the Company have the ability to trigger forgiveness of the net debt which could result in a net non-operating gain of up to $9.8 million, excluding applicable transaction costs and unamortized debt issuance costs. To the extent the loans payable are not forgiven, the Company would be required to repay the full amount of the outstanding $37.4 million principal balance and would concurrently receive a loan repayment of $27.6 million on the aforementioned loans receivable, resulting in a net $9.8 million use of liquidity.

At March 31, 2016 and 2015, the aggregate loans of $36.8 million, net of debt issuance costs, are recorded in Long-Term Debt on the consolidated balance sheets and the aggregate loans receivable of $27.6 million are recorded in Other Assets on the consolidated balance sheets.

At March 31, 2016 and 2015, various wholly owned subsidiaries had additional debt of $39.1 million and $42.9 million, respectively, comprised primarily of loans payable as a result of the New Market Tax Credit financing agreements referenced above as well as borrowings at various foreign subsidiaries and capital lease obligations.

Accounts Receivable Securitization Program

During fiscal 2016, the Company entered into an Omnibus Amendment (the "Omnibus Amendment") which extended the maturity of the Company's accounts receivable securitization facility (the “Securitization”) with General Electric Company, successor by merger to General Electric Capital Corporation (“GEC”). Terms of the Securitization remained comparable to the agreement prior to the Omnibus Amendment, except as set forth below. On March 1, 2016, Wells Fargo & Company completed the purchase of portions of GEC's commercial and corporate finance businesses, and all rights and obligations under the Omnibus Amendment were assigned to Wells Fargo Bank, N.A. as agent and lender as of that date.

Pursuant to the agreements evidencing the Securitization, Rexnord Funding (a wholly owned bankruptcy-remote special purpose subsidiary) has granted GEC a security interest in all of its current and future receivables and related assets in exchange for a credit facility permitting borrowings of up to a maximum aggregate amount of $100.0 million (unchanged by the Omnibus Amendment) outstanding from time to time. Such borrowings will be used by Rexnord Funding to finance purchases of accounts receivable. The amount of advances available will be determined based on advance rates relating to the eligibility of the receivables held by Rexnord Funding at that time. Advances will bear interest based on LIBOR plus 1.75%. The last date on which advances may be made is December 30, 2020 unless the maturity of the Securitization is otherwise accelerated. In addition to other customary fees associated with financings of this type, Rexnord Funding will also pay an unused line fee to GEC based on any unused portion of the Securitization facility. If the average daily outstanding principal amount during a calendar month is less than 50% of the average daily aggregate commitment in effect during such month, the unused line fee will be 0.50% per annum; otherwise, it will be 0.375% per annum.

The Securitization continues to constitute a “Permitted Receivables Financing” under Article 1 and Article 6 of the Credit Agreement and does not qualify for sale accounting under ASC 860, Transfers and Servicing. Any borrowings under the Securitization continue to be accounted for as secured borrowings on the Company's consolidated balance sheet. Financing costs associated with the Securitization are recorded within "Interest expense, net" in the consolidated statement of operations if revolving loans or letters of credit are obtained under the Omnibus Amendment.

At March 31, 2016, the Company's available borrowing capacity under the Securitization was $100.0 million, based on the current accounts receivables balance. As of March 31, 2016, the Company was in compliance with all applicable covenants and performance ratios contained in the Securitization.

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Future Debt Maturities

Future maturities of debt as of March 31, 2016, excluding the unamortized original issue discount and debt issuance costs of $20.8 million, were as follows (in millions):

Years ending March 31:
2017	$	20.2
2018	19.9
2019	19.9
2020	19.7
2021	1,823.4
Thereafter	37.8
	$	1,940.9

Cash interest paid for the fiscal years ended March 31, 2016, 2015 and 2014 was $87.7 million, $84.1 million, and $151.1 million, respectively.

12. Derivative Financial Instruments

The Company is exposed to certain financial risks relating to fluctuations in foreign currency exchange rates and interest rates. The Company currently selectively uses foreign currency forward exchange contracts and interest rate swap and cap contracts to manage its foreign currency and interest rate risks. All hedging transactions are authorized and executed pursuant to defined policies and procedures that prohibit the use of financial instruments for speculative purposes.

Foreign Exchange Contracts

The Company periodically enters into foreign currency forward contracts to mitigate the foreign currency volatility relative to certain intercompany and external cash flows expected to occur. These foreign currency forward contracts were not accounted for as effective cash flow hedges in accordance with ASC 815 and as such were marked to market through earnings. See the amounts recorded on the consolidated balance sheets and recognized within the consolidated statements of operations related to the Company's foreign currency forward contracts within the tables below.

Interest Rate Derivatives

During fiscal 2014, the Company entered into three forward-starting interest rate swaps to hedge the variability in future cash flows associated with a portion of the Company’s variable rate term loans. The forward-starting interest rate swaps convert $650.0 million of the Company’s variable-rate term loans to a weighted average fixed interest rate of 2.55% plus the applicable margin (inclusive of a 1% LIBOR floor). Those interest rate swaps became effective beginning on September 28, 2015 with a maturity of September 27, 2018. These interest rate derivatives have been designated as effective cash flow hedges in accordance with ASC 815.

During fiscal 2015, the Company entered into two interest rate caps in order to mitigate the Company's exposure to increasing interest rates on its variable-rate interest loans. Those interest rate caps were effective as of October 24, 2014, with a maturity of October 24, 2018; they cap the interest on $750.0 million of the Company's variable-rate interest loans at 3%, plus the applicable margin. In executing the interest rate caps, the Company paid a premium of $5.8 million. The interest rate caps have been designated as effective cash flow hedges in accordance with ASC 815. When combined with the Company's existing interest rate swaps, the Company has effectively hedged approximately 74% of its outstanding variable rate term loans with a weighted average interest rate that cannot exceed 2.79% plus the applicable margin of 3%.

The fair values of the Company's interest rate derivatives are recorded on the consolidated balance sheets with the corresponding offset recorded as a component of accumulated other comprehensive loss, net of tax. See the amounts recorded on the consolidated balance sheets related to the Company's interest rate derivatives within the tables below.

The Company's derivatives are measured at fair value in accordance with ASC 820. See Note 13 Fair Value Measurements for more information as it relates to the fair value measurement of the Company's derivative financial instruments.

The following tables indicate the location and the fair value of the Company's derivative instruments within the consolidated balance sheets segregated between designated, qualifying ASC 815 hedging instruments and non-qualifying, non-designated hedging instruments (in millions).

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Fair value of derivatives designated as hedging instruments under ASC 815 (in millions):

	March 31, 2016		March 31, 2015		Balance Sheet Classification
	Liability Derivatives
Interest rate swaps	$	21.8	$	17.7	Other liabilities
	Asset Derivatives
Interest rate caps	$	0.3	$	3.0	Other assets

Fair value of derivatives not designated as hedging instruments under ASC 815 (in millions):

	March 31, 2016		March 31, 2015		Balance Sheet Classification
	Liability Derivatives
Foreign currency forward contracts	$	0.9	$	—	Other current liabilities
	Asset Derivatives
Foreign currency forward contracts	$	—	$	0.4	Other current assets

The following tables indicate the location and the amount of losses and gains associated with the Company's derivative instruments, net of tax, within the consolidated balance sheets (for qualifying ASC 815 instruments) and recognized within the consolidated statements of operations. The information is segregated between designated, qualifying ASC 815 hedging instruments and non-qualifying, non-designated hedging instruments (in millions). As of March 31, 2016, there was no ineffectiveness on the Company's designated hedging instruments.

	Cumulative loss recognized, net of tax, in accumulated other comprehensive loss on derivatives
Derivative instruments designated as cash flow hedging relationships under ASC 815
	March 31, 2016		March 31, 2015
Interest rate swaps	$	13.5	$	11.0
Interest rate caps	$	3.4	$	1.7

		Amount recognized in other income (expense), net
Derivative instruments not designated as hedging instruments under ASC 815	Location of gain recognized in income on derivatives	Year Ended
		March 31, 2016		March 31, 2015		March 31, 2014
Foreign currency forward contracts	Other income (expense), net	$	—	$	0.5	$	0.4

During fiscal 2016, the Company reclassified $5.2 million of accumulated other comprehensive loss into earnings as interest expense related to interest rate derivative and expects to reclassify $10.9 million of accumulated other comprehensive loss into earnings as interest expense during the next twelve months. The Company did not reclassify any amounts from other comprehensive loss into earnings as interest expense during the fiscal years ending 2015 and 2014.

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13. Fair Value Measurements

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. ASC 820 also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed assumptions about the assumptions a market participant would use.

In accordance with ASC 820, fair value measurements are classified under the following hierarchy:

• Level 1- Quoted prices for identical instruments in active markets.

• Level 2- Quoted prices for similar instruments; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable.

• Level 3- Model-derived valuations in which one or more inputs or value-drivers are both significant to the fair value measurement and unobservable.

If applicable, the Company uses quoted market prices in active markets to determine fair value, and therefore classifies such measurements within Level 1. In some cases where market prices are not available, the Company makes use of observable market based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed models that use, where possible, current market-based parameters. These measurements are classified within Level 3 if they use significant unobservable inputs.

Fair Value of Derivative Instruments

The Company transacts in foreign currency forward contracts and interest rate swaps and caps, which are impacted by ASC 820. The fair value of foreign currency forward contracts is based on a pricing model that utilizes the differential between the contract price and the market-based forward rate as applied to fixed future deliveries of currency at pre-designated settlement dates. The fair value of interest rate swaps and caps is based on pricing models. These models use discounted cash flows that utilize the appropriate market-based forward swap curves and interest rates.

The Company endeavors to utilize the best available information in measuring fair value. As required by ASC 820, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company has determined that its foreign currency forward contracts and interest rate swaps reside within Level 2 of the fair value hierarchy. There were no transfers of assets between levels during the years ended March 31, 2016 and March 31, 2015. The following table provides a summary of the Company's assets and liabilities that were recognized at fair value on a recurring basis as of March 31, 2016 and March 31, 2015 (in millions):

	Fair Value as of March 31, 2016
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate caps	$	—	$	0.3	$	—	$	0.3
Total assets at fair value	$	—	$	0.3	$	—	$	0.3
Liabilities:
Interest rate swaps	$	—	$	21.8	$	—	$	21.8
Foreign currency forward contracts	$	—	$	0.9	$	—	$	0.9
Total liabilities at fair value	$	—	$	22.7	$	—	$	22.7
	Fair Value as of March 31, 2015
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate caps	$	—	$	3.0	$	—	$	3.0
Foreign currency forward contracts	—		0.4		—		0.4
Total assets at fair value	$	—	$	3.4	$	—	$	3.4
Liabilities:
Interest rate swaps	$	—	$	17.7	$	—	$	17.7
Total liabilities at fair value	$	—	$	17.7	$	—	$	17.7

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Fair Value of Non-Derivative Financial Instruments

The carrying amounts of cash, receivables, payables and accrued liabilities approximated fair value at March 31, 2016 and March 31, 2015 due to the short-term nature of those instruments. The fair value of long-term debt recorded on the consolidated balance sheets as of March 31, 2016 and March 31, 2015 was approximately $1,913.2 million and $1,970.6 million, respectively. The fair value is based on quoted market prices for the same issues.

Long-lived Assets and Intangible Assets

Long-lived assets (which include property, plant and equipment and real estate) may be measured at fair value if such assets are held-for-sale or when there is a determination that the asset is impaired. Intangible assets (which include patents, tradenames, customer relationships, and non-compete agreements) also may be measured at fair value when there is a determination that the asset is impaired. The determination of fair value for these assets is based on the best information available that resides within Level 3 of the fair value hierarchy, including internal cash flow estimates discounted at an appropriate interest rate, quoted market prices when available, market prices for similar assets and independent appraisals, as appropriate. For real estate, cash flow estimates are based on current market estimates that reflect current and projected lease profiles and available industry information about expected trends in rental, occupancy and capitalization rates.

As disclosed in Note 5, the Company recorded an impairment loss of approximately $6.6 million during fiscal 2016 to place certain property, plant and equipment associated with the Company's supply chain optimization and footprint optimization actions at net realizable value. Net realizable value of these assets was determined using independent appraisals of the assets, classified as Level 3 inputs within the fair value hierarchy. As of March 31, 2016, these assets have a net realizable value of $5.3 million and are classified within property, plant and equipment on the consolidated balance sheets.

During fiscal 2015, the Company ceased operations of its Mill Products business and recorded a net impairment loss of $3.8 million to place the long-lived assets of that business at net realizable value. The impairment loss recognized was determined utilizing independent appraisals of the assets, classified as Level 3 inputs within the fair value hierarchy. At March 31, 2016 and 2015, the remaining long-lived assets of the Mill Products business have a net realizable value of approximately $0 and $2.6 million, respectively, and are classified within assets held for sale on the consolidated balance sheets. See Note 4 Discontinued Operations for additional information.

14. Leases

The Company leases manufacturing and warehouse facilities and data processing and other equipment under non-cancelable operating leases which expire at various dates primarily through 2027. Rent expense under operating leases totaled $18.2 million, $19.4 million and $17.0 million for the fiscal years ended March 31, 2016, 2015 and 2014, respectively.

Future minimum rental payments for operating leases with initial terms in excess of one year as of March 31, 2016 are as follows (in millions):

Years ending March 31:
2017	$	14.8
2018	14.6
2019	12.3
2020	10.8
2021	8.2
Thereafter	22.7
	$	83.4

15. Stock-Based Compensation

In accordance with ASC 718, the Company recognizes compensation costs related to share-based payment transactions. Generally, compensation cost is measured based on the grant-date fair value of the equity instruments issued. Compensation cost is recognized over the requisite service period, generally as the awards vest.

In fiscal 2007, the Board of Directors adopted, and stockholders approved, the 2006 Stock Option Plan (the “2006 Option Plan”). The maximum number of shares of the Company's common stock that may be issued or transferred pursuant to options under the 2006 Option Plan equals 11,239,290 shares. Following the consummation of the Company's initial public offering

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("IPO") in April 2012, all outstanding unvested options under the 2006 Option Plan, including that portion of options that was scheduled to vest with respect to fiscal 2012 Company performance, were amended to vest solely based on continued employment with the Company over the 5 year vesting period. No further options are being granted under the 2006 Option Plan.

In fiscal 2012, the Board of Directors adopted, and stockholders approved, the Rexnord Corporation 2012 Performance Incentive Plan (the "2012 Incentive Plan", and together with the 2006 Option Plan, the "Incentive Plans"), which operates as a successor plan to the 2006 Option Plan. The 2012 Incentive Plan is intended to provide performance incentives to the Company's officers, employees, directors and certain others by permitting grants of equity awards and performance-based cash awards to such persons, to encourage them to maximize Rexnord's performance and create value for Rexnord's stockholders, but broadens the types of awards that had been permitted by the 2006 Option Plan. To date, stock options, Restricted Stock Units ("RSUs") and Performance Stock Units ("PSUs") have been issued under the Incentive Plans.

The options granted under the 2012 Incentive Plan have a maximum term of ten years after the grant date. Options granted from the inception of the plan through July 31, 2014 vest 50%three years after the grant date and the remaining 50% vest five years after the grant date. Options and RSUs granted from July 31, 2014 through May 21, 2015 vest ratably over four years. Options and RSUs granted subsequent to May 21, 2015 vest ratably over three years. PSUs granted in fiscal 2016 cliff vest after three years. Options granted to directors of the Company vest ratably over three years.

The 2012 Incentive Plan permits the grant of awards that may deliver up to an aggregate of 8,350,000 shares of common stock further subject to limits on the number of shares that may be delivered pursuant to incentive stock options and on the shares that may be delivered on the awards to any individual in a single year, within the meaning of Section 162(m) of the Internal Revenue Code. The 2012 Incentive Plan is administered by the Compensation Committee.

During fiscal 2016, 2015 and 2014, the Company recorded $7.5 million, $6.4 million and $7.0 million of stock-based compensation, respectively (the related tax benefit on these amounts was $2.8 million for fiscal 2016, $2.2 million for fiscal 2015, and $2.5 million for fiscal 2014). During fiscal 2016, 2015 and 2014, the Company also recorded $4.0 million, $5.8 million and $5.8 million, respectively, of an excess tax benefit related to stock options exercised during each fiscal year. As of March 31, 2016, there was $16.7 million of total unrecognized compensation cost related to non-vested stock options, RSUs and PSUs granted under the Incentive Plans. That cost is expected to be recognized over a weighted-average period of 2.3 years.    

In February 2015, the Company's Board of Directors approved a stock repurchase program (the "Repurchase Program") authorizing the repurchase of up to $200 million of the Company's common stock from time to time on the open market or in privately negotiated transactions. The Repurchase Program does not require the Company to acquire any particular amount of common stock and does not specify the timing of purchases or the prices to be paid. During fiscal 2016, the Company repurchased 1,552,500 shares of common stock at a total cost of $40.0 million at an average price of $25.76. The repurchased shares were canceled by the Company upon receipt. A total of approximately $160.0 million of the existing repurchase authority remained at March 31, 2016.

Stock Options

The fair value of each option granted under the Incentive Plans was estimated on the date of grant using the Black-Scholes valuation model that uses the following weighted-average assumptions:

	Year Ended March 31, 2016		Year Ended March 31, 2015		Year Ended March 31, 2014
Expected option term (in years)	6.5		7.1		7.5
Expected volatility factor	24	%	26	%	35	%
Weighted-average risk free interest rate	1.82	%	2.10	%	1.57	%
Expected dividend rate	0.0	%	0.0	%	0.0	%

Options granted under the Incentive Plans have a term of ten years. Management’s estimate of the option term for options granted under the Incentive Plans is 6.5 years based on the midpoint between when the options vest and when they expire. The Company uses the simplified method to determine the expected term, as management does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term due to the limited period of time its common stock shares has been publicly traded. The Company’s expected volatility assumptions are based on the expected volatilities of publicly-traded companies within the Company’s industry. The weighted average risk free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant. Management also assumes expected dividends of zero. The weighted-average grant date fair value of options granted under the Incentive Plans during fiscal 2016, 2015 and 2014 was $6.92, $9.21 and $8.06, respectively. The total fair value of options vested during fiscal 2016, 2015 and 2014 was $9.8 million, $1.3 million and $1.8 million, respectively.

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Other information relative to stock options and the changes period over period are as follows:

	Year-Ended March 31, 2016				Year-Ended March 31, 2015				Year-Ended March 31, 2014
	Shares		Weighted Avg. Exercise Price		Shares		Weighted Avg. Exercise Price		Shares		Weighted Avg. Exercise Price
Number of shares under options:
Outstanding at beginning of period	8,588,518		$	13.04	8,652,834		$	10.79	9,450,197		$	9.85
Granted	1,072,556		24.14		1,268,124		28.30		978,849		19.82
Exercised (1)	(1,278,017	)	5.55		(743,807	)	5.85		(1,154,011	)	5.91
Canceled/Forfeited	(528,372	)	23.53		(588,633	)	21.65		(622,201	)	19.91
Outstanding at end of period (2)	7,854,685		$	15.10	8,588,518		$	13.06	8,652,834		$	10.79
Exercisable at end of period (3)	4,678,216		$	9.52	4,798,457		$	5.67	5,225,236		$	5.46

______________________

(1) The total intrinsic value of options exercised during fiscal 2016, 2015 and 2014 was $16.3 million, $16.7 million and $18.7 million, respectively.

(2) The weighted average remaining contractual life of options outstanding was 5.0 years at March 31, 2016, 5.0 years at March 31, 2015 and 5.5 years at March 31, 2014. The aggregate intrinsic value of options outstanding at March 31, 2016 was $54.8 million.

(3) The weighted average remaining contractual life of options exercisable was 3.0 years at March 31, 2016, 2.6 years at March 31, 2015 and 3.7 years at March 31, 2014. The aggregate intrinsic value of options exercisable at March 31, 2016 was $52.6 million.

	Shares		Weighted Avg. Exercise Price
Nonvested options at beginning of period	3,788,315		$	22.43
Granted	1,072,556		24.14
Vested	(1,220,559	)	21.09
Canceled/Forfeited	(463,843	)	24.05
Nonvested options at end of period	3,176,469		$	23.30

Restricted Stock Units

During the twelve months endedMarch 31, 2016 and 2015, the Company granted restricted stock units ("RSUs") to certain of its officers, directors, and employees. No RSUs were granted in fiscal 2014. RSUs granted during the twelve months endedMarch 31, 2016, and 2015 vest ratably over three and four years, respectively. The fair value of each award is determined based on the Company's closing stock price on the date of grant. A summary of RSU activity during the twelve months endedMarch 31, 2016, and 2015 is as follows:

	Twelve Months Ended
	March 31, 2016				March 31, 2015
	Shares		Weighted Avg. Grant Date Fair Value		Shares		Weighted Avg. Grant Date Fair Value
Nonvested RSUs at beginning of period	53,813		$	29.06	—		$	—
Granted	96,952		23.20		58,883		29.08
Vested	(12,866	)	29.09		—		—
Canceled/Forfeited	(12,592	)	27.62		(5,070	)	29.31
Nonvested RSUs at end of period	125,307		$	24.67	53,813		$	29.06

Performance Stock Units

During the twelve months endedMarch 31, 2016, the Company granted 50,711 performance stock units (“PSUs”) to certain of its officers and employees at a weighted-average grant date fair value of $28.57 per PSU. Those PSUs have a three-year performance period, and are earned and vest, subject to continued employment, based in part on the Company’s performance relative to pre-defined goals for absolute free cash flow conversion and in part on relative total shareholder return (“TSR”) as compared to companies in the S&P 1500 Industrial Index. The number of performance share awards earned, which can range

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between 0% and 200% of the target awards granted depending on the Company's actual performance during the three-year performance period, will be satisfied with Rexnord common stock.

The fair value of the portion of PSUs with vesting based on free cash flow conversion is determined based on the Company's closing stock price on the date of grant. The fair value of the portion PSUs with vesting based on TSR is determined utilizing the Monte Carlo simulation model. Assumptions used to determine the fair value of each PSU were based on historical data and standard industry valuation practices and methodology. The following weighted-average assumptions were used for the PSUs granted during the twelve months endedMarch 31, 2016:

	Twelve Months Ended March 31, 2016
Expected volatility factor	31	%
Weighted-average risk-free interest rate	1.01	%
Expected dividend rate	0.0	%
PSU fair value per share	$32.06

As of March 31, 2016, 49,136 PSUs were outstanding and unvested at a weighted-average fair value of $28.57, net of 1,575 PSUs canceled or forfeited.

16. Retirement Benefits

The Company sponsors pension and other postretirement benefit plans for certain employees. Most of the Company’s employees are accumulating retirement income benefits through defined contribution plans. However, the Company does sponsor frozen pension plans for its salaried participants and ongoing pension benefits for certain employees represented by collective bargaining. These plans provide for monthly pension payments to eligible employees upon retirement. Pension benefits for salaried employees generally are based on years of frozen credited service and average earnings. Pension benefits for hourly employees generally are based on specified benefit amounts and years of service. The Company’s policy is to fund its pension obligations in conformity with the funding requirements under applicable laws and governmental regulations. Other postretirement benefits consist of retiree medical plans that cover a portion of employees in the United States that meet certain age and service requirements.

The corridor is 10% of the higher of the pension benefit obligation or the fair value of the plan assets. The Company recognizes the net actuarial gains or losses in excess of 10% of the higher of the pension benefit obligation or the fair value of the plan assets in operating results during the fourth quarter of each fiscal year (or upon any required re-measurement event). During the fiscal years ending March 31, 2016, 2015 and 2014, the Company recognized non-cash actuarial losses of $12.9 million, $59.4 million and $2.7 million, respectively, in connection with this accounting policy. Net periodic benefit costs recorded on a quarterly basis are primarily comprised of service and interest cost, amortization of unrecognized prior service cost and the expected return on plan assets.

In conjunction with the re-measurement of the pension and other post retirement obligations in fiscal 2016, lower than projected asset growth, partially offset by a slightly higher discount rate and shorter life expectancy assumptions resulted in the recognition of non-cash actuarial losses of $12.9 million. In fiscal 2015, the Society of Actuaries issued revised mortality tables (RP 2014) and a mortality improvement scale (MP 2014) for use by actuaries, insurance companies, governments, benefit plan sponsors and others in setting assumptions regarding life expectancy in the United States for purposes of estimating pension and OPEB obligations, costs and required contribution amounts. The new mortality tables indicate substantial life expectancy improvements since the last study published in 2000 (RP 2000). In conjunction with the re-measurement of the pension and other post-retirement obligations in fiscal 2015, the adoption of the newly issued mortality tables and mortality improvement scale, lower discount rates, and the lump-sum settlement completed in fiscal 2015 resulted in the recognition of non-cash actuarial losses of $59.4 million.

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The components of net periodic benefit cost reported in the consolidated statements of operations are as follows (in millions):

	Year Ended
	March 31, 2016			March 31, 2015			March 31, 2014
Pension Benefits:
Service cost	$	2.2		$	1.4		$	1.8
Interest cost	25.5			30.0			30.1
Expected return on plan assets	(28.8		)	(29.8		)	(30.5		)
Amortization of:
Prior service cost	0.1			0.2			0.2
Settlement loss (1)	—			6.5			—
Recognition of actuarial losses	13.0			51.7			2.7
Net periodic benefit cost	$	12.0		$	60.0		$	4.3
Other Postretirement Benefits:
Service cost	$	0.1		$	0.1		$	0.1
Interest cost	1.2			1.3			1.2
Amortization:
Prior service credit	(2.0		)	(1.9		)	(1.9		)
Recognition of actuarial losses (gains)	(0.1		)	1.2			—
Net periodic benefit cost	$	(0.8	)	$	0.7		$	(0.6	)

(1) During fiscal 2015 the Company offered approximately 4,500 inactive participants in its domestic non-union defined benefit plans with vested benefits the opportunity to receive a lump sum settlement of the value of the participant’s pension benefit. Acceptance of the offer by a participant was completely voluntary, and if accepted, participants could elect to receive the settlement in the form of a single lump sum payment or in the form of a monthly annuity beginning during fiscal 2015. The election period for this voluntary offer closed on October 15, 2014 and a total of $65.0 million was paid to electing participants during fiscal 2015. The settlement and corresponding re-measurement of the domestic non-union defined benefit plan resulted in the recognition of non-cash actuarial losses during fiscal 2015 of $6.5 million.

The Company made contributions to its U.S. qualified pension plan trusts of $4.9 million, $7.9 million, and $7.8 million during the years ended March 31, 2016, 2015 and 2014, respectively. During fiscal 2017, the Company expects to contribute approximately $0.4 million to its U.S. qualified defined benefit plans and $2.6 million to its other postretirement benefit plans.

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The status of the plans are summarized as follows (in millions):

	Pension Benefits						Other Postretirement Benefits
	Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2016			Year Ended March 31, 2015
Benefit obligation at beginning of period	$	(718.8	)	$	(700.0	)	$	(32.4	)	$	(31.2	)
Service cost	(2.2		)	(1.4		)	(0.1		)	(0.1		)
Interest cost	(25.5		)	(30.0		)	(1.2		)	(1.3		)
Actuarial (losses) gains	35.1			(114.2		)	0.7			(2.1		)
Benefits paid	38.8			40.8			4.0			3.2
Plan participant contributions	(0.4		)	(0.4		)	(0.6		)	(0.9		)
Settlements	—			65.0			—			—
Translation adjustment	(1.0		)	21.4			—			—
Benefit obligation at end of period	$	(674.0	)	$	(718.8	)	$	(29.6	)	$	(32.4	)
Plan assets at the beginning of the period	$	543.2		$	577.7		$	—		$	—
Actual return on plan assets	(9.5		)	65.0			—			—
Contributions	8.6			12.5			4.0			3.2
Benefits paid	(38.8		)	(40.8		)	(4.0		)	(3.2		)
Settlements	—			(65.0		)	—			—
Translation adjustment	0.1			(6.2		)	—			—
Plan assets at end of period	$	503.6		$	543.2		$	—		$	—
Funded status of plans	$	(170.4	)	$	(175.6	)	$	(29.6	)	$	(32.4	)
Net amount on Consolidated Balance Sheets consists of:
Long-term assets	$	0.5		$	—		$	—		$	—
Current liabilities	(2.4		)	(2.3		)	(2.6		)	(2.7		)
Long-term liabilities	(168.5		)	(173.3		)	(27.0		)	(29.7		)
Total net funded status	$	(170.4	)	$	(175.6	)	$	(29.6	)	$	(32.4	)

As of March 31, 2016, the Company had pension plans with a combined projected benefit obligation of $674.0 million compared to plan assets of $503.6 million, resulting in an under-funded status of $170.4 million compared to an under-funded status of $175.6 million at March 31, 2015. The Company’s funded status has improved year over year primarily as a result of actuarial gains as a result of higher discount rates and shorter life expectancy assumptions partially offset by lower than projected asset returns. Any further changes in the assumptions underlying the Company’s pension values, including those that arise as a result of declines in equity markets and changes in interest rates, could result in increased pension obligation and pension cost which could negatively affect the Company’s consolidated financial position and results of operations in future periods.

Amounts included in accumulated other comprehensive loss (income), net of tax, related to defined benefit plans at March 31, 2016 and 2015 consist of the following (in millions):

	As of March 31, 2016
	Pension Benefits			Postretirement Benefits			Total
Unrecognized prior service cost (credit)	$	0.1		$	(5.1	)	$	(5.0	)
Unrecognized actuarial loss	61.9			0.6			62.5
Accumulated other comprehensive loss (income), gross	62.0			(4.5		)	57.5
Deferred income tax (benefit) provision	(23.6		)	1.7			(21.9		)
Accumulated other comprehensive loss (income), net	$	38.4		$	(2.8	)	$	35.6

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	As of March 31, 2015
	Pension Benefits			Postretirement Benefits			Total
Unrecognized prior service cost (credit)	$	0.2		$	(7.1	)	$	(6.9	)
Unrecognized actuarial loss	71.7			1.2			72.9
Accumulated other comprehensive loss (income), gross	71.9			(5.9		)	66.0
Deferred income tax (benefit) provision	(27.4		)	2.5			(24.9		)
Accumulated other comprehensive loss (income), net	$	44.5		$	(3.4	)	$	41.1

The Company expects to recognize $0.1 million and $(2.0) million of prior service costs (credits) included in accumulated other comprehensive (loss) income for pension benefits and other postretirement benefits, respectively, as components of net periodic benefit cost during the next fiscal year.

The following table presents significant assumptions used to determine benefit obligations and net periodic benefit cost (income) in weighted-average percentages:

	Pension Benefits						Other Postretirement Benefits
	March 31, 2016		March 31, 2015		March 31, 2014		March 31, 2016		March 31, 2015		March 31, 2014
Benefit Obligations:
Discount rate	3.84	%	3.70	%	4.54	%	3.90	%	3.80	%	4.30	%
Rate of compensation increase	3.07	%	3.40	%	3.41	%	n/a		n/a		n/a
Net Periodic Benefit Cost:
Discount rate	3.70	%	4.54	%	4.25	%	3.80	%	4.30	%	3.80	%
Rate of compensation increase	3.40	%	3.41	%	3.42	%	n/a		n/a		n/a
Expected return on plan assets	5.33	%	5.30	%	5.48	%	n/a		n/a		n/a

In evaluating the expected return on plan assets, consideration was given to historical long-term rates of return on plan assets and input from the Company’s pension fund consultant on asset class return expectations, long-term inflation and current market conditions.

The following table presents the Company’s target investment allocations for the year ended March 31, 2016 and actual investment allocations at March 31, 2016 and 2015.

	Plan Assets
	2016					2015
	Investment Policy (1)	Target Allocation (2)		Actual Allocation		Actual Allocation
Equity securities	20 - 30%	29	%	28	%	28	%
Debt securities (including cash and cash equivalents)	55 - 80%	66	%	66	%	67	%
Other	0 - 10%	5	%	6	%	5	%

(1) The investment policy allocation represents the guidelines of the Company's principal U.S. pension plans based on the changes in the plans funded status.

(2) The target allocations represent the weighted average target allocations for the Company's principal U.S. pension plans.

The Company's defined benefit pension utilizes a dynamic liability driven investment (“LDI”) strategy. The objective is to more closely align the pension plan assets with its liabilities in terms of how both respond to interest rate changes. The plan assets are allocated into two investment categories: (i) LDI, comprised of high quality, investment grade fixed income securities and (ii) return seeking, comprised of traditional securities and alternative asset classes. All assets are managed externally according to guidelines established individually with investment managers and the Company's investment consultant. The Company periodically undertakes asset and liability modeling studies to determine the appropriateness of the investments. The Company intends to continuously reduce the assets allocated to the return seeking category, thereby increasing the assets allocated to the LDI category based on the overall improvement in the plan funded status. No equity securities of the Company are held in the portfolio.

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The fair values of the Company’s pension plan assets for both the U.S and non-U.S. plans at March 31, 2016 and 2015, by asset category are included in the table below (in millions). For additional information on the fair value hierarchy and the inputs used to measure fair value, see Note 13 Fair Value Measurements.

	As of March 31, 2016
	Quoted Prices in Active  Market (Level 1)		Significant Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash and cash equivalents	$	1.7	$	4.9	$	—	$	6.6
Investment funds
Fixed income funds (1)	—		328.8		—		328.8
U.S. equity funds (2)	—		63.7		—		63.7
International equity funds (2)	—		35.3		—		35.3
Balanced funds (2)	—		9.1		—		9.1
Alternative investment funds (3)	—		—		37.5		37.5
Insurance contracts	—		—		22.6		22.6
Total	$	1.7	$	441.8	$	60.1	$	503.6

	As of March 31, 2015
	Quoted Prices in Active  Market (Level 1)		Significant Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash and cash equivalents	$	1.8	$	5.6	$	—	$	7.4
Investment funds
Fixed income funds (1)	—		355.5		—		355.5
U.S. equity funds (2)	—		68.1		—		68.1
International equity funds (2)	—		35.8		—		35.8
Balanced funds (2)	—		10.1		—		10.1
Alternative investment funds (3)	—		—		42.9		42.9
Insurance contracts	—		—		23.4		23.4
Total	$	1.8	$	475.1	$	66.3	$	543.2

(1) The Company's fixed income mutual and commingled funds primarily include investments in U.S. government securities and corporate bonds. The commingled funds also include an insignificant portion of investments in asset-backed securities or partnerships. The mutual and commingled funds are valued using quoted market prices of the underlying investments.

(2) The Company's equity mutual and commingled funds primarily include investments in U.S. and international common stock. The balanced mutual and commingled funds invest in a combination of fixed income and equity securities. The mutual and commingled funds are valued using quoted market prices of the underlying securities.

(3) The Company's alternative investments include venture capital and partnership investments. Alternative investments are valued using the net asset value, which reflects the plan's share of the fair value of the investments.

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The table below sets forth a summary of changes in the fair value of the Level 3 investments for the years ended March 31, 2016 and 2015 (in millions):

	Alternative Investments			Insurance Contracts			Total
Beginning balance, March 31, 2014	$	53.6		$	16.5		$	70.1
Actual return on assets:
Related to assets held at reporting date	(1.6		)	6.9			5.3
Related to assets sold during the period	2.3			—			2.3
Purchases, sales, issuances and settlements	(11.4		)	—			(11.4		)
Transfers in and/or out of Level 3	—			—			—
Ending balance, March 31, 2015	42.9			23.4			66.3
Actual return on assets:
Related to assets held at reporting date	(2.4		)	(0.8		)	(3.2		)
Related to assets sold during the period	1.5			—			1.5
Purchases, sales, issuances and settlements	(4.5		)	—			(4.5		)
Ending balance, March 31, 2016	$	37.5		$	22.6		$	60.1

Expected benefit payments to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in millions):

Year Ending March 31:	Pension Benefits		Other Postretirement Benefits
2017	$	40.1	$	2.6
2018	40.3		2.7
2019	40.5		2.6
2020	40.2		2.5
2021	40.2		2.4
2022-2026	200.4		9.9

Pension Plans That Are Not Fully Funded

At March 31, 2016, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of the fair value of plan assets were $665.3 million, $657.1 million and $494.5 million, respectively.

At March 31, 2015, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of the fair value of plan assets were $717.7 million, $706.3 million and $541.5 million, respectively.

Other Postretirement Benefits

The other postretirement benefit obligation was determined using an assumed health care cost trend rate of 7.0% in fiscal 2016 grading down to 5.0% in fiscal 2024 and thereafter. The discount rate, compensation rate increase and health care cost trend rate assumptions are determined as of the measurement date.

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Assumed health care cost trend rates have a significant effect on amounts reported for the retiree medical plans. A one-percentage point change in assumed health care cost trend rates would have the following effect (in millions):

	One Percentage Point Increase						One Percentage Point Decrease
	Year Ended March 31,						Year Ended March 31,
	2016		2015		2014		2016			2015			2014
Increase (decrease) in total of service and interest cost components	$	0.1	$	0.1	$	0.1	$	(0.1	)	$	(0.1	)	$	(0.1	)
Increase (decrease) in postretirement benefit obligation	2.6		2.9		2.4		(2.2		)	(2.5		)	(2.1		)

Multi-Employer and Government-sponsored Plans

The Company participates in certain multi-employer and government-sponsored plans for eligible employees. Expense recognized related to these plans was $0.2 million, $0.2 million, and $0.3 million in the years ended March 31, 2016, 2015 and 2014, respectively.

Defined Contribution Savings Plans

The Company sponsors certain defined-contribution savings plans for eligible employees. Expense recognized related to these plans was $14.2 million, $15.2 million, and $15.6 million for the years ended March 31, 2016, 2015 and 2014, respectively.

17. Income Taxes

The provision for income taxes consists of amounts for taxes currently payable, amounts for tax items deferred to future periods; as well as, adjustments relating to the Company’s determination of uncertain tax positions, including interest and penalties. The Company recognizes deferred tax assets and liabilities based on the future tax consequences attributable to tax net operating loss (“NOL”) carryforwards, tax credit carryforwards and differences between the financial statement carrying amounts and the tax bases of applicable assets and liabilities. Deferred tax assets are regularly reviewed for recoverability and valuation allowances are established based on historical losses, projected future taxable income and the expected timing of the reversals of existing temporary differences. As a result of this review, the Company continues to maintain a partial valuation allowance against certain foreign NOL carryforwards and other related foreign deferred tax assets, as well as certain state NOL carryforwards.

Income Tax Provision (Benefit)

The components of the provision (benefit) for income taxes are as follows (in millions):

	Year ended March 31,
	2016			2015			2014
Current:
United States	$	24.0		$	17.2		$	0.8
Non-United States	15.3			15.6			14.6
State and local	3.9			4.7			1.6
Total current	43.2			37.5			17.0
Deferred:
United States	(10.2		)	(8.2		)	(8.6		)
Non-United States	1.1			(10.5		)	(16.4		)
State and local	(17.0		)	(2.0		)	(2.0		)
Total deferred	(26.1		)	(20.7		)	(27.0		)
Provision (benefit) for income taxes	$	17.1		$	16.8		$	(10.0	)

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The provision (benefit) for income taxes differs from the United States statutory income tax rate due to the following items (in millions):

	Year ended March 31,
	2016			2015			2014
Provision for income taxes at U.S. federal statutory income tax rate	$	30.1		$	37.9		$	5.2
State and local income taxes, net of federal benefit	2.7			2.6			(1.1		)
Net effects of foreign rate differential	(3.0		)	(3.3		)	(3.6		)
Net effects of foreign related operations	(2.1		)	8.9			5.7
Net effect to deferred taxes for changes in tax rates	(0.8		)	0.2			0.6
Unrecognized tax benefits, net of federal benefit	(11.3		)	(0.5		)	(4.7		)
Domestic production activities deduction	(1.3		)	(2.3		)	—
Change in valuation allowance	2.3			(27.4		)	(11.5		)
Other	0.5			0.7			(0.6		)
Provision (benefit) for income taxes	$	17.1		$	16.8		$	(10.0	)

The provision (benefit) for income taxes was calculated based upon the following components of income (loss) before income taxes (in millions):

	Year ended March 31,
	2016		2015		2014
United States	$	45.3	$	89.9	$	(25.9	)
Non-United States	40.7		18.7		40.9
Income before income taxes	$	86.0	$	108.6	$	15.0

Deferred Income Tax Assets and Liabilities

Deferred income taxes consist of the tax effects of the following temporary differences (in millions):

	March 31, 2016			March 31, 2015
Deferred tax assets:
Compensation and retirement benefits	$	84.4		$	86.9
General accruals and reserves	18.3			16.9
State tax net operating loss carryforwards	19.6			20.9
Foreign tax credit carryforwards	4.3			26.5
Foreign net operating loss carryforwards	17.7			17.1
Other	14.5			15.3
Total deferred tax assets before valuation allowance	158.8			183.6
Valuation allowance	(27.2		)	(25.0		)
Total deferred tax assets	131.6			158.6
Deferred tax liabilities:
Property, plant and equipment	42.8			47.8
Inventories	30.1			30.8
Intangible assets and goodwill	197.7			218.5
Cancellation of indebtedness	43.4			58.8
Total deferred tax liabilities	314.0			355.9
Net deferred tax liabilities	$	182.4		$	197.3
Net amount on Consolidated Balance Sheet consists of:
Other assets	$	3.6		$	6.0
Deferred income taxes	(186.0		)	(203.3		)
Net long-term deferred tax liabilities	$	(182.4	)	$	(197.3	)

Management has reviewed its deferred tax assets and has analyzed the uncertainty with respect to ultimately realizing the related tax benefits associated with such assets. Based upon this analysis, management has determined that a valuation allowance should be established for certain foreign NOL carryforwards and related deferred tax assets, as well as certain state NOL

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carryforwards as of March 31, 2016. Significant factors considered by management in this determination included the historical operating results of the Company, as well as anticipated reversals of future taxable temporary differences. Similarly, a valuation allowance was recorded at March 31, 2015 for certain foreign NOL carryforwards and related deferred tax assets, as well as certain state NOL carryforwards for which utilization was deemed uncertain. The increase in the valuation allowance presented above was generally due to a change in management’s view that the realization of certain foreign NOL carryforwards and other related deferred tax assets is no longer deemed more-likely-than-not. The carryforward period for the foreign tax credit is ten years. The carryforward period for the U.S. federal NOL carryforward is twenty years. The carryforward periods for the state NOLs range from five to twenty years. Certain foreign NOL carryforwards are subject to a five year expiration period, and the carryforward period for the remaining foreign NOLs is indefinite.

At March 31, 2016, the Company had approximately $508.9 million of state NOL carryforwards, expiring over various years ending through March 31, 2036. The Company has a valuation allowance of $18.1 million recorded against the related deferred tax asset. In addition, at March 31, 2016, the Company had approximately $79.0 million of foreign NOL carryforwards in which the majority of these losses can be carried forward indefinitely. There exists a valuation allowance of $7.2 million against these NOL carryforwards as well as other related deferred tax assets.

No provision has been made for United States federal income taxes related to approximately $174.8 million of undistributed earnings of foreign subsidiaries considered to be permanently reinvested. Due to the resulting additional foreign tax credits, the additional income tax liability that would result if such earnings were repatriated to the U.S., other than potential out-of-pocket withholding taxes of approximately $4.4 million, would not be expected to be significant to the Company’s consolidated financial statements.

The Company’s total liability for net accrued income taxes as of March 31, 2016 and March 31, 2015 was $13.3 million and $17.9 million, respectively. This net amount was presented in the consolidated balance sheet as Income taxes payable (as separately disclosed in Other current liabilities) of $15.0 million and $19.2 million as of March 31, 2016 and March 31, 2015, respectively; and as income taxes receivable (included in Other current assets) of $1.7 million and $1.3 million as of March 31, 2016 and March 31, 2015, respectively. Net cash paid for income taxes to governmental tax authorities for the years ended March 31, 2016, 2015 and 2014 was $46.9 million, $21.2 million and $13.6 million, respectively.

Liability for Unrecognized Tax Benefits

The Company's total liability for net unrecognized tax benefits as of March 31, 2016 and March 31, 2015 was $15.6 million and $26.6 million, respectively.

The following table represents a reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, for the fiscal years ended March 31, 2016 and March 31, 2015 (in millions):

	Year Ended March 31,
	2016			2015
Balance at beginning of period	$	21.7		$	20.9
Additions based on tax positions related to the current year	0.8			3.2
Additions for tax positions of prior years	1.2			—
Reductions for tax positions of prior years	(0.1		)	—
Reductions due to lapse of applicable statute of limitations	(10.3		)	(1.7		)
Cumulative translation adjustment	(0.1		)	(0.7		)
Balance at end of period	$	13.2		$	21.7

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. As of March 31, 2016 and March 31, 2015, the total amount of unrecognized tax benefits includes $3.8 million and $12.4 million of gross accrued interest and penalties, respectively. The amount of interest and penalties recorded as income tax (benefit) expense during the fiscal years ended March 31, 2016, 2015, and 2014 was $(8.6) million, $0.7 million, and $(0.6) million, respectively.

The Company conducts business in multiple locations within and outside the U.S. Consequently, the Company is subject to periodic income tax examinations by domestic and foreign income tax authorities. As of the fiscal year ended March 31, 2016, the Company is undergoing routine, periodic income tax examinations in both domestic and foreign jurisdictions (including a review of a few specific items on certain of the Company’s Netherlands companies' corporate income tax returns for the tax years ended March 31, 2011, through 2013). In addition, a number of the Company's German subsidiaries are under examination for their German corporate and trade tax returns for the tax years ended March 31, 2011 through 2014. Similarly, a number of the Company’s Italian subsidiaries are under examination with respect to their corporate income tax returns for the tax years ended March 31, 2013 through 2015. During the second quarter of fiscal 2016, the U.S. Internal Revenue Service completed an income tax examination of the Company’s U.S. Consolidated federal income tax return for the tax year ended March 31, 2013. The conclusion of the audit resulted in no changes to previously reported taxable income or income tax for such return. It appears

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reasonably possible that the amounts of unrecognized income tax benefits could change in the next twelve months upon conclusion of the Company’s current ongoing examinations; however, any potential payments of income tax, interest and penalties are not expected to be significant to the Company's consolidated financial statements. With certain exceptions, the Company is no longer subject to U.S. federal income tax examinations for tax years ending prior to March 31, 2013, state and local income tax examinations for years ending prior to fiscal 2012 or significant foreign income tax examinations for years ending prior to fiscal 2011. With respect to the Company's U.S. federal NOL carryforward (which was fully utilized for the tax year ended March 31, 2015), the short tax period from July 21, 2006 to March 31, 2007 (due to a change in control of the Company) and the tax years ended March 31, 2008, 2009, 2010, 2011 and 2012 are open under statutes of limitations; whereby, the Internal Revenue Service may not adjust the income tax liability for these years, but may reduce the NOL carryforward and any other tax attribute carryforwards to currently open tax years.

18. Commitments and Contingencies

The Company's subsidiaries are involved in various unresolved legal actions, administrative proceedings and claims in the ordinary course of business involving, among other things, product liability, commercial, employment, workers' compensation, intellectual property claims and environmental matters. The Company establishes accruals in a manner that is consistent with accounting principles generally accepted in the United States for costs associated with such matters when liability is probable and those costs are capable of being reasonably estimated. Although it is not possible to predict with certainty the outcome of these unresolved legal actions or the range of possible loss or recovery, based upon current information, management believes the eventual outcome of these unresolved legal actions, either individually or in the aggregate, will not have a material adverse effect on the financial position, results of operations or cash flows of the Company.

In connection with its sale of the Company, Invensys plc ("Invensys") has provided the Company with indemnification against certain contingent liabilities, including certain pre-closing environmental liabilities. The Company believes that, pursuant to such indemnity obligations, Invensys is obligated to defend and indemnify the Company with respect to the matters described below relating to the Ellsworth Industrial Park Site and to various asbestos claims. The indemnity obligations relating to the matters described below are subject, together with indemnity obligations relating to other matters, to an overall dollar cap equal to the purchase price, which is an amount in excess of $900 million. The following paragraphs summarize the most significant actions and proceedings:

• In 2002, Rexnord Industries, LLC (“Rexnord Industries”) was named as a potentially responsible party (“PRP”), together with at least ten other companies, at the Ellsworth Industrial Park Site, Downers Grove, DuPage County, Illinois (the “Site”), by the United States Environmental Protection Agency (“USEPA”), and the Illinois Environmental Protection Agency (“IEPA”). Rexnord Industries' Downers Grove property is situated within the Ellsworth Industrial Complex. The USEPA and IEPA allege there have been one or more releases or threatened releases of chlorinated solvents and other hazardous substances, pollutants or contaminants, allegedly including but not limited to a release or threatened release on or from the Company's property, at the Site. The relief sought by the USEPA and IEPA includes further investigation and potential remediation of the Site and reimbursement of USEPA's past costs. Rexnord Industries' allocated share of past and future costs related to the Site, including for investigation and/or remediation, could be significant. All previously pending property damage and personal injury lawsuits against the Company related to the Site have been settled or dismissed. Pursuant to its indemnity obligation, Invensys continues to defend the Company in known matters related to the Site and has paid 100% of the costs to date.

• Multiple lawsuits (with approximately 300 claimants) are pending in state or federal court in numerous jurisdictions relating to alleged personal injuries due to the alleged presence of asbestos in certain brakes and clutches previously manufactured by the Company's Stearns division and/or its predecessor owners. Invensys and FMC, prior owners of the Stearns business, have paid 100% of the costs to date related to the Stearns lawsuits. Similarly, the Company's Prager subsidiary is a defendant in two pending multi-defendant lawsuits relating to alleged personal injuries due to the alleged presence of asbestos in a product allegedly manufactured by Prager. Additionally, there are numerous individuals who have filed asbestos related claims against Prager; however, these claims are currently on the Texas Multi-district Litigation inactive docket. The ultimate outcome of these asbestos matters cannot presently be determined. To date, the Company's insurance providers have paid 100% of the costs related to the Prager asbestos matters. The Company believes that the combination of its insurance coverage and the Invensys indemnity obligations will cover any future costs of these matters.

In connection with the Company's acquisition of The Falk Corporation (“Falk”), Hamilton Sundstrand has provided the Company with indemnification against certain products-related asbestos exposure liabilities. The Company believes that, pursuant to such indemnity obligations, Hamilton Sundstrand is obligated to defend and indemnify the Company with respect to the asbestos claims described below, and that, with respect to these claims, such indemnity obligations are not subject to any time or dollar limitations.

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The following paragraph summarizes the most significant actions and proceedings for which Hamilton Sundstrand has accepted responsibility:

• Falk, through its successor entity, is a defendant in multiple lawsuits pending in state or federal court in numerous jurisdictions relating to alleged personal injuries due to the alleged presence of asbestos in certain clutches and drives previously manufactured by Falk. There are approximately 100 claimants in these suits. The ultimate outcome of these lawsuits cannot presently be determined. Hamilton Sundstrand is defending the Company in these lawsuits pursuant to its indemnity obligations and has paid 100% of the costs to date.

Certain Water Management subsidiaries are also subject to asbestos litigation. As of March 31, 2016, Zurn and numerous other unrelated companies were defendants in approximately 6,000 asbestos related lawsuits representing approximately 19,000 claims. Plaintiffs' claims allege personal injuries caused by exposure to asbestos used primarily in industrial boilers formerly manufactured by a segment of Zurn. Zurn did not manufacture asbestos or asbestos components. Instead, Zurn purchased them from suppliers. These claims are being handled pursuant to a defense strategy funded by insurers.

As of March 31, 2016, the Company estimates the potential liability for the asbestos-related claims described above as well as the claims expected to be filed to be approximately $32.0 million of which Zurn expects its insurance carriers to pay approximately $23.0 million in the next ten years on such claims, with the balance of the estimated liability being paid in subsequent years. The $32.0 million was developed based on actuarial studies and represents the projected indemnity payout for current and future claims. The balance decreased by $3.0 million in fiscal 2016. There are inherent uncertainties involved in estimating the number of future asbestos claims, future settlement costs, and the effectiveness of defense strategies and settlement initiatives. As a result, actual liability could differ from the estimate described herein and could be substantial.

Management estimates that its available insurance to cover this potential asbestos liability as of March 31, 2016, is approximately $244.9 million, and believes that all current claims are covered by insurance. However, principally as a result of the past insolvency of certain of the Company's insurance carriers, certain coverage gaps will exist if and after the Company's other carriers have paid the first $168.9 million of aggregate liabilities.

As of March 31, 2016, the Company had a recorded receivable from its insurance carriers of $32.0 million, which corresponds to the amount of this potential asbestos liability that is covered by available insurance and is currently determined to be probable of recovery. However, there is no assurance that $244.9 million of insurance coverage will ultimately be available or that this asbestos liability will not ultimately exceed $244.9 million. Factors that could cause a decrease in the amount of available coverage include: changes in law governing the policies, potential disputes with the carriers regarding the scope of coverage, and insolvencies of one or more of the Company's carriers.

Certain Company subsidiaries, were named as defendants in a number of individual and class action lawsuits in various United States courts claiming damages due to the alleged failure or anticipated failure of Zurn brass fittings on the PEX plumbing systems in homes and other structures.

In fiscal 2013, the Company reached an agreement in principle to settle the liability underlying this litigation.  The settlement is designed to resolve, on a national basis, the Company's overall exposure for both known and unknown claims related to the alleged failure or anticipated failure of such fittings, subject to the right of eligible class members to opt-out of the settlement and pursue their claims independently.  The settlement received final court approval in fiscal 2013, and utilizes a seven year claims fund, which is capped at $20.0 million, and is funded in installments over the seven year period based on claim activity and minimum funding criteria.  The settlement also covers class action plaintiffs' attorneys' fees and expenses totaling $8.5 million, which were paid in fiscal 2014.

Historically, the Company's insurance carrier had funded the Company's defense in the above referenced proceedings. The Company, however, reached a settlement agreement with its insurer, whereby the insurer paid the Company a lump sum in exchange for a release of future exposure related to this liability.

The Company has recorded an accrual related to this brass fittings liability, which takes into account, in pertinent part, the insurance carrier contribution, as well as exposure from the claims fund, opt-outs and the waiver of future insurance coverage.

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19. Common stock repurchases and public offerings

Issuer Purchases of Equity Securities

In February 2015, the Company's Board of Directors approved a common stock repurchase program (the "Repurchase Program") authorizing the repurchase of up to $200.0 million of the Company's common stock from time to time on the open market or in privately negotiated transactions. The Repurchase Program does not require the Company to acquire any particular amount of common stock and does not specify the timing of purchases or the prices to be paid. During fiscal 2016, the Company repurchased 1,552,500 shares of common stock at a total cost of $40.0 million. The repurchased shares were canceled by the Company upon receipt. At March 31, 2016, approximately $160.0 million of repurchase authority remained.

Fiscal 2014 Common Stock Offering

In fiscal 2014, the Company closed a public offering of shares of its common stock. As part of that offering, the Company sold 3,000,000 shares of common stock, at a public offering price of $25.75 per share for aggregate offering proceeds of $73.8 million, net of underwriting discounts and commissions and other direct costs of the offering.

20. Business Segment Information

The results of operations are reported in two business segments, consisting of the Process & Motion Control platform and the Water Management platform. The Process & Motion Control platform designs, manufactures, markets and services a comprehensive range of specified, highly-engineered mechanical components used within complex systems where our customers' reliability requirements and costs of failure or downtime are high. The Process & Motion Control portfolio includes motion control products, shaft management products, aerospace components, and related value-added services. Products and services are marketed and sold globally under widely recognized brand names, including Rexnord^®, Rex^®, FlatTop^™, Falk^®, and Link-Belt^®. Process & Motion Control products and services are sold into a diverse group of attractive end markets, including food and beverage, aerospace, mining, petrochemical, energy and power generation, cement and aggregates, forest and wood products, agriculture, and general industrial and automation applications. The Water Management platform designs, procures, manufactures, and markets products that provide and enhance water quality, safety, flow control and conservation. The Water Management product portfolio includes professional grade water control and safety, water distribution and drainage, finish plumbing, and site works products for primarily nonresidential buildings and flow control products for water and wastewater treatment infrastructure markets. Products are marketed and sold under widely recognized brand names, including Zurn®, Wilkins®, and VAG®. The financial information of the Company's segments is regularly evaluated by the chief operating decision maker in determining resource allocation and assessing performance. Management evaluates the performance of each business segment based on its operating results. The same accounting policies are used throughout the organization (see Note 2).

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Business Segment Information:

(in Millions)

	Year Ended
	March 31, 2016			March 31, 2015			March 31, 2014
Net sales by product
Process & Motion Control:
Original equipment manufacturers/ end-users	$	572.3		$	642.1		$	621.1
Maintenance, repair, and operations	528.0			588.1			617.1
Total Process & Motion Control	$	1,100.3		$	1,230.2		$	1,238.2
Water Management:
Water safety, quality, flow control and conservation	534.1			517.1			465.6
Water infrastructure	289.4			302.9			330.5
Total Water Management	823.5			820.0			796.1
Consolidated net sales	$	1,923.8		$	2,050.2		$	2,034.3
Income (loss) from operations
Process & Motion Control	$	146.8		$	219.6		$	237.7
Water Management	72.8			79.0			72.2
Corporate	(45.3		)	(94.9		)	(37.5		)
Consolidated	$	174.3		$	203.7		$	272.4
Non-operating expense:
Interest expense, net	$	(91.4	)	$	(87.9	)	$	(109.1	)
Loss on the extinguishment of debt	—			—			(133.2		)
Other income (expense), net	3.1			(7.2		)	(15.1		)
Income from continuing operations before income taxes	86.0			108.6			15.0
Provision (benefit) provision for income taxes	17.1			16.8			(10.0		)
Net income from continuing operations	$	68.9		$	91.8		$	25.0
(Loss) income from discontinued operations, net of tax	(1.4		)	(8.0		)	4.6
Net income	67.5			83.8			29.6
Non-controlling interest loss	(0.4		)	—			(0.6		)
Net income attributable to Rexnord	$	67.9		$	83.8		$	30.2
Depreciation and Amortization
Process & Motion Control	$	77.3		$	74.1		$	69.7
Water Management	38.1			38.1			37.2
Consolidated	$	115.4		$	112.2		$	106.9
Capital Expenditures
Process & Motion Control	$	43.6		$	37.7		$	39.4
Water Management	8.5			11.1			12.8
Consolidated	$	52.1		$	48.8		$	52.2
	March 31, 2016			March 31, 2015			March 31, 2014
Total Assets
Process & Motion Control	$	2,412.7		$	2,419.0		$	2,251.4
Water Management	933.2			981.9			1,038.7
Corporate	8.9			8.4			80.7
Consolidated	$	3,354.8		$	3,409.3		$	3,370.8

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Net sales to third parties and long-lived assets by geographic region are as follows (in millions):

	Net Sales						Long-lived Assets
	Year Ended March 31, 2016		Year Ended March 31, 2015		Year Ended March 31, 2014		March 31, 2016		March 31, 2015		March 31, 2014
United States	$	1,306.9	$	1,380.0	$	1,337.2	$	276.0	$	279.4	$	284.6
Europe	370.8		374.0		409.1		80.5		92.1		98.6
Rest of World	246.1		296.2		288.0		40.7		46.1		40.5
	$	1,923.8	$	2,050.2	$	2,034.3	$	397.2	$	417.6	$	423.7

Net sales to third parties are attributed to the geographic regions based on the country in which the shipment originates. Amounts attributed to the geographic regions for long-lived assets are based on the location of the entity that holds such assets. In accordance with ASC 280, Segment Reporting, long-lived assets includes movable assets and excludes net intangible assets and goodwill.

21. Quarterly Results of Operations (unaudited)

(in millions, except per share amounts)

	Fiscal 2016
	First Quarter			Second Quarter		Third Quarter			Fourth Quarter			Total
Net sales	$	485.1		$	485.9	$	460.2		$	492.6		$	1,923.8
Gross profit	169.8			169.3		158.3			167.8			665.2
Net income from continuing operations	21.2			22.6		24.3			0.8			68.9
Loss from discontinued operations, net of tax	—			—		—			(1.4		)	(1.4		)
Net income (loss)	21.2			22.6		24.3			(0.6		)	67.5
Non-controlling interest (loss)	(0.1		)	—		(0.1		)	(0.2		)	(0.4		)
Net income (loss) attributable to Rexnord	21.3			22.6		24.4			(0.4		)	67.9
Net income per share from continuing operations:
Basic	$	0.21		$	0.23	$	0.24		$	0.01		$	0.68
Diluted	$	0.20		$	0.22	$	0.24		$	0.01		$	0.67
(Loss) per share from discontinued operations:
Basic	$	—		$	—	$	—		$	(0.01	)	$	(0.01	)
Diluted	—			—		—			$	(0.01	)	$	(0.01	)
Net income per share attributable to Rexnord:
Basic	$	0.21		$	0.23	$	0.24		$	—		$	0.67
Diluted	$	0.20		$	0.22	$	0.24		$	—		$	0.66

	Fiscal 2015
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
Net sales	$	503.6		$	531.0		$	497.1		$	518.5		$	2,050.2
Gross profit	178.2			197.0			181.5			189.5			746.2
Net income (loss) from continuing operations	11.6			37.8			6.7			35.7			91.8
Income (loss) from discontinued operations, net of tax	0.4			(0.7		)	(4.5		)	(3.2		)	(8.0		)
Net income (loss)	12.0			37.1			2.2			32.5			83.8
Non-controlling interest (loss) income	(0.1		)	(0.1		)	—			0.2			—
Net income (loss) attributable to Rexnord	12.1			37.2			2.2			32.3			83.8
Net income per share from continuing operations:
Basic	$	0.11		$	0.37		$	0.07		$	0.35		$	0.90
Diluted	$	0.11		$	0.36		$	0.06		$	0.34		$	0.88
Income (loss) per share from discontinued operations:
Basic	$	—		$	(0.01	)	$	(0.04	)	$	(0.03	)	$	(0.08	)
Diluted	$	—		$	(0.01	)	$	(0.04	)	$	(0.03	)	$	(0.08	)
Net income per share attributable to Rexnord:
Basic	$	0.12		$	0.37		$	0.02		$	0.32		$	0.82
Diluted	$	0.12		$	0.36		$	0.02		$	0.31		$	0.80

85

22. Related Party Transactions

Former Stockholders' Agreements

In connection with Apollo's acquisition of the Company in 2006, the Company entered into two separate stockholders' agreements - one with Rexnord Acquisition Holdings I, LLC, Rexnord Acquisition Holdings II, LLC (together with Rexnord Acquisition Holdings I, LLC, the “Apollo Holders”) and certain other of its stockholders, and the other with the Apollo Holders, George M. Sherman (the Company's former Chairman of the Board of Directors) and entities then-controlled by Mr. Sherman (collectively, the “Stockholders' Agreements”). All terms of the Stockholders' Agreements terminated upon the consummation of the Company's IPO, except for the registration rights provisions described below.

Under the terms of the Stockholders' Agreements, the Company agreed to register shares of its common stock owned by affiliates of the Apollo Holders and by Mr. Sherman, as well as bear related expenses of offerings by them, in certain circumstances. Three times in fiscal 2015 and twice is fiscal 2014, the Apollo Holders exercised their registration rights with respect to their shares.

Consequently, pursuant to the Stockholders’ Agreements, the Company was required to pay all of the offering expenses (other than underwriters’ discounts and commissions on the shares of common stock sold by the Apollo Holders or Mr. Sherman and affiliated entities) related to those offerings.  The offering expenses (excluding such underwriters’ discounts and commissions) paid by the Company on behalf of the selling stockholders were $0.5 million and $1.4 million for the offerings completed in fiscal 2015 and 2014, respectively. Following these offerings, Apollo no longer owns any shares of the Company's stock.

Other

Apollo Global Securities, LLC, which was one of the underwriters in one of the fiscal 2015 securities offerings and each of the fiscal 2014 offerings, is an affiliate of Apollo.  Apollo Global Securities, LLC received (on a pro rata basis) discounts and commissions of approximately $0.1 million related to the sale of securities by Rexnord as part of the February 2014 offering.  The underwriters’ discounts and commissions related to the shares sold by Apollo Holders or Mr. Sherman and affiliated entities in the fiscal 2015 and fiscal 2014 offerings were paid by them and not by the Company.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None.

ITEM 9A. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

We maintain a set of disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

We carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15 and 15d-15 of the Exchange Act. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of such date, the Company’s disclosure controls and procedures are adequate and effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act and that such information is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, in a manner allowing timely decisions regarding required disclosure. As such, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the period covered by this report.

Management’s Report on Internal Control Over Financial Reporting

86

We are responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our internal control over financial reporting based on the framework in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based upon that evaluation, management has concluded that our internal control over financial reporting was effective as of March 31, 2016.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of the changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The effectiveness of the Company's internal control over financial reporting as of March 31, 2016, has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report, which appears herein.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION.

None.

87

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

The information required by this Item is incorporated by reference from the sections entitled "Proposal 1: Election of Directors" and "Corporate Governance" and in the definitive Proxy Statement for the Company’s fiscal 2017 annual meeting, to be held on or about July 28, 2016 (the "Fiscal 2017 Proxy Statement"), and to the information under the caption “Executive Officers of the Registrant” in Part I hereof.

Code of Ethics

We have adopted a written code of ethics, referred to as the Rexnord Code of Business Conduct and Ethics, applicable to all directors, officers and employees, which includes provisions relating to accounting and financial matters applicable to the principal executive officer, principal financial officer and principal accounting officer and controller. We have posted a copy of the Code of Business Conduct and Ethics on our website at www.rexnord.com. To obtain a copy, free of charge, please submit a written request to Rexnord Investor Relations, 247 Freshwater Way, Milwaukee, Wisconsin 53204. If we make any substantive amendments to, or grant any waivers from, the code of ethics for any director or officer, we will disclose the nature of such amendment or waiver on our corporate website at www.rexnord.com or in a Current Report on Form 8-K.

ITEM 11. EXECUTIVE COMPENSATION.

The information required by this Item is incorporated by reference from the sections entitled "Proposal 1: Election of Directors", "Corporate Governance", "Compensation Discussion and Analysis", "Compensation Committee Report", "Executive Compensation", and "Corporate Governance - Directors' Compensation" in the Fiscal 2017 Proxy Statement.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

The information required by this Item is incorporated by reference from the sections entitled "Security Ownership of Certain Beneficial Owners and Management" and "Proposal 2: Approval of the Amendment to, and Restatement of, the Rexnord Corporation Performance Incentive Plan--Equity Compensation Plan Information" in the Fiscal 2017 Proxy Statement.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

The information required by this Item is incorporated by reference from the sections entitled "Corporate Governance" and "Certain Relationships and Related Party Transactions" in the Fiscal 2017 Proxy Statement.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.

The information required by this Item is incorporated by reference from the section entitled "Report of the Audit Committee" and "Auditors" in the Fiscal 2017 Proxy Statement.

88

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a) (1) Financial Statements

The Company’s consolidated financial statements included in Part II, Item 8 hereof are for the years ended March 31, 2016, 2015 and 2014 and consist of the following:

Consolidated Balance Sheets

Consolidated Statements of Operations

Consolidated Statements of Comprehensive Income (Loss)

Consolidated Statements of Stockholders’ Equity

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements

(a) (2) Financial Statement Schedules.

The Financial Statement Schedule of the Company appended hereto for the years ended March 31, 2016, 2015 and 2014 consists of the following:

Schedule II – Valuation and Qualifying Accounts

(in Millions)

			Additions
Description	Balance at Beginning of Year		Charged to Costs and Expenses			Acquired Obligations		Charged to Other Accounts			Deductions (1)			Balance at End of Year
Fiscal Year 2014:
Valuation allowance for trade and notes receivable	$	7.7	$	1.0		$	0.2	$	(0.1	)	$	(2.4	)	$	6.4
Valuation allowance for excess and obsolete inventory	30.5		3.8			4.1		0.2			(4.8		)	33.8
Valuation allowance for income taxes	73.1		3.9			—		—			(22.6		)	54.4
Fiscal Year 2015:
Valuation allowance for trade and notes receivable	$	6.4	$	10.7		$	0.6	$	(0.4	)	$	(0.5	)	$	16.8
Valuation allowance for excess and obsolete inventory	33.8		5.2			0.8		(0.6		)	(3.5		)	35.7
Valuation allowance for income taxes	54.4		2.0			—		—			(31.4		)	25.0
Fiscal Year 2016:
Valuation allowance for trade and notes receivable	$	16.8	$	(6.8	)	$	—	$	(0.1	)	$	(1.0	)	$	8.9
Valuation allowance for excess and obsolete inventory	35.7		9.5			—		(0.3		)	(7.3		)	37.6
Valuation allowance for income taxes	25.0		4.2			—		—			(2.0		)	27.2

 (1) Uncollectible amounts, dispositions charged against the accrual and utilization of net operating losses.

All other schedules have been omitted because they are not applicable or because the information required is included in the notes to the consolidated financial statements.

(a) (3) Exhibits.

See Exhibit Index included after the signature page to this report, which Exhibit Index is incorporated by reference herein.

89

EXHIBIT INDEX

Exhibit	Description	Incorporated Herein by Reference to	Filed Herewith
2.1	Stock Purchase Agreement dated as of April 5, 2005, by and among Rexnord LLC, Hamilton Sundstrand Corporation and The Falk Corporation+	Exhibit 99.2 to the Form 8-K filed by RBS Global, Inc./Rexnord LLC on May 19, 2005+
3.1	Amended and Restated Certificate of Incorporation as amended through April 3, 2012	Exhibit 3.1 to the Company's Form 8-K dated April 3, 2012
3.2	Amended and Restated By-Laws as adopted on July 14, 2014	Exhibit 3.1 to the Company's Form 8-K dated July 14, 2014
10.1(a)	The Company's 2006 Stock Option Plan, as amended (“2006 Option Plan”)* (superseded)	Exhibit 10.6 to the Form 10-K filed by RBS Global, Inc./Rexnord LLC for the fiscal year ended March 31, 2010
10.1(b)	Form of Executive Non-Qualified Stock Option Agreement under the 2006 Option Plan*	Exhibit 10.10 to the Form 8-K/A filed by RBS Global, Inc./Rexnord LLC on July 27, 2006
10.2	Rexnord Management Incentive Compensation Plan (revised as of July 29, 2010)*	Exhibit 10.1 to the Form 10-Q for the quarter ended October 2, 2010 filed by RBS Global, Inc./Rexnord LLC
10.3(a)	The Company's 2012 Performance Incentive Plan (the “Performance Incentive Plan”)*	Exhibit 10.32 to the Company's Registration Statement on Form S-1, SEC File No. 333-174504 (the “2012 S-1”)
10.3(c)	Form of Option Agreement under the Performance Incentive Plan*	Exhibit 10.4 to the Company's Form 10-Q for the quarter ended June 30, 2012
10.3(d)	Form of Option and Restricted Stock Unit Agreement under the Performance Incentive Plan*	Exhibit 10.2 to the Company's Form 10-Q for the quarter ended September 30, 2014
10.3(e)	Form of Non-Qualified Stock Option and Performance Stock Unit Agreement under the Performance Incentive Plan*	Exhibit 10.2 to the Company’s Form 10-Q for the quarter ended June 30, 2015
10.3(f)	Form of Restricted Stock Unit Agreement (Deferred RSUs) for Directors under the Performance Incentive Plan		X
10.3(g)	Form of Restricted Stock Unit Agreement for Directors under the Performance Incentive Plan (used for fiscal 2016 grants; superseded)*	Exhibit 10.3 to the Company’s Form 10-Q for the quarter ended June 30, 2015
10.4 (a)	Employment Agreement, dated November 9, 2012, between Rexnord Corporation and Todd A. Adams*	Exhibit 10.1 to the Company's Form 10-Q for the quarter ended September 29, 2012 (“9/29/12 10-Q”)
10.4(b)	First Amendment, dated August 6, 2015, to Employment Agreement between Rexnord Corporation and Todd A. Adams*	Exhibit 10.1 to the Company’s Form 8-K dated August 6, 2015
10.5	Employment Agreement, dated November 9, 2012, between Rexnord Corporation and Mark W. Peterson*	Exhibit 10.2 to the 9/29/12 10-Q
10.6	Form of Retention Bonus and Change in Control Severance Agreement with certain Water Management officers and key employees (including Craig Wehr)*		X
10.7	Rexnord Corporation Deferred Compensation Plan, effective as of January 1, 2016	Exhibit 10.1 to the Company’s Form 10-Q for the quarter ended December 31, 2015
10.8(a)	Schedule of Compensation and Stock Ownership Guidelines for outside members of the board, revised as of December 2015*	Exhibit 10.2 to the Company’s Form 10-Q for the quarter ended December 31, 2015
10.8(b)	Scheduled of Compensation for outside members of the board, effective May 2015* (superseded)	Exhibit 10.1 to the Company’s Form 10-Q for the quarter ended June 30, 2015
10.8(c)	Schedule of Compensation for outside members of the board, effective for fiscal 2013* (superseded)	Exhibit 10.10 to the Company's Form 10-K for the fiscal year ended March 31, 2012 (“2012 10-K”)
10.9	Form of Indemnification Agreement	Exhibit 10.31 to the 2012 S-1

90

10.10	Third Amended and Restated First Lien Credit Agreement dated as of August 21, 2013, as adopted pursuant, and filed as Exhibit B, to the Incremental Assumption Agreement dated as of August 21, 2013 relating to the Second Amended and Restated Credit Agreement dated as of March 15, 2012, among Chase Acquisition I, Inc., RBS Global, Inc., Rexnord LLC, certain subsidiaries of Rexnord LLC, the lenders party thereto and Credit Suisse AG, as administrative agent	Exhibit 10.1 to the Company’s Form 8-K dated August 21, 2013
10.12	Second Amended and Restated Guarantee and Collateral Agreement, dated and effective as of March 15, 2012, among Chase Acquisition I, Inc., RBS Global, Inc., Rexnord LLC, each subsidiary of the borrowers identified therein and Credit Suisse AG, as Administrative Agent for the Credit Agreement Secured Parties	Exhibit 10.2 to the Form 8-K filed by RBS Global, Inc./Rexnord LLC on March 16, 2012
10.12(a)	Receivables Sale and Servicing Agreement, dated September 26, 2007, by and among the Originators, Rexnord Industries, LLC as Servicer, and Rexnord Funding LLC	Exhibit 10.1 to the Form 8-K filed by RBS Global, Inc./Rexnord LLC on October 1, 2007
10.12(b)	First Amendment, dated as of November 30, 2007, to the Receivables Sale and Servicing Agreement, dated as of September 26, 2007, among Rexnord Funding LLC, as the buyer, Rexnord Industries, LLC, as the servicer and an originator, Zurn Industries, LLC, as an originator, Zurn PEX, Inc., as an originator, and General Electric Capital Corporation, as the administrative agent	Exhibit 10.2 to the Form 8-K filed by RBS Global, Inc./Rexnord LLC on May 23, 2011 (the “5/23/11 8-K”)
10.1(c)	Second Amendment, dated as of May 20, 2011, to the Receivables Sale and Servicing Agreement, dated as of September 26, 2007, among Rexnord Funding LLC, as the buyer, Rexnord Industries, LLC, as the servicer and an originator, Zurn Industries, LLC, as an originator, Zurn PEX, Inc., as an originator, and General Electric Capital Corporation, as the administrative agent	Exhibit 10.3 to the 5/23/11 8-K
10.12(d)	Omnibus Amendment, dated as of December 30, 2015, to the Receivables Sale and Servicing Agreement, dated September 26, 2007, and to the Amended and Restated Receivables Funding and Administration Agreement, dated May 20, 2011, by and among Rexnord Funding LLC., as an Originator, as the buyer and as the borrower, Zurn Industries, LLC, as an originator, Zurn PEX, Inc., as an originator, Rodney Hunt - Fontaine Inc., as an originator, GA Industries, LLC, as an originator, Rexnord Industries, LLC, as the servicer, General Electric Company as successor by merger to General Electric Capital Corporation, as administrative agent, and the swing line lender and the lenders signatory thereto	Exhibit 10.1 to the Company’s Form 8-K dated December 30, 2015
10.13(a)	Amended and Restated Receivables Funding and Administration Agreement, dated as of May 20, 2011, by and among Rexnord Funding LLC, the financial institutions from time to time party thereto and General Electric Capital Corporation	Exhibit 10.1 to the 5/23/11 8-K
10.13(b)	See Exhibit 10.12(d) above	See Exhibit 10.12(d) above
10.14	Underwriting Agreement, dated as of May 28, 2014, by and among Rexnord Corporation, Rexnord Acquisition Holdings I, LLC and Rexnord Acquisition Holdings II, LLC, as the selling stockholders, and Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC, Robert W. Baird & Co. Incorporated and Deutsche Bank Securities Inc., as representatives of the several underwriters named in Schedule A thereto	Exhibit 1.1 to the Company's Form 8-K dated May 28, 2014 (and filed on June 3, 2014)
10.15	Underwriting Agreement, dated as of August 11, 2014, by and among Rexnord Corporation, Rexnord Acquisition Holdings I, LLC and Rexnord Acquisition Holdings II, LLC, as the selling stockholders, and Deutsche Bank Securities Inc.	Exhibit 1.1 to the Company's Form 8-K dated August 11, 2014
10.16	Underwriting Agreement, dated as of November 12, 2014, by and among Rexnord Corporation, Rexnord Acquisition Holdings I, LLC and Rexnord Acquisition Holdings II, LLC, as the selling stockholders, and Credit Suisse Securities (USA) LLC	Exhibit 1.1 to the Company's Form 8-K dated November 12, 2014
21.1	List of Subsidiaries of the Company		X

91

23.1	Consent of Independent Registered Public Accounting Firm		X
24	Power of Attorney	Signatures page hereto
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.		X
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.		X
32.1	Certification of Chief Executive Officer and Chief Financial Officer		X
101.INS	XBRL Instance Document		X
101.SCH	XBRL Taxonomy Extension Schema Document		X
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document		X
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document		X
101.LAB	XBRL Taxonomy Extension Label Linkbase Document		X
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document		X

* Denotes management plan or compensatory plan or arrangement.

+ The Company agrees to furnish supplementally a copy of the schedules omitted from this exhibit to the Commission upon request.

92

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

REXNORD CORPORATION
By:	/s/ Todd A. Adams
Name:	Todd A. Adams
Title:	President and Chief Executive Officer
Date:	May 18, 2016

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Todd A. Adams, Mark W. Peterson and Patricia M. Whaley, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this report, and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, and any other regulatory authority, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

/s/ Todd A. Adams	President, Chief Executive Officer	May 18, 2016
Todd A. Adams	(Principal Executive Officer) and Director
/s/ Mark W. Peterson	Senior Vice President and Chief Financial Officer	May 18, 2016
Mark W. Peterson	(Principal Financial and Accounting Officer)
/s/ Paul W. Jones	Director	May 18, 2016
Paul W. Jones
/s/ Mark S. Bartlett	Director	May 18, 2016
Mark S. Bartlett
/s/ Thomas D. Christopoul	Director	May 18, 2016
Thomas D. Christopoul
/s/ Theodore D. Crandall	Director	May 18, 2016
Theodore D. Crandall
/s/ George C. Moore	Director	May 18, 2016
George C. Moore
/s/ David C. Longren	Director	May 18, 2016
David C. Longren
/s/ John M. Stropki	Director	May 18, 2016
John M. Stropki
/s/ John S. Stroup	Director	May 18, 2016
John S. Stroup
/s/ Robin A. Walker-Lee	Director	May 18, 2016
Robin A. Walker-Lee

93

EX-10.6

Exhibit 10.6

REXNORD CORPORATION

RETENTION BONUS AND CHANGE IN CONTROL SEVERANCE AGREEMENT

This Retention Bonus and Change in Control Severance Agreement (the “Agreement”) is entered into as of ______________ (the “Effective Date”) by and between Rexnord Corporation (the “Company”) and _______________ (the “Associate”).

RECITALS

A.    It is expected that the Company from time to time may consider the possibility of a Change in Control (as defined below). The Board of Directors of the Company (the “Board”) recognizes that such consideration can be a distraction to the Associate and can cause the Associate to consider alternative employment opportunities.

B.    The Board believes that it is in the best interests of the Company and its stockholders to provide the Associate with an incentive to continue his or her employment in spite of the uncertainties that the possible of a Change in Control may cause for the Associate and thus have a further incentive to maximize the value of the Company upon a Change in Control for the benefit of its stockholders.

C.    In order to provide the Associate with enhanced financial security and sufficient encouragement to remain with the Company notwithstanding the possibility of a Change in Control, the Board believes that it is imperative to provide the Associate with a retention bonus and, in the event of the Associate’s termination of employment without Cause or for Good Reason following a Change in Control, certain severance benefits.

AGREEMENT

In consideration of the mutual covenants herein contained and the continued employment of the Associate by the Company, the parties agree as follows:

1.    Retention Bonus. Subject to the terms and conditions of this Agreement, the Associate shall be entitled to a retention bonus equal to ______________ Thousand Dollars ($____________.00) (the “Retention Bonus”).

2.    Conditions for Payment of Retention Bonus.

(a)    Triggering Events and Amount of Payment. Subject to the conditions set forth in (b) below, payment of the Retention Bonus shall be triggered upon the earlier to occur of (i) a Change in Control or (ii) the two-year (2-year) anniversary of this Agreement (a “Triggering Event”). If the Triggering Event is the two-year (2-year) anniversary of this Agreement, the Associate shall receive the entire Retention Bonus on such anniversary date. If the Triggering Event is a Change in Control, the Associate shall receive fifty percent (50%) of the Retention Bonus upon the Change in Control and the remaining fifty percent (50%) upon the date that is six (6) months after the date of the Triggering Event (such date and the date of a Triggering Event each being referred to herein as a “Payment Date”).

(b)    Conditions for Receiving Payment.

(i)    The Associate must be continuously employed by the Company through a Payment Date to receive the portion of the Retention Bonus otherwise due on such Payment Date.

(ii)     During such time between the date of this Agreement and a Payment Date, devote his or her full business time and attention to the Company and faithfully and diligently perform such duties for the Company as may be determined from time to time by the Company, provided that such duties are reasonable and customary for the Associate’s position and consistent with past practices.

(iii)    To the extent that the Company considers or undergoes a Change in Control, the Associate must provide such assistance in connection with the Change in Control as the Company may reasonably request. Such assistance may include, without limitation, gathering documents and information which may be requested by the Company, its advisors or any potential buyer, assistance in preparing documents to be used in connection with a Change in Control, participating in management presentations and meeting with prospective buyers to discuss the Company and its business, and/or helping in the transition following a Change in Control.

( c)    Exceptions to General Requirements. Notwithstanding the foregoing Subsection 2(b):

(i)    In the event that the Associate’s employment is terminated by the Company without Cause and due to a position elimination prior to a Triggering Event, condition (b)(i) above will be deemed satisfied and, if the Associate has otherwise satisfied conditions (b)(ii) and (b)(iii) above through such termination date, the Associate shall receive a prorated Retention Bonus equal to the full Retention Bonus amount multiplied by a fraction, the numerator of which is the number of days the Associate was employed by the Company beginning with the date of this Agreement and ending with the Associate’s termination date and the denominator of which is seven hundred thirty (730), to be paid as soon as administratively possible following the Associate’s termination of employment. For purposes of this Subsection 2(c)(i), the “full Retention Bonus amount” shall be the Retention Bonus amount specified in Section 1 but determined for the Company’s fiscal year in which the Associate’s termination without Cause and due to position elimination occurs.

(ii)    In the event that the Associate’s employment is terminated by the Company without Cause or by the Associate for Good Reason on or after a Change in Control and prior to a Payment Date, condition (b)(i) above will be deemed satisfied and, if the Associate has otherwise satisfied conditions (b)(ii) and (b)(iii) above through such termination date, the Associate shall receive a full Retention Bonus, to be paid as soon as administratively possible following the Associate’s termination of employment.

The Company shall deposit on the date of a Triggering Event that is a Change in Control an amount equal to that portion of the Retention Bonus that is not paid upon the Triggering Event in escrow account with an independent escrow agent, selected by the Company, for the Associate’s benefit.

3.    Payment of Retention Bonus. Except as otherwise provided above, the Company shall pay the Retention Bonus to the Associate in cash on the Payment Date or as soon as reasonably practicable thereafter. No Retention Bonus shall be paid to the Associate under this Agreement if the conditions in Section 2 are not satisfied.

4.    Option Vesting. Provided the Associate remains an employee of the Company on the date a Change in Control occurs, upon such Change in Control, all unvested options or other unvested awards granted to the Associate under the 2006 Stock Option Plan of Rexnord Holdings, Inc. a shall be immediately

vested and twenty percent (20%) of the unvested options or other unvested equity awards granted to the Associate under the Rexnord Corporation 2012 Performance Incentive Plan shall be immediately vested and the applicable exercise period shall be extended to the date that is one (1) year from the date of the Change in Control unless the exercise period under the applicable award agreement provides for a longer exercise period.

5.    Severance Benefits.

(a)    Termination of Employment. In the event the Associate’s employment with the Company terminates for any reason, the Associate will be entitled to any (i) unpaid Base Salary accrued up to the effective date of termination; (ii) unpaid, but earned and accrued, annual incentive for any completed fiscal year as of the Associate’s termination of employment; (iii) benefits or compensation as provided under the terms of any employee benefit and compensation agreements or plans applicable to the Associate; (iv) unreimbursed business expenses required to be reimbursed to the Associate; and (v) unused, but earned and accrued, vacation pay.

(b)    Termination Without Cause or for Good Reason Following a Change in Control. If the Associate’s employment is (i) terminated by the Company without Cause or (ii) terminated by the Associate for Good Reason, within twelve (12) months following a Change in Control, and not due to the Associate’s death, Disability or resignation (other than for Good Reason), then, subject to the Associate’s compliance with Section 6 below, the Associate shall be entitled to the following:

(i)    Twelve (12) months of the Associate’s base salary, as in effect immediately prior to the date of termination of employment or immediately prior to the date of the Change in Control, whichever is greater, which shall be paid over twelve (12) months (the “Severance Period”) in accordance with the Company’s customary payroll procedures, commencing on the first payroll period occurring after the Associate’s termination of employment;

(ii)    The maximum amount of the Associate’s target bonus under the Rexnord Management Incentive Compensation Plan (or any successor or replacement annual cash incentive plan), as in effect immediately prior to the date of termination of employment or immediately prior to the date of the Change in Control, whichever is greater; and

(iii)    Group medical and dental continuation coverage (COBRA) through the Severance Period at the then-current active employee rate.

(c)    Termination for Cause, Due to Death or Disability, Resignation by the Associate without Good Reason. If the Associate’s employment with the Company is terminated for Cause by the Company, terminated due to the Associate’s death or Disability, or terminated due to the Associate’s resignation (other than for Good Reason), then (i) the Associate’s outstanding equity awards will terminate in accordance with the terms and conditions of the applicable award agreement(s); (ii) all payments of compensation by the Company to the Associate hereunder will, subject to Section 5(a) above, terminate immediately; and (iii) the Associate will be eligible for severance benefits only in accordance with the Company’s then established plans, programs, and practices.

(d)    Sole Right to Severance. This Agreement is intended to represent the Associate’s sole entitlement to severance payments and benefits in connection with the termination of the Associate’s employment within twelve (12) months following a Change in Control. To the extent the Associate is entitled to receive severance or similar payments and/or benefits under any other Company plan, program, agreement,

policy, practice, or the like, severance payments and benefits due to the Associate under this Agreement will be so reduced.

6.    Conditions to Receipt of Severance; No Duty to Mitigate.

(a)    Separation Agreement and Release of Claims. The receipt of any severance pursuant to Section 5 of this Agreement will be subject to the Associate promptly signing and not revoking a separation agreement and release of claims in the form provided to the Associate by the Company (the “Release”). The Release will require the Associate to return such Release forty-five (45) days of his or her termination date and the Associate will have seven (7) days from the date he or she returns the Release to revoke that Release. No severance will be paid or provided until the Release becomes effective.

(b)    Other Requirements. The Associate agrees to continue to comply with the terms of any Option Agreement or Agreements by and between the Company (or its predecessor) and the Associate.

(c)    Confidentiality. The Associate shall keep this Agreement and its terms confidential and shall not disclose or discuss the same with anyone other than his attorney, accountant, and spouse, if any.

(d)    No Duty to Mitigate. The Associate will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any earnings that the Associate may receive from any other source reduce any such payment, except as provided in Section 5(d).

7.    Code Section 409A.

(a)    Separate Right to Payment. Each severance payment under Section 5(b)(i) and the payment under Section 5(b)(ii) shall be treated as a separate and distinct “payment” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, any such payments that would otherwise be payable (i) within 2-½ months after the end of the Company’s taxable year (which ends on March 31) in which the right to payment is no longer subject to a substantial risk of forfeiture, or (ii) within 2-½ months after the Associate’s taxable year in which the right to payment is no longer subject to a substantial risk of forfeiture, whichever occurs later (the “Short Term Deferral Period”), are exempt from Code Section 409A. Furthermore, any such payments paid after the Short Term Deferral Period which meet the conditions for the severance pay exception under Section 409A shall also be exempt from Section 409A.

(b)    Six (6) Month Delay. Notwithstanding the provisions of Section 5 or any other provision of this Agreement to the contrary, if the Associate is a “specified employee” within the meaning of Code Section 409A and to the extent that any payments under this Agreement constitute deferred compensation subject to Code Section 409A and are payable on account of the Associate’s separation from service within the meaning of Code Section 409A within the first six (6) months following such separation from service, such payments shall instead be paid in a lump-sum distribution promptly following such six (6)-month period.

(c)    Separation from Service. The Associate shall have a termination of employment under this Agreement only if such termination would constitute a separation from service within the meaning of Code Section 409A.

8.    Section 280G Cap. Notwithstanding any other provision of the Agreement, any amounts payable to the Associate shall be reduced to the extent necessary such that the total compensation and other

benefits the Associate would receive on account of or following a Change in Control will not be subject to an excise tax under Code Section 4999 and will not be nondeductible under Code Section 280G (the amount by which the amount payable to the Associate is reduced shall be the “Excess Amount”). If the amount payable is reduced pursuant to this Section 8, the Company, if it constitutes a corporation that can satisfy the “shareholder approval requirements” of Code Section 280G(b)(5)(B), shall solicit its stockholders for approval of the Excess Amount and if pursuant to such solicitation requisite stockholder approval is obtained and the Excess Amount, if paid, will not be subject to an excise tax under Code Section 4999 and will not be nondeductible under Code Section 280G, the Company shall pay the Excess Amount to the extent the payment is otherwise due under this Agreement. Any such solicitation shall occur prior to the Change in Control, provided that obtaining requisite stockholder approval shall not be a condition to the closing of the Change in Control.

9.    At-Will Employment. The Associate and the Company agree that the Associate’s employment with the Company is and shall continue to be “at-will” employment. The Associate and the Company acknowledge that this employment relationship may be terminated at any time, upon written notice to the other party, with or without Cause or Good Reason, at the option either of the Company or the Associate. However, as described in this Agreement, the Associate may be entitled to severance benefits depending upon the circumstances of the Associate’s termination of employment.

10.    Confidentiality. The Associate shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company, and its respective businesses, which shall have been obtained by the Associate during the Associate’s employment by the Company and which shall not be or become public knowledge (other than by acts by the Associate or representatives of the Associate in violation of this Agreement). After termination of the Associate’s employment with the Company, the Associate shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In no event shall an asserted violation of the provisions of this Section 10 constitute a basis for deferring or withholding any amounts otherwise payable to the Associate under this Agreement.

11.    Definitions.

(a)    Cause. For the purposes of this Agreement, “Cause” shall mean, (i) the Board’s determination that the Associate failed to substantially perform his or her duties (other than any such failure resulting from the Associate’s Disability); (ii) the Board’s determination that the Associate failed to carry out, or comply with any lawful and reasonable directive of the Board or the Associate’s immediate supervisor, which is not remedied within ten days after receipt of written notice from the Company specifying such failure; (iii) the Associate’s conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony, indictable offense or crime involving moral turpitude; (iv) the Associate’s unlawful use (including being under the influence) or possession of illegal drugs on the Company’s premises or while performing the Associate’s duties and responsibilities; or (v) the Associate’s commission of a material act of fraud, embezzlement, misappropriation, willful misconduct, or breach of fiduciary duty against the Company, or any of its respective subsidiaries or successor entities.

(b)    Change in Control. “Change in Control” shall mean (1) occurrence of any of the transactions described in the first paragraph of Section 7.2 of the Rexnord Corporation 2012 Performance Incentive Plan; (2) the acquisition by any person, entity or group of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors; or

(3) any sale by the Company of all or substantially all of the business, stock or assets of the Water Management Platform of the Company (or of subsidiaries of the Company that together comprise the Water Management Platform or substantially all of the Water Management Platform), excluding, however, for purposes of this clause (b), (A) any acquisition directly from the Company or (B) any acquisition by a person, entity or group which is such a 50% or greater beneficial owner on the date hereof.

(c)    Disability. For purposes of this Agreement, “Disability” shall mean that the Associate is unable to perform his or her material duties and responsibilities to the full extent required by the Board of Directors of the Company by reason of physical or mental illness, impairment, or incapacity for twenty-six (26) weeks in any fifty-two (52) week period.

(d)    Good Reason. The Associate shall have “Good Reason” to resign his or her employment upon the occurrence of (i) a material diminution in the nature or scope of the Associate’s responsibilities, duties, authority or compensation or (ii) the relocation of the Associate’s principal place of business to a location that is in excess of 50 miles from the Associate’s current place of business; provided, however, that the Associate provides the Company with at least 30 days prior written notice of his or her intent to resign for Good Reason and the Company has not remedied the alleged violation(s) within the 30-day period.

12.    Assignment. This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors, and legal representatives of the Associate upon the Associate’s death, and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation, or other business entity which at any time, whether by purchase, merger, or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company or the Water Management Platform of the Company. None of the rights of the Associate to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer, conveyance, or other disposition of the Associate’s right to compensation or other benefits will be null and void.

Notices. All notices, requests, demands, and other communications called for hereunder will be in writing and will be deemed given (a) on the date of delivery if delivered personally, (b) one day after being sent overnight by a well established commercial overnight service, or (c) four days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing:

If to the Company:

Attn: General Counsel

Rexnord Corporation

4701 Greenfield Avenue

Milwaukee, WI 53214

If to the Associate:

at the last residential address known by the Company.

14.    Severability. If any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable, or void, this Agreement will continue in full force and effect without said provision.

15.    Governing Law and Jurisdiction. In the event either party needs to enforce its rights under this Agreement, the parties agree that this Agreement shall be governed by and construed in accordance with the laws of the State of Wisconsin, or, if not Wisconsin, the state where the Associate performs substantially all of Associate’s services to the Company, irrespective of the conflicts of law provisions thereof. The Associate hereby consents to the jurisdiction of the U.S. District Court-Eastern District of Wisconsin or the Wisconsin Circuit Court for Milwaukee County, or in the event of an appealer petition for review or certiorari, by such court having jurisdiction to review the decisions of the U.S. District Court-Eastern District of Wisconsin or the Wisconsin Circuit Court for Milwaukee County, respectively, and the parties agree not to present any such controversy to any other court or forum, or in any other venue.

16.    Integration. This Agreement represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral, including any agreements that provide for severance benefits. No waiver, alteration, or modification of any of the provisions of this Agreement will be binding unless in a writing that specifically references this Section and is signed by duly authorized representatives of the parties hereto.

17.    Waiver of Breach. The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement.

18.    Headings. All captions and Section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

19.    Tax Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.

20.    Acknowledgment. The Associate acknowledges that he or she has had the opportunity to discuss this matter with and obtain advice from his or her private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement.

21.    Counterparts. This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned.

[SIGNATURE PAGE FOLLOWS]

* * * * *

IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by a duly authorized officer, as of the day and year set forth above.

COMPANY:

REXNORD CORPORATION

By:

Name:

Title:

ASSOCIATE:

By:

Name:

EX-10.3(F)

Exhibit 10.3(f)

Restricted Stock Unit AGREEMENT

OF

REXNORD CORPORATION

THIS AGREEMENT (this “Agreement”), dated as of ___________ is made by and between Rexnord Corporation, a Delaware corporation (the “Corporation”), and _____________, a non-employee director of the Corporation (the “Grantee”).

WHEREAS, the Corporation wishes to afford the Grantee the opportunity to receive shares of its common stock (“Common Stock”) under the Rexnord Corporation 2012 Performance Incentive Plan (as it may be revised, amended or restated from time to time, the "Plan");

WHEREAS, the Administrator, as defined in the Plan, (i) has determined that it would be to the advantage and in the best interests of the Corporation and its stockholders to grant the Restricted Stock Units (the “Restricted Stock Units”) provided for herein to the Grantee in consideration for the Grantee's agreement to serve as a member of the Board of the Corporation (the "Board"), and (ii) has instructed the officers of the Corporation to issue said Restricted Stock Units.

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt and sufficiency of which is hereby acknowledged, the parties hereto do hereby agree as follows:

ARTICLE I

GRANT AND VESTING OF RESTRICTED STOCK UNITS

AND ISSUANCE OF SHARES

Section 1.1Grant of Restricted Stock Units

In consideration of the Grantee's service as a member of the Board, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, on the date hereof the Corporation irrevocably grants to the Grantee __________ Restricted Stock Units. The Restricted Stock Units granted under this Agreement are units that will be reflected in a book account maintained by the Corporation.

Section 1.2Immediate Vesting of Restricted Stock Units

(a)Except as otherwise provided in Section 1.2(b) below, these Restricted Stock Units shall be fully vested on the Grant Date. The Grantee will not have any dividend rights or voting rights with respect to the Restricted Stock Units and will not be deemed a stockholder of the Corporation with respect to any of the Restricted Stock Units unless and until shares of Common Stock are delivered to the Grantee in settlement of the Restricted Stock Unit pursuant to Section 1.3.

(b)If the Grantee is removed from the Board by the Board or the stockholders of the Corporation for cause, or the Grantee resigns or decides not to stand for reelection to the Board following delivery of notice to the stockholders of a proposal to remove the Grantee from the Board for cause (for these purposes, cause shall include, but not be limited to, dishonesty, incompetence, moral turpitude, other misconduct of any kind

and the refusal to perform the Grantee's duties and responsibilities as a member of the Board for any reason other than illness or incapacity), then all Restricted Stock Units shall immediately be forfeited.

Section 1.3Issuance of Shares

On the settlement date determined pursuant to and in accordance with the Rules and Procedures for the Non-Employee Director Restricted Stock Unit Award Deferral Program (as it may be revised, amended or restated from time to time, the "Program"), the Corporation shall issue the Grantee one share of Common Stock for each Restricted Stock Unit, subject to the terms and provisions of the Plan and this Agreement.

Section 1.4Restricted Stock Units Subject to Plan

The Restricted Stock Units, and related dividend equivalent rights, granted hereunder are subject to the terms and provisions of the Plan, including without limitation, Sections 7.4 and 8.9 of the Plan. Capitalized terms used in this Agreement and not defined herein shall have the meaning given to such terms in the Plan (including the Program, as applicable).

Section 1.5Dividend Equivalents

During the period beginning on the Grant Date and ending on the date that shares of Common Stock are issued in settlement of a Restricted Stock Unit, the Grantee will accrue dividend equivalents on Restricted Stock Units (including Deferred Shares (as defined in the Program) under the Program) equal to the cash dividend or distribution that would have been paid on the Restricted Stock Unit had the Restricted Stock Unit been an issued and outstanding share of Common Stock on the record date for the dividend or distribution. Such accrued dividend equivalents (i) will vest and become payable (or forfeitable) upon the same terms and at the same time of settlement as the Restricted Stock Units to which they relate, and (ii) will be denominated and payable solely in cash. Dividend equivalent payments, at settlement, will be net of applicable federal, state, and local withholding taxes (subject to Section 2.8).

ARTICLE II

OTHER PROVISIONS

Section 2.1Grantee's Service as a Director

Nothing in this Agreement or in the Plan shall confer upon the Grantee any right to continue in the service of the Corporation or any of its Subsidiaries (whether as a director or otherwise).

Section 2.2Construction; Choice of Law

This Agreement shall be administered, interpreted and enforced under the laws of the state of Delaware, without regard to conflicts of laws provisions that would give effect to the laws of another jurisdiction.

Section 2.3Conformity to Securities Laws

The Grantee acknowledges that the Plan is intended to conform to the extent necessary with all provisions of the U.S. Securities Act and the Exchange Act and any and all regulations and rules promulgated thereunder by the U.S. Securities and Exchange Commission, including without limitation, Rule 16b-3. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Restricted Stock

Units are granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

Section 2.4Entire Agreement

The parties hereto acknowledge that this Agreement and the Plan (including the Program, as applicable) set forth the entire agreement and understanding of the parties and supersede all prior written or oral agreements or understandings with respect to the subject matter hereof, except that any provisions therein regarding confidentiality or non-competition remain in full force and effect in favor of the Corporation and its Subsidiaries as if the agreements containing such provisions were not so superseded. The obligations imposed by this Agreement are severable and should be construed independently of each other. The invalidity of one provision shall not affect the validity of any other provision. If any provision of this Agreement shall be invalid or unenforceable, in whole or in part, or as applied to any circumstances, under the laws of any jurisdiction which may govern for such purpose, then such provision shall be deemed, to the extent allowed by the laws of such jurisdiction, to be modified or restricted to the extent and in the manner necessary to render the same valid and enforceable, either generally or as applied to such circumstance, or shall be deemed exercised from this Agreement, as the case may require, and this Agreement shall be construed and enforced to the maximum extent permitted by law, as if such provision had been originally incorporated herein as so modified or restricted, or as if such provision had not been originally incorporated herein, as the case may be.

Section 2.5Amendment

The Administrator at any time, and from time to time, may amend the terms of this Agreement, provided, however, that the rights of the Grantee shall not be adversely impaired without the Grantee’s written consent. The Corporation shall provide the Grantee with notice and a copy of any amendment made to this Agreement.

Section 2.6Disputes (Forum; Personal Jurisdiction; Waiver of Jury Trial)

Any dispute or controversy arising under, out of, or in connection with or in relation to this Agreement or the Plan (including the Program, as applicable) shall be brought exclusively in the state, federal, or other courts of the state of Delaware, and the parties hereby consent and submit to the personal jurisdiction of those courts. In the event of dispute or litigation, each party shall pay its own attorney’s fees and expenses, except that, should Grantee file suit in a forum other than the state, federal, or other courts of the state of Delaware, Corporation shall be entitled to recover from Grantee its attorney fees and expenses associated with seeking the dismissal or transfer of Grantee’s suit. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO ANY TRIAL BY JURY, IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING UNDER, OUT OF, IN CONNECTION WITH, OR IN RELATION TO THE PLAN OR THIS AGREEMENT.

Section 2.7Notices

All notices, requests, consents and other communications hereunder to any party hereto shall be deemed to be sufficient if contained in a written instrument and shall be deemed to have been duly given when delivered in person, by telecopy, by nationally-recognized overnight courier, or by first class registered or certified mail, postage prepaid, addressed to such party at the address set forth below or such other address as may hereafter be designated in writing by the addressee to the addressor:

(i)if to the Corporation, to:

Rexnord Corporation

247 Freshwater Way, Suite 300

Milwaukee, WI 53204

Attention: General Counsel

(ii)if to the Grantee, to the Grantee’s home address on file with the Corporation.

Section 2.8Government and Other Regulations

The obligation to deliver shares of Common Stock under the Plan, and related dividend equivalents, shall be subject to all applicable laws, rules and regulations and the obtaining of all such approvals by governmental agencies as may be deemed necessary or desirable by the Corporation, including (without limitation) the satisfaction of all applicable federal, state and local tax withholding requirements. The Corporation shall have the power and the right to deduct or withhold, or require Grantee to remit to the Corporation, an amount sufficient to satisfy federal, state, and local taxes (including the Grantee’s FICA obligation) required by law to be withheld with respect to any taxable event arising or as a result of these Restricted Stock Units and related dividend equivalents.

Section 2.9Counterparts

This Agreement may be executed in several counterparts, including via facsimile transmission, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement.

[Signature Page to Follow]

* * * * *

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto as of the day, month and year first set forth above.

THE CORPORATION:

Rexnord Corporation

By:

Print Name:

Title:

THE GRANTEE:

Signature:

Print Name:

Grantee's Address

Grantee's Taxpayer Identification Number:

EX-21.1

Exhibit 21.1

Rexnord Corporation

List of Subsidiaries

Name	Place of Incorporation
Chase Acquisition I, Inc.	Delaware
VAG USA, LLC (f/k/a GA Industries, LLC)	Delaware
GA Industries Holdings, LLC	Delaware
Merit Gear LLC	Delaware
RBS Global, Inc	Delaware
Rexnord LLC	Delaware
The Falk Service Corporation	Delaware
Precision Gear LLC	Delaware
PT Components, Inc.	Delaware
RBS Acquisition Corporation	Delaware
RBS China Holdings, L.L.C.	Delaware
Rexnord Funding, LLC	Delaware
Rexnord Industries, LLC	Delaware
Rexnord International Inc.	Delaware
Rexnord-Zurn Holdings, Inc.	Delaware
OEI, Inc.	Delaware
OEP, Inc.	Delaware
Krikles, Inc.	Delaware
Zurco, Inc.	Delaware
Zurn International, Inc.	Delaware
Zurn Industries, LLC	Delaware
Zurn PEX, Inc.	Delaware
VAG Valves USA Inc.	Illinois
Prager Incorporated	Louisiana
Rodney Hunt-Fontaine, Inc.	Massachusetts
Fontaine USA Inc.	New Hampshire
Cline Acquisition Corp.	North Carolina
Green Turtle Americas, LTD	North Carolina
Autogard Asia Pacific Pty	Australia
Falk Australia Pty Ltd.	Australia
LWG Zurn Australia Pty Ltd.	Australia
Rexnord Australia Pty Ltd.	Australia
VAG Armaturen At GmbH	Austria
Rexnord NV	Belgium
Rexnord Brasil Sistemas de Transmissao e Movimentacao Ltda	Brazil
Rexnord do Brasil Industrial Ltda	Brazil
Filamat Composites Inc.	Canada
Green Turtle Technologies Ltd.	Canada
Rexnord Canada Ltd.	Canada
Zurn Industries Limited	Canada
Rodney Hunt-Fontaine Ltd.	Canada
Zurn Asia Holdings Ltd.	Cayman Islands
Rexnord Chile Commercial Limitada	Chile
VAG Armaturen Chile Limitada	Chile
Changzhou Rexnord Transmission Co. Ltd.	China

Falk Shanghai Co., Ltd.	China
Rexnord Conveyor Products (Wuxi) Co. Ltd.	China
Rexnord Hong Kong Holdings Ltd.	China
Rexnord Industries Enterprise Management (Shanghai) Co. Ltd.	China
Rexnord Power Transmission Products (Taicing) Co. Ltd.	China
VAG Water Systems (Taicang) Co., Ltd.	China
Jihomoravska Armaturka spol. S.r.O.	Czech Republic
Rexnord France Holdings SAS	France
Fontaine Europe SAS	France
VAG Valves France SARL (51%)	France
Rexnord GmbH	Germany
Rexnord German PT GmbH	Germany
Rexnord Kette GmbH	Germany
Rexnord M.C.C. Deutschland Kette GmbH	Germany
VAG Armaturen GmbH	Germany
VAG Holding GmbH	Germany
Euroflex Transmissions (India) Private Ltd.	India
Rexnord India Private Limited	India
VAG-Valves India (Private) Limited	India
Rexnord FlatTop Europe Srl	Italy
Rexnord Tollok Srl	Italy
VAG Valvole Italia Srl	Italy
VAG-Valves Malaysia Sdn.Bhd.	Malaysia
Valvulas VAG de Mexico, S.A. de C.V.	Mexico
Mecánica Falk S.A. de C.V.	Mexico
Rexnord Monterrey S. de R.L. de C.V.	Mexico
Rexnord Finance BV	Netherlands
Rexnord FlatTop Europe BV	Netherlands
Rexnord FlatTop Holdings B.V.	Netherlands
Rexnord I.H. B.V.	Netherlands
Rexnord Dutch One C.V.	Netherlands
Rexnord Dutch Two C.V.	Netherlands
VAG Armatura Polska Sp.Z.O.O.	Poland
OOO VAG Armaturen RUS	Russia
Rexnord Asia Pacific Pte. Ltd.	Singapore
Klamflex Pipe Couplings (Pty) Ltd	South Africa
Rexnord South Africa Pty	South Africa
Samal Investment (Pty) Ltd	South Africa
VAG Valves South Africa Pty	South Africa
Rexnord Middle East FZE	UAE
VAG-Valves Middle East FZE	UAE
Autogard Holdings Limited	UK
British Autogard Limited	UK
Fiert Holdings Limited	UK
Fontaine Holdings Limited	UK
Fontaine UK Ltd.	UK
Micro Precision Gear Technology Limited	UK
Rexnord Industries (UK) Limited	UK
VAG Valves UK Limited	UK
Falk de Venezuela, SA	Venezuela

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statement (Form S-3 No. 333-193610) of Rexnord Corporation and in the Registration Statements pertaining to the Rexnord Corporation 2006 Stock Option Plan (Form S-8 No. 333-180434) and the Rexnord Corporation 2012 Performance Incentive Plan (Form S-8 No. 333-180450) and the Rexnord LLC 401(k) Plan (Form S-8 No. 333-197444) of our reports dated May 18, 2016, with respect to the consolidated financial statements and schedule of Rexnord Corporation and the effectiveness of internal control over financial reporting of Rexnord Corporation included in this Annual Report (Form 10-K) of Rexnord Corporation for the year ended March 31, 2016.

/s/ ERNST & YOUNG LLP

Milwaukee, WI

May 18, 2016

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Todd A. Adams, President and Chief Executive Officer of Rexnord Corporation,certifies that:

1. I have reviewed this annual report on Form 10-K of Rexnord Corporation;

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

4. The registrants' other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrants and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrants' disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrants' internal control over financial reporting that occurred during the registrants' most recent fiscal quarter (the registrants' fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants' internal control over financial reporting; and

5. The registrants' other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants' auditors and the audit committee of registrants' board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants' internal control over financial reporting.

Date: May 18, 2016

By:	/s/ TODD A. ADAMS
Name:	Todd A. Adams
Title:	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Mark W. Peterson, Senior Vice President and Chief Financial Officer of Rexnord Corporation, certifies that:

1. I have reviewed this annual report on Form 10-K of Rexnord Corporation;

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

4. The registrants' other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrants and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrants' disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrants' internal control over financial reporting that occurred during the registrants' most recent fiscal quarter (the registrants' fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants' internal control over financial reporting; and

5. The registrants' other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants' auditors and the audit committee of registrants' board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants' internal control over financial reporting.

Date: May 18, 2016

By:	/s/ MARK W. PETERSON
Name:	Mark W. Peterson
Title:	Senior Vice President and Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION

Pursuant to 18 United States Code § 1350

Each of the undersigned hereby certifies that the Annual Report on Form 10-K for the fiscal year ended March 31, 2016 of Rexnord Corporation filed with the Securities and Exchange Commission on or about the date hereof fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 18, 2016

By:	/s/ TODD A. ADAMS
Name:	Todd A. Adams
Title:	President and Chief Executive Officer

Date: May 18, 2016

By:	/s/ MARK W. PETERSON
Name:	Mark W. Peterson
Title:	Senior Vice President and Chief Financial Officer

This certification accompanies the Annual Report on Form 10-K pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	May. 12, 2016	Sep. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Rexnord Corp
Entity Central Index Key	0001439288
Document Type	10-K
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		101,695,697
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,700.5

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Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2016	Mar. 31, 2015
Current assets:
Cash and cash equivalents	$ 484.6	$ 370.3
Receivables, net	317.6	336.0
Inventories, net	327.2	367.7
Other current assets	46.7	53.6
Total current assets	1,176.1	1,127.6
Property, plant and equipment, net	397.2	417.6
Intangible assets, net	520.9	587.7
Goodwill	1,193.8	1,202.3
Insurance for asbestos claims	32.0	35.0
Other assets	34.8	39.1
Total assets	3,354.8	3,409.3
Current liabilities:
Current maturities of debt	20.2	24.3
Trade payables	200.8	234.1
Compensation and benefits	54.0	53.9
Current portion of pension and postretirement benefit obligations	5.0	5.0
Other current liabilities	124.4	115.7
Total current liabilities	404.4	433.0
Long-term debt	1,899.9	1,915.7
Pension and postretirement benefit obligations	195.5	203.0
Deferred income taxes	186.0	203.3
Reserve for asbestos claims	32.0	35.0
Other liabilities	49.0	66.6
Total liabilities	2,766.8	2,856.6
Stockholders' equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued	0.0	0.0
Common stock, $0.01 par value; 200,000,000 shares authorized; shares issued: 101,435,762 at March 31, 2016 and 102,681,964 at March 31, 2015	1.0	1.0
Additional paid-in capital	856.2	885.9
Retained deficit	(129.6)	(197.5)
Accumulated other comprehensive loss	(139.0)	(130.2)
Treasury stock at cost; 0 and 900,904 shares at March 31, 2016 and March 31, 2015, respectively	0.0	(6.3)
Total Rexnord stockholders' equity	588.6	552.9
Non-controlling interest	(0.6)	(0.2)
Total stockholders' equity	588.0	552.7
Total liabilities and stockholders' equity	$ 3,354.8	$ 3,409.3

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Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Mar. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	101,435,762	102,681,964
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Treasury stock, shares outstanding	0	900,904

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Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Net sales	$ 1,923.8	$ 2,050.2	$ 2,034.3
Cost of sales	1,258.6	1,304.0	1,280.9
Gross profit	665.2	746.2	753.4
Selling, general and administrative expenses	385.7	415.1	419.1
Restructuring and other similar charges	34.9	12.9	8.4
Actuarial loss on pension and postretirement benefit obligations	12.9	59.4	2.7
Amortization of intangible assets	57.4	55.1	50.8
Income from operations	174.3	203.7	272.4
Non-operating expense:
Interest expense, net	(91.4)	(87.9)	(109.1)
Loss on the extinguishment of debt	0.0	0.0	(133.2)
Other income (expense), net	3.1	(7.2)	(15.1)
Income from continuing operations before income taxes	86.0	108.6	15.0
Provision (benefit) for income taxes	17.1	16.8	(10.0)
Net income from continuing operations	68.9	91.8	25.0
(Loss) income from discontinued operations, net of tax	(1.4)	(8.0)	4.6
Net income	67.5	83.8	29.6
Non-controlling interest loss	(0.4)	0.0	(0.6)
Net income attributable to Rexnord	$ 67.9	$ 83.8	$ 30.2
Net income per share from continuing operations:
Basic (in dollars per share)	$ 0.68	$ 0.90	$ 0.25
Diluted (in dollars per share)	0.67	0.88	0.25
Net (loss) income per share from discontinued operations:
Basic (in dollars per share)	(0.01)	(0.08)	0.05
Diluted (in dollars per share)	(0.01)	(0.08)	0.05
Net income per share attributable to Rexnord:
Basic (in dollars per share)	0.67	0.82	0.31
Diluted (in dollars per share)	$ 0.66	$ 0.80	$ 0.30
Weighted-average number of shares outstanding (in thousands):
Basic (in shares)	100,841	101,530	98,105
Effect of dilutive stock options (in shares)	2,469	3,197	3,213
Diluted (in shares)	103,310	104,727	101,318

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Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income attributable to Rexnord	$ 67.9	$ 83.8	$ 30.2
Other comprehensive income (loss):
Foreign currency translation adjustments	(10.0)	(84.3)	7.1
Unrealized loss on interest rate derivatives, net of tax	(4.3)	(10.9)	(1.7)
Change in pension and other postretirement defined benefit plans, net of tax	5.5	(11.2)	9.5
Other comprehensive (loss) income, net of tax	(8.8)	(106.4)	14.9
Non-controlling interest loss	(0.4)	0.0	(0.6)
Total comprehensive income (loss)	$ 58.7	$ (22.6)	$ 44.5

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Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions		Total	Common Stock	Additional Paid-In Capital	Retained (Deficit) Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	[1]	Non-controlling interest	[2]
Stock issued during period, shares, new issues		3,000,000
Proceeds from issuance or sale of equity		$ 73.8
Beginning balance at Mar. 31, 2013		428.5	$ 1.0	$ 784.0	$ (311.5)	$ (38.7)	$ (6.3)
Comprehensive income (loss):
Net income (loss)		29.6			$ 30.2				$ (0.6)
Foreign currency translation adjustments		7.1				$ 7.1
Unrealized loss on interest rate derivatives, net of income tax expense (benefit)		(1.7)				(1.7)
Change in pension and other post retirement defined benefit plans, net of income tax expense (benefit)		9.5				9.5
Total comprehensive income (loss)		44.5			$ 30.2	$ 14.9			$ (0.6)
Stock-based compensation expense		7.0		7.0
Issuance of equity to non-controlling interest holders		0.4							$ 0.4
Issuance of common stock, net of direct offering costs	[3]	73.8		73.8
Exercise of stock options, net of shares surrendered		2.1		2.1
Tax benefit on stock option exercises		5.8		5.8
Ending balance at Mar. 31, 2014		$ 562.1	$ 1.0	872.7	$ (281.3)	$ (23.8)	$ (6.3)		$ (0.2)
Non-controlling interest percentage		49.00%
Sale of stock, price per share		$ 25.75
Comprehensive income (loss):
Net income (loss)		$ 83.8			$ 83.8
Foreign currency translation adjustments		(84.3)				$ (84.3)
Unrealized loss on interest rate derivatives, net of income tax expense (benefit)		(10.9)				(10.9)
Change in pension and other post retirement defined benefit plans, net of income tax expense (benefit)		(11.2)				(11.2)
Total comprehensive income (loss)		(22.6)			$ 83.8	$ (106.4)
Stock-based compensation expense		6.3		6.3
Exercise of stock options, net of shares surrendered		1.1		1.1
Tax benefit on stock option exercises		5.8		5.8
Ending balance at Mar. 31, 2015		552.7	$ 1.0	885.9	$ (197.5)	$ (130.2)	$ (6.3)		$ (0.2)
Comprehensive income (loss):
Net income (loss)		67.5			$ 67.9				$ (0.4)
Foreign currency translation adjustments		(10.0)				$ (10.0)
Unrealized loss on interest rate derivatives, net of income tax expense (benefit)		(4.3)				(4.3)
Change in pension and other post retirement defined benefit plans, net of income tax expense (benefit)		5.5				5.5
Total comprehensive income (loss)		58.7			$ 67.9	$ (8.8)			$ (0.4)
Stock-based compensation expense		7.5		7.5
Common stock repurchased and canceled	[4]	(40.0)		(40.0)
Exercise of stock options, net of shares surrendered		5.1		5.1
Cancellation of treasury stock				(6.3)			$ 6.3
Tax benefit on stock option exercises		4.0		4.0
Ending balance at Mar. 31, 2016		$ 588.0	$ 1.0	$ 856.2	$ (129.6)	$ (139.0)			$ (0.6)
Comprehensive income (loss):
Treasury stock, shares, acquired		1,552,500
Treasury stock, value, acquired, cost method		$ 40.0
Treasury stock acquired, average cost per share		$ 25.76

[1] During fiscal 2016, the Company canceled all outstanding shares held in treasury stock and returned such shares to the status of authorized but unissued shares..

[2] Represents a 49% non-controlling interest in a Water Management joint venture.

[3] On February 5, 2014, the Company closed a public offering of shares of its common stock. In that offering, the Company sold 3,000,000 shares of common stock, at a public offering price of $25.75 per share for aggregate offering proceeds of $73.8 million, net of underwriting discounts and commissions and other direct costs of the offering.

[4] During fiscal 2016, the Company repurchased and canceled 1,552,500 shares of common stock at a total cost of $40.0 million at an average price of $25.76. Refer to Note 15 for additional information regarding the stock repurchase program.

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Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Statement of Stockholders' Equity [Abstract]
Unrealized gain (loss) on interest rate derivatives, income tax expense (benefit)	$ (2.6)	$ (4.2)	$ (1.0)
Change in pension and other postretirement - income tax (expense) benefit	$ (3.0)	$ 4.3	$ (4.9)

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net income	$ 67.5	$ 83.8	$ 29.6
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	58.0	57.1	56.1
Amortization of intangible assets	57.4	55.1	50.8
Amortization of deferred financing costs	2.0	2.1	2.6
Non-cash asset impairment	17.5	0.0	0.0
Loss on dispositions of property, plant and equipment	0.6	3.0	2.3
Deferred income taxes	(13.9)	(36.9)	(27.6)
Non-cash charge for disposal of discontinued operations	1.5	9.7	0.0
Actuarial loss on pension and post retirement benefit obligations	12.9	59.4	2.7
Other non-cash charges (credits)	9.6	(9.8)	(0.1)
Loss on extinguishment of debt	0.0	0.0	133.2
Stock-based compensation expense	7.5	6.4	7.0
Changes in operating assets and liabilities:
Receivables	1.5	6.1	(11.3)
Inventories	37.7	(15.2)	(11.3)
Other assets	7.5	0.1	(6.8)
Accounts payable	(32.4)	3.7	26.0
Accruals and other	(15.9)	21.3	(62.4)
Cash provided by operating activities	219.0	245.9	190.8
Investing activities
Expenditures for property, plant and equipment	(52.1)	(48.8)	(52.2)
Acquisitions, net of cash acquired	1.1	(138.2)	(112.0)
Proceeds from dispositions of property, plant and equipment	5.8	0.5	0.4
Proceeds from divestiture, net of cash	0.0	9.2	0.0
Cash used for investing activities	(45.2)	(177.3)	(163.8)
Financing activities
Proceeds from borrowings of debt	0.9	0.1	1,935.1
Repayments of long-term debt	(19.5)	(19.8)	(1,948.4)
Proceeds from borrowings of short-term debt	0.0	11.5	13.5
Repayments of short-term debt	(5.9)	(16.1)	(165.6)
Payment of deferred financing fees	(0.9)	0.0	(17.1)
Payment of tender premium	0.0	0.0	(109.9)
Proceeds from issuance of common stock, net of direct offering costs	0.0	0.0	73.8
Proceeds from exercise of stock options	5.1	1.1	2.1
Third party investment in non-controlling interest	0.0	0.0	0.4
Repurchase of Company common stock	(40.0)	0.0	0.0
Excess tax benefit on exercise of stock options	4.0	5.8	5.8
Cash used for financing activities	(56.3)	(17.4)	(210.3)
Effect of exchange rate changes on cash and cash equivalents	(3.2)	(19.9)	(1.8)
Increase (decrease) in cash and cash equivalents	114.3	31.3	(185.1)
Cash and cash equivalents at beginning of period	370.3	339.0	524.1
Cash and cash equivalents at end of period	$ 484.6	$ 370.3	$ 339.0

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Basis of Presentation and Description of Business

12 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Description of Business

Basis of Presentation and Description of Business

The consolidated financial statements included herein have been prepared by Rexnord Corporation (“Rexnord” or the "Company"), in accordance with accounting principles generally accepted in the United States ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the consolidated financial statements include all adjustments necessary for a fair presentation of the financial position and the results of operations for the periods presented.    

The Company

Rexnord is a growth-oriented, multi-platform industrial company with what it believes to be leading market shares and highly-trusted brands that serve a diverse array of global end markets. The Company's heritage of innovation and specification have allowed it to provide highly-engineered, mission-critical solutions to customers for decades and affords the privilege of having long-term, valued relationships with market leaders. The Company operates in a disciplined way and its Rexnord Business System (“RBS”) is the operating philosophy. Grounded in the spirit of continuous improvement, RBS creates a scalable, process-based framework that focuses on driving superior customer satisfaction and financial results by targeting world-class operating performance throughout all aspects of its business.

The Process & Motion Control platform designs, manufactures, markets and services a comprehensive range of specified, highly-engineered mechanical components used within complex systems where our customers' reliability requirements and costs of failure or downtime are high. The Process & Motion Control portfolio includes motion control products, shaft management products, aerospace components, and related value-added services.

The Water Management platform designs, procures, manufactures, and markets products that provide and enhance water quality, safety, flow control and conservation. The Water Management product portfolio includes professional grade water control and safety, water distribution and drainage, finish plumbing, and site works products for primarily nonresidential buildings and flow control products for water and wastewater treatment infrastructure markets.

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Significant Accounting Policies

12 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Significant Accounting Policies

Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Reclassifications

Certain prior year amounts have been reclassified to conform to the fiscal 2016 presentation.

Revenue Recognition

Net sales are recorded upon transfer of title and risk of product loss to the customer. Net sales relating to any particular shipment are based upon the amount invoiced for the delivered goods less estimated future rebate payments and sales returns which are based upon the Company’s historical experience. Revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. The value of returned goods during the years ended March 31, 2016, 2015 and 2014 was approximately 1.0% or less of net sales. Other than a standard product warranty, there are no post-shipment obligations.

The Company classifies shipping and handling fees billed to customers as net sales and the corresponding costs are classified as cost of sales in the consolidated statements of operations.

Stock-Based Compensation

The Company accounts for stock based compensation in accordance with Accounting Standards Codification ("ASC") 718, Accounting for Stock Compensation ("ASC 718"). ASC 718 requires compensation costs related to stock-based payment transactions to be recognized in the financial statements. Generally, compensation cost is measured based on the grant-date fair value of the equity instruments issued. Compensation cost is recognized over the requisite service period, generally as the awards vest. See further discussion of the Company’s equity plans in Note 15, Stock-Based Compensation.

Per Share Data

Basic net income (loss) per share from continuing and discontinued operations is computed by dividing net income from continuing operations and (loss) income from discontinued operations, respectively, by the corresponding weighted average number of common shares outstanding for the period. Diluted net income (loss) per share from continuing and discontinued operations is computed based on the weighted average number of common shares outstanding increased by the number of incremental shares that would have been outstanding if the potential dilutive shares were issued through the exercise of outstanding stock options to purchase common shares, except when the effect would be anti-dilutive. The computation for diluted net income per share for the fiscal year ended March 31, 2016, 2015 and 2014 excludes 2,896,640, 1,268,623 and 1,278,316 shares due to their anti-dilutive effects, respectively.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less to be cash and cash equivalents.

Receivables

Receivables are stated net of allowances for doubtful accounts of $8.9 million at March 31, 2016 and $16.8 million at March 31, 2015. The Company evaluates the collectability of its receivables and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances and historical write-off experience. Credit is extended to customers based upon an evaluation of their financial position. Generally, advance payment is not required. Allowances for doubtful accounts established are recorded within Selling, general and administrative expenses within the consolidated statements of operations.

Significant Customers

The Company’s largest customer accounted for 8.4%, 8.9% and 7.8% of consolidated net sales for the years ended March 31, 2016, 2015 and 2014, respectively. Receivables related to this Process & Motion Control industrial distributor at March 31, 2016 and 2015 were $8.1 million and $10.2 million, respectively.

Inventories

Inventories are comprised of material, direct labor and manufacturing overhead, and are stated at the lower of cost or market. Market is determined based on estimated net realizable values. Approximately 64% of the Company’s total inventories as of both March 31, 2016 and 2015 were valued using the “last-in, first-out” (LIFO) method. All remaining inventories are valued using the “first-in, first-out” (FIFO) method.

In some cases, the Company has determined a certain portion of inventories are excess or obsolete. In those cases, the Company writes down the value of those inventories to their net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are more or less favorable than those projected by management, adjustments to established inventory reserves may be required. The total write-down of inventories charged to expense was $9.5 million, $5.2 million and $3.8 million, during fiscal 2016, 2015 and 2014, respectively.

Property, Plant and Equipment

Property, plant and equipment are stated at cost. Depreciation is provided using the straight-line method over 10 to 30 years for buildings and improvements, 5 to 10 years for machinery and equipment and 3 to 5 years for computer hardware and software. Where appropriate, the depreciable lives of certain assets may be adjusted to reflect a change in the use of those assets, or depreciation may be accelerated in the case of an eventual asset disposal. Maintenance and repair costs are expensed as incurred.

Goodwill and Intangible Assets

Intangible assets consist of acquired trademarks and tradenames, customer relationships (including distribution network) and patents. The customer relationships, patents, and certain tradenames are being amortized using the straight-line method over their estimated useful lives of 3 to 20 years, 3 to 15 years, and 3 to 10 years, respectively. Goodwill, trademarks and certain tradenames have indefinite lives and are not amortized. However, the goodwill and intangible assets are tested annually for impairment using a discounted cash flow and market value approach analysis and may be tested more frequently if any triggering events occur that would reduce the recoverability of the asset.

Impairment of Long-Lived Assets

The carrying value of long-lived assets, including amortizable intangible assets and tangible fixed assets, are evaluated for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment of amortizable intangible assets and tangible fixed assets is generally determined by comparing projected undiscounted cash flows to be generated by the asset, or group of assets, to its carrying value. If impairment is identified, a loss is recorded equal to the excess of the asset's net book value over its fair value, and the cost basis is adjusted. Determination of the fair value requires various estimates including internal cash flow estimates generated from the asset, quoted market prices and appraisals as appropriate to determine fair value. Actual results could vary from these estimates.

Product Warranty

The Company offers warranties on the sales of certain of its products and records an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims. The following table presents changes in the Company’s product warranty liability during each of the periods presented (in millions):

	Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014
Balance at beginning of period	$	6.8		$	8.0		$	7.7
Acquired obligations	—			—			0.2
Charged to operations	2.8			1.8			3.9
Claims settled	(2.8		)	(3.0		)	(3.8		)
Balance at end of period	$	6.8		$	6.8		$	8.0

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes (“ASC 740”). Deferred income taxes are provided for future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, net operating losses, tax credits and other applicable carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be actually paid or recovered. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of continuing operations in the period that includes the date of enactment.

The Company regularly reviews its deferred tax assets for recoverability and provides a valuation allowance against its deferred tax assets if, based upon consideration of all positive and negative evidence, the Company determines that it is more-likely-than-not that a portion or all of the deferred tax assets will ultimately not be realized in future tax periods. Such positive and negative evidence would include review of historical earnings and losses, anticipated future earnings, the time period over which the temporary differences and carryforwards are anticipated to reverse and implementation of feasible, prudent tax planning strategies.

The Company is subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in determining the Company's worldwide provision for income taxes and recording the related deferred tax assets and liabilities. In the ordinary course of the Company's business, there is inherent uncertainty in quantifying the ultimate tax outcome of all of the numerous transactions and required calculations relating to the Company's tax positions. Accruals for unrecognized tax benefits are provided for in accordance with the requirements of ASC 740. An unrecognized tax benefit represents the difference between the recognition of benefits related to uncertain tax positions for income tax reporting purposes and financial reporting purposes. The Company has established a reserve for interest and penalties, as applicable, for uncertain tax positions and it is recorded as a component of the overall income tax provision.

The Company is subject to periodic income tax examinations by domestic and foreign income tax authorities. Although the outcome of income tax examinations is always uncertain, the Company believes that it has appropriate support for the positions taken on its income tax returns and has adequately provided for potential income tax assessments. Nonetheless, the amounts ultimately settled relating to issues raised by the taxing authorities may differ materially from the amounts accrued for each year.

See Note 17, Income Taxes, for additional information.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss, net of tax, for the fiscal years ending March 31, 2016, 2015 and 2014 are as follows (in millions):

	Interest Rate Derivatives			Foreign Currency Translation			Pension and Postretirement Plans			Total
Balance April 1, 2013	—			0.7			(39.4		)	(38.7		)
Other comprehensive (loss) income before reclassifications	(1.7		)	7.1			10.5			15.9
Amounts reclassified from accumulated other comprehensive loss	—			—			(1.0		)	(1.0		)
Net current period other comprehensive (loss) income	(1.7		)	7.1			9.5			14.9
Balance at March 31, 2014	(1.7		)	7.8			(29.9		)	(23.8		)
Other comprehensive loss before reclassifications	(10.9		)	(84.3		)	(14.1		)	(109.3		)
Amounts reclassified from accumulated other comprehensive loss	—			—			2.9			2.9
Net current period other comprehensive loss	(10.9		)	(84.3		)	(11.2		)	(106.4		)
Balance at March 31, 2015	$	(12.6	)	$	(76.5	)	$	(41.1	)	$	(130.2	)
Other comprehensive (loss) income before reclassifications	(4.3		)	(10.0		)	6.7			(7.6		)
Amounts reclassified from accumulated other comprehensive loss	—			—			(1.2		)	(1.2		)
Net current period other comprehensive (loss) income	(4.3		)	(10.0		)	5.5			(8.8		)
Balance at March 31, 2016	$	(16.9	)	$	(86.5	)	$	(35.6	)	$	(139.0	)

The following table summarizes the amounts reclassified from accumulated other comprehensive loss to net income during the fiscal years ending March 31, 2016, 2015 and 2014 (in millions):

Pension and postretirement plans	Year Ending March 31, 2016			Year Ending March 31, 2015			Year Ending March 31, 2014			Income Statement Line Item
Amortization of prior service credit	$	(1.9	)	$	(1.7	)	$	(1.7	)	Selling, general and administrative expenses
Lump Sum Settlement	—			6.5			—			Actuarial loss on pension and postretirement benefit obligations
Provision (benefit) for income taxes	0.7			(1.9		)	0.7
Total, net of income taxes	$	(1.2	)	$	2.9		$	(1.0	)

Derivative Financial Instruments

The Company is exposed to certain financial risks relating to fluctuations in foreign currency exchange rates and interest rates. The Company selectively uses foreign currency forward contracts and interest rate derivatives to manage its foreign currency and interest rate risks. All hedging transactions are authorized and executed pursuant to defined policies and procedures which prohibit the use of financial instruments for speculative purposes.

The Company accounts for derivative instruments in accordance with ASC 815, Accounting for Derivative Instruments and Hedging Activities (“ASC 815”). ASC 815 requires companies to recognize all of its derivative instruments as either assets or liabilities in the balance sheet at fair value. Fair value is defined under ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative instrument has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. As of March 31, 2016 and 2015, the Company had forward-starting interest rate swaps and interest rate caps on its variable rate term debt that are designated and qualify as hedging instruments. For the derivative instruments designated and qualifying as effective hedging instruments under ASC 815, the changes in the fair value of the effective portion of the instrument are recognized in accumulated other comprehensive loss whereas any changes in the fair value of a derivative instrument that is not designated or does not qualify as an effective hedge are recorded in other non-operating expense. See Note 12, Derivative Financial Instruments, for further information regarding the classification and accounting.

Financial Instrument Counterparties

The Company is exposed to credit losses in the event of non-performance by counterparties to its financial instruments. The Company anticipates, however, that counterparties will be able to fully satisfy their obligations under these instruments. The Company places cash and temporary investments and foreign currency and interest rate swap and cap contracts with various high-quality financial institutions. Although the Company does not obtain collateral or other security to support these financial instruments, it does periodically evaluate the credit-worthiness of each of its counterparties.

Foreign Currency Translation

Assets and liabilities of subsidiaries operating outside of the United States with a functional currency other than the U.S. dollar are translated into U.S. dollars using exchange rates at the end of the respective period. Revenues and expenses of such entities are translated at average exchange rates in effect during the respective period. Foreign currency translation adjustments are included as a component of accumulated other comprehensive loss. Currency transaction losses are included in other expense, net in the consolidated statements of operations and totaled $3.0 million, $1.5 million and $3.9 million for the years ended March 31, 2016, 2015 and 2014, respectively.

Advertising Costs

Advertising costs are charged to selling, general and administrative expenses on the consolidated statements of operations as incurred and amounted to $9.2 million, $10.4 million, and $9.6 million for the years ended March 31, 2016, 2015 and 2014, respectively.

Research, Development and Engineering Costs

Research, development and engineering costs are charged to selling, general and administrative expenses on the consolidated statements of operations as incurred and for the years ended March 31, 2016, 2015 and 2014 amounted to the following (in millions):

	Year Ended March 31, 2016		Year Ended March 31, 2015		Year Ended March 31, 2014
Research and development costs	$	12.4	$	12.8	$	13.0
Engineering costs	24.8		26.0		28.4
Total	$	37.2	$	38.8	$	41.4

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and temporary investments, forward currency contracts and trade accounts receivable.

Recent Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual and interim periods beginning in 2017 with early adoption permitted. The Company is evaluating the impact of the adoption of ASU 2016-09 on its consolidated financial statements.

In February 2015, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02''), which requires management to recognize lease assets and lease liabilities by lessees for all operating leases on the consolidated balance sheets. ASU 2016-02 is effective for the Company's fiscal 2019 and interim periods included therein on a modified retrospective basis. The Company is currently evaluating the impact this guidance will have on its financial statements upon adoption.    

In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). ASU 2015-17 changes how deferred taxes are classified on the balance sheet, eliminating the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. ASU 2015-17 is effective for fiscal years and interim periods within those years beginning after December 15, 2016. The Company elected to early adopt ASU 2015-17 for fiscal 2016 on a retrospective basis in order to enhance comparability. Accordingly, the Company has presented prior period amounts for deferred income taxes in a manner that conforms to the current period presentation.

In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805) Simplifying the Accounting for Measurement-Period Adjustments ("ASU 2015-16"), which removes the requirement to restate prior periods to reflect adjustments made to provisional amounts. Rather, adjustments to the provisional amounts are to be recognized in the reporting period in which the adjustments are recognized. The adjustments related to previous reporting periods since the acquisition date must be disclosed by income statement line item either on the face of the income statement or in the notes. As permitted by ASU 2015-16, the Company elected to early adopt this guidance beginning in the second quarter of fiscal 2016 with no material impact to the financial statements or related notes thereto.

In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory ("ASU 2015-11"). ASU 2015-11 requires inventory to be measured at the lower of cost and net realizable value, which is defined as the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. Under existing guidance, net realizable value is one of several calculations needed to measure inventory at lower of cost or market and as such, the new guidance reduces the complexity in measurement. ASU 2015-11 is effective for the Company's first quarter of fiscal year 2018, with early adoption is permitted, and must be applied prospectively. The Company is currently evaluating the impact of the adoption of this requirement on the consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement of debt issuance costs is not affected by the amendments in this update. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015 and is required to be applied retrospectively to all prior periods presented. As permitted by ASU 2015-03, the Company elected to early adopt this guidance beginning with the first quarter of fiscal 2016, which resulted in the reclassification of $10.5 million of unamortized debt issuance costs from other assets to long-term debt on the consolidated balance sheets as of March 31, 2015. Refer to Note 11, Long-Term Debt for additional discussion regarding debt instruments and related classification.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09")in order to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The guidance specifies revenue should be recognized in the amount that reflects the consideration the company expects to be entitled to in exchange for the transfer of promised goods or services to customers. ASU 2014-09 will be effective for the Company in the first quarter of fiscal 2019 and allows for full retrospective adoption applied to all periods presented or retrospective adoption with the cumulative effect of initially applying this update recognized at the date of initial application. The Company is currently evaluating the method of adoption and the potential impact adoption will have on its consolidated financial statements.

In the first quarter of 2016, the Company adopted FASB ASU No. 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"), which changes the criteria for reporting discontinued operations. ASU 2014-08 allows only disposals representing a strategic shift in operations to be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations, as well as pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. As this guidance is a prospective change, the significance of ASU 2014-08 for the Company is dependent on any future dispositions or disposals.

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Acquisitions

12 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

Acquisitions

Acquisitions

The purchase price for the below transactions is stated net of cash acquired and excludes transaction costs.

Fiscal Year 2015

On January 12, 2015, the Company acquired Euroflex Transmissions (India) Private Limited ("Euroflex") for a cash purchase price of $76.0 million. Euroflex, based in Hyderabad, India, is a supplier of high performance disc couplings used in power generation, gas compression and industrial process machinery applications.  The acquisition of Euroflex added complementary product lines to the Company's existing Process & Motion Control platform.

On October 30, 2014, the Company acquired Tollok S.p.A. ("Tollok"), a supplier of highly engineered shaft locking devices for the power generation and process industries, as well as general industrial applications. The purchase price was $39.2 million, which was comprised of $33.4 million that was paid at closing, $3.4 million of deferred purchase price payable in fiscal 2017 and additional consideration, not to exceed $3.8 million, in 2 years following the acquisition. Cash payments made after the acquisition date are settled in Euros based on prevailing exchange rates at the time of payment. Tollok, based in Ferrara, Italy, added complementary product lines to the Company's existing Process & Motion Control platform.

On April 15, 2014, the Company acquired Green Turtle Technologies Ltd., Green Turtle Americas Ltd. and Filamat Composites Inc. (collectively "Green Turtle") for a total cash purchase price of $27.7 million. Green Turtle, based in Toronto, Ontario, and Charlotte, North Carolina, is a manufacturer of branded fiberglass oil and grease separators and traps. This acquisition broadened the product portfolio of the Company's existing Water Management platform.

The Company's results of operations include the acquired operations subsequent to the respective acquisition dates. The acquisitions of Green Turtle, Tollok and Euroflex were not material to the Company’s consolidated financial statements. Pro-forma results of operations and certain other U.S. GAAP disclosures related to the acquisitions during the fiscal year ended March 31, 2015 have not been presented because they are not significant to the Company's consolidated statements of operations and financial position.

The fiscal 2015 acquisitions were accounted for as business combinations and recorded by allocating the purchase price of the acquisitions to the fair value of the assets acquired and liabilities assumed at the respective acquisition date. The excess of the acquisition purchase price over the fair value assigned to the assets acquired and liabilities assumed was recorded as goodwill. During the twelve months ended March 31, 2016, the Company adjusted the purchase price allocation by reducing goodwill by $4.8 million in connection with the finalization of Euroflex and Tollok acquisition date working capital, refinement of the fair value assigned to acquired intangible assets and establishment of income tax positions within the opening balance sheet. After incorporating the changes described above, the purchase price allocation resulted in non-tax deductible goodwill of $69.9 million, other intangible assets of $71.4 million and other net assets of $1.6 million.     

Fiscal Year 2014

On December 16, 2013, the Company acquired Precision Gear Holdings, LLC (“PGH”) for a total cash purchase price of $77.1 million. PGH has two operating subsidiaries, Merit Gear LLC (“Merit Gear”), located in Antigo, Wisconsin, and Precision Gear LLC (“Precision Gear”), located in Twinsburg, Ohio. Merit Gear is a build-to-print manufacturer of high-quality gearing and specialized gearboxes primarily for the North American oil and gas market, along with other diversified industrial markets. Precision Gear is a leading manufacturer of highly specialized gears primarily serving the aerospace market, along with various other industrial markets. This acquisition was complementary to the Company's existing Process & Motion Control product portfolio.

On August 30, 2013, the Company acquired certain assets of L.W. Gemmell ("LWG") for a total cash purchase price of $8.2 million. LWG, based in Australia, is a distributor of non-residential plumbing products. A portion of LWG's historical sales were from existing Water Management product lines. As such, the acquisition provided the Company with additional product offerings and the opportunity to expand its international presence through a more direct ownership structure.

On August 21, 2013, the Company acquired certain assets of Micro Precision Gear Technology Limited ("Micro Precision") for a total cash purchase price of $22.2 million. Micro Precision, based in the United Kingdom, is a built-to-print manufacturer of specialty gears and electric motor components primarily sold to the aerospace market. This acquisition expanded the Company's existing Process & Motion Control product offerings and its presence in Europe.

On April 26, 2013, the Company acquired Klamflex Pipe Couplings Ltd. ("Klamflex") for a total cash purchase price of $4.5 million. Klamflex, based in South Africa, is a manufacturer of pipe couplings, flange adapters, dismantling joints and repair clamps. This acquisition broadened the product portfolio of the Company's existing Water Management platform and expanded the Company's global presence.

The Company's results of operations include the acquired operations subsequent to the respective acquisition dates. The acquisitions of PGH, LWG, Micro Precision and Klamflex were not material to the Company’s consolidated financial statements, either individually or in the aggregate. Pro-forma results of operations and certain other U.S. GAAP disclosures related to the acquisitions during the fiscal year ended March 31, 2014 have not been presented because they are not significant to the Company's consolidated statements of operations and financial position, either individually or in the aggregate.

The fiscal year 2014 acquisitions were accounted for as business combinations and recorded by allocating the purchase price of the acquisitions to the fair value of the assets acquired and liabilities assumed at the respective acquisition dates. The excess of the acquisition purchase prices over the fair value assigned to the assets acquired and liabilities assumed was recorded as goodwill. During fiscal 2015, the Company adjusted the preliminary allocations for the Micro Precision and PGH purchase prices in connection with finalizing the valuation of each businesses' tradenames and the time period each tradename will be utilized by the Company post-acquisition. The opening balance sheet has been adjusted to reflect these changes, which included an increase to goodwill of $1.8 million and a net decrease to intangible assets of $1.8 million. The amortization expense recognized in historical periods was not materially impacted as a result of the adjustments to the purchase price allocations. The final aggregate purchase price allocation of these acquisitions resulted in goodwill of $26.7 million ($24.6 million of tax deductible goodwill), other intangible assets of $23.3 million, property, plant and equipment of $36.7 million and other net assets of $25.3 million.

During fiscal 2014, the Company also established a new French sales office in its Water Management platform to expand its European water and wastewater market presence via a joint venture between the Company and six external sales associates. The Company contributed an immaterial amount of capital to the joint venture. As the Company has a 51% ownership stake and is deemed to have significant control over the new legal entity, the financial statements of the new joint venture have been wholly consolidated in accordance with ASC 810, Consolidations.  The remaining 49% of the joint venture that is not owned by the Company has been presented as a non-controlling interest throughout the consolidated financial statements.

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Discontinued Operations

12 Months Ended

Mar. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

As indicated in Note 2 Significant Accounting Policies, the Company adopted ASU 2014-08 effective April 1, 2015. Prior to the adoption of this guidance, in fiscal 2015 the Company ceased all operations related to its former Mill Products business, which conducted its operations in the United States and Australia and was a component of the Process & Motion Control operating segment. As a result, the Company met the criteria to present this business as a discontinued operation in accordance with the authoritative guidance. Accordingly, the results of operations of the Mill Products business are reported as discontinued operations in the consolidated statements of operations for all periods presented. The corresponding assets and liabilities related to the prior period were reclassified in accordance with authoritative literature and classified as assets held for sale for all periods presented in the consolidated balance sheets. The consolidated statements of cash flows for the fiscal years ended March 31, 2016, 2015 and 2014 have not been adjusted to separately disclose cash flows related to discontinued operations.

The following table summarizes the results of the Mill Products business included within (loss) income from discontinued operations, net of tax on the consolidated statements of operations (in millions):

	Year Ended
	March 31, 2016			March 31, 2015			March 31, 2014
Net sales	$	—		$	34.1		$	47.7
(Loss) income from operations before income taxes	(2.2		)	(10.9		)	7.2
(Benefit) provision for income taxes	(0.8		)	(2.9		)	2.6
Net (loss) income from discontinued operations	$	(1.4	)	$	(8.0	)	$	4.6
Net (loss) income per share from discontinued operations:
Basic	$	(0.01	)	$	(0.08	)	$	0.05
Diluted	$	(0.01	)	$	(0.08	)	$	0.05

In exiting the Mill Products business in fiscal 2015, the Company agreed to sell certain assets associated with the business for aggregate cash consideration of approximately $9.2 million and the remaining assets and liabilities of the discontinued operation were adjusted to reflect their net realizable value. As of March 31, 2015, included as Other current assets on the consolidated balance sheets was $2.6 million of long-lived assets. The exit of Mill Products resulted in the Company recording a net charge of $9.7 million, consisting of a $3.8 million impairment loss associated with property, plant and equipment, $4.1 million impairment of goodwill allocated to the discontinued operation and other exit related costs of $1.8 million.

During fiscal 2016, the Company disposed most of the assets originally classified as Other current assets on the consolidated balance sheets. However, after actively marketing the assets and not being able to find a buyer, the remaining assets were written off, contributing to the loss from discontinued operations noted above.

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Restructuring and Other Similar Charges

12 Months Ended

Mar. 31, 2016

Restructuring and Related Activities [Abstract]

Restructuring and Other Similar Charges

Restructuring and Other Similar Charges

During fiscal 2016, the Company continued to execute various restructuring actions. These initiatives were implemented to drive efficiencies and reduce operating costs while also modifying the Company's footprint to reflect changes in the markets it serves, the impact of acquisitions on the Company's overall manufacturing capacity and the refinement of its overall product portfolio. These restructuring actions primarily resulted in workforce reductions, impairment of related manufacturing facilities, equipment and intangible assets, lease termination costs, and other facility rationalization costs. Management expects to continue executing initiatives to optimize its operating margin and manufacturing footprint as well as select product-line rationalizations. As such, the Company expects further expenses related to workforce reductions, potential impairment of assets, lease termination costs, and other facility rationalization costs. The Company's restructuring plans are preliminary and related expenses are not yet estimable.

The following table summarizes the Company's restructuring and other similar costs incurred during the years ended March 31, 2016, 2015 and 2014 by classification of operating segment (in millions):

	Year Ended March 31, 2016
	Process & Motion Control		Water Management		Corporate		Consolidated
Severance costs	$	10.8	$	4.2	$	0.3	$	15.3
Asset impairment charges (1)	1.0		16.5		—		$	17.5
Lease termination and other costs	0.5		1.6		—		2.1
Total restructuring and other similar costs	$	12.3	$	22.3	$	0.3	$	34.9
	Year Ended March 31, 2015
	Process & Motion Control		Water Management		Corporate		Consolidated
Severance costs	$	7.6	$	3.3	$	—	$	10.9
Lease termination and other costs	1.2		0.8		—		2.0
Total restructuring and other similar costs	$	8.8	$	4.1	$	—	$	12.9
	Year Ended March 31, 2014
	Process & Motion Control		Water Management		Corporate		Consolidated
Severance costs	$	3.3	$	2.0	$	0.8	$	6.1
Lease termination and other costs	1.6		0.7		—		2.3
Total restructuring and other similar costs	$	4.9	$	2.7	$	0.8	$	8.4
	Restructuring Costs To-date (Period from April 1, 2013 to March 31, 2016)
	Process & Motion Control		Water Management		Corporate		Consolidated
Severance costs	$	21.7	$	9.5	$	1.1	$	32.3
Asset impairment charges	1.0		16.5		—		$	17.5
Lease termination and other costs	3.3		3.1		—		6.4
Total restructuring and other similar costs	$	26.0	$	29.1	$	1.1	$	56.2

(1) In connection with the fiscal 2016 footprint optimization initiatives and the decision to exit the non-strategic Rodney Hunt® Fontaine® (“RHF”) flow control gate product line, the Company recognized impairment charges associated with related fixed assets and intangible assets of $6.6 million and $10.9 million, respectively.  The impairment of fixed assets was determined utilizing independent appraisals of the assets, classified as Level 3 inputs within the Fair Value hierarchy.  Refer to Note 13 for additional information.  Following the Company’s decision to exit the RHF product line, the Company deemed certain intangible assets associated with the RHF tradename, customer relationships and patents had no future value resulting in impairment charges of $10.4 million, $0.3 million and $0.2 million, respectively.    

The Company evaluated the requirements for held-for-sale and discontinued operations presentation in connection with the decision to exit its flow-control gate product line and determined the product line did not meet the definition provided within the authoritative literature of held for sale or discontinued operations. Pre-tax loss from operations associated with this non-strategic exit of the RHF product-line were as follows in each of the last three fiscal years:

Years ending March 31,	Pre-tax Loss			Description
2016	$	(43.1	)	Includes asset impairments described above and other restructuring charges (primarily severance costs) of $16.5 million and $2.9 million, respectively
2015	(14.0		)	Includes other restructuring charges (primarily severance costs) of $2.2 million
2014	(10.1		)	Includes other restructuring charges of (primarily severance costs) $0.3 million

The following table summarizes the activity in the Company's accrual for restructuring costs for the fiscal years ended March 31, 2016 and 2015 (in millions):

	Severance Costs			Asset impairment charges			Lease Termination and Other Costs			Total
Accrued Restructuring Costs, March 31, 2014	$	3.4		$	—		$	0.4		$	3.8
Charges	10.9			—			2.0			12.9
Cash payments	(7.6		)	—			(1.3		)	(8.9		)
Non-cash charges	—			—			(0.8		)	(0.8		)
Accrued Restructuring Costs, March 31, 2015 (1)	6.7			—			0.3			7.0
Charges	15.3			17.5			2.1			34.9
Cash payments	(11.5		)	—			(2.1		)	(13.6		)
Non-cash charges	—			(17.5		)	—			(17.5		)
Accrued Restructuring Costs, March 31, 2016 (1)	$	10.5		$	—		$	0.3		$	10.8

(1) The restructuring accrual is included in Other current liabilities on the consolidated balance sheets.

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Recovery Under Continued Dumping and Subsidy Offset Act ("CDSOA")

12 Months Ended

Mar. 31, 2016

Other Income and Expenses [Abstract]

Recovery Under Continued Dumping and Subsidy Offset Act (“CDSOA”)

Recovery Under Continued Dumping and Subsidy Offset Act (“CDSOA”)

The Company, as a producer of ball bearing products in the U.S., participated in the distribution of monies collected by Customs and Border Protection (“CBP”) from anti-dumping cases under the CDSOA. Through its participation the Company provided relevant information to CBP regarding historical manufacturing, personnel and development costs for previous calendar years. In February 2006, U.S. legislation was enacted that ended CDSOA distributions to U.S. manufacturers for imports covered by anti-dumping duty orders entering the U.S. after September 30, 2007. Because monies were collected by CBP until September 30, 2007 and for prior year entries, the Company has received periodic recoveries.

In connection with this program, beginning in 2006, CBP began to withhold amounts that would have otherwise been distributed as a result of pending litigation challenging past and future distributions and the administrative operation of the law. Beginning in fiscal 2013, CBP began to distribute these withheld funds to domestic producers. In connection with the distribution of these withheld funds, the Company recorded $8.4 million of income during fiscal 2016. The Company did not receive any distributions in fiscal 2015 or 2014. CDSOA recoveries are recorded within Other income (expense), net on the consolidated statements of operations for each respective fiscal year. As a result of still pending litigation, the Company cannot reasonably estimate the amount of CDSOA payments, if any, that it may receive in future years and/or whether it will be required to repay any previously received distributions.

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Inventories

12 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Inventories

Inventories

The major classes of inventories are summarized as follows (in millions):

	March 31,
	2016		2015
Finished goods	$	148.4	$	168.5
Work in progress	55.3		70.7
Purchased components	67.6		69.9
Raw materials	49.3		52.8
Inventories at First-in, First-Out ("FIFO") cost	320.6		361.9
Adjustment to state inventories at Last-in, First-Out ("LIFO") cost	6.6		5.8
	$	327.2	$	367.7

Certain prior year balances have been reclassified to conform to the current period presentations.

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Property, Plant and Equipment

12 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment, net is summarized as follows (in millions):

	March 31,
	2016			2015
Land	$	31.2		$	33.5
Buildings and improvements	210.8			217.7
Machinery and equipment	401.0			388.2
Hardware and software	65.4			61.5
Construction in-progress	37.6			25.9
	746.0			726.8
Less accumulated depreciation	(348.8		)	(309.2		)
	$	397.2		$	417.6

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Goodwill and Intangible Assets

12 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The changes in the net carrying value of goodwill and identifiable intangible assets for the years ended March 31, 2016 and 2015 by operating segment, are presented below (in millions):

							Amortizable Intangible Assets
	Goodwill			Indefinite Lived Intangible Assets			Trade-Names			Customer Relationships			Patents			Total Identifiable Intangible Assets Excluding Goodwill
Process & Motion Control
Net carrying amount as of March 31, 2014	$	904.0		$	197.6		$	1.9		$	94.4		$	3.7		$	297.6
Acquisitions	54.7			—			5.2			51.6			—			56.8
Purchase price allocation adjustments (1)	1.8			(3.1		)	1.3			—			—			(1.8		)
Amortization	—			—			(1.0		)	(31.0		)	(1.2		)	(33.2		)
Currency translation adjustment and other (2)	(10.6		)	(1.6		)	(0.1		)	(2.0		)	—			(3.7		)
Net carrying amount as of March 31, 2015	$	949.9		$	192.9		$	7.3		$	113.0		$	2.5		$	315.7
Purchase price allocation adjustments (1)	(4.8		)	—			4.2			—			—			4.2
Amortization	—			—			(1.7		)	(32.9		)	(1.2		)	(35.8		)
Currency translation adjustment and other	(2.7		)	(2.2		)	(0.7		)	(1.1		)	0.6			(3.4		)
Net carrying amount as of March 31, 2016	$	942.4		$	190.7		$	9.1		$	79.0		$	1.9		$	280.7
Water Management
Net carrying amount as of March 31, 2014	$	246.7		$	140.8		$	—		$	147.0		$	7.2		$	295.0
Acquisitions	20.0			—			1.6			7.3			1.5			10.4
Amortization	—			—			(0.2		)	(19.4		)	(2.3		)	(21.9		)
Currency translation adjustment and other	(14.3		)	(5.6		)	—			(5.8		)	(0.1		)	(11.5		)
Net carrying amount as of March 31, 2015	$	252.4		$	135.2		$	1.4		$	129.1		$	6.3		$	272.0
Amortization	—			—			(0.3		)	(19.2		)	(2.1		)	(21.6		)
Currency translation adjustment and other (3)	(1.0		)	(10.2		)	(0.5		)	(0.1		)	0.6			(10.2		)
Net carrying amount as of March 31, 2016	$	251.4		$	125.0		$	0.6		$	109.8		$	4.8		$	240.2
Consolidated
Net carrying amount as of March 31, 2014	$	1,150.7		$	338.4		$	1.9		$	241.4		$	10.9		$	592.6
Acquisitions	74.7			—			6.8			58.9			1.5			67.2
Purchase price allocation adjustments (1)	1.8			(3.1		)	1.3			—			—			(1.8		)
Amortization	—			—			(1.2		)	(50.4		)	(3.5		)	(55.1		)
Currency translation adjustment and other (2)	(24.9		)	(7.2		)	(0.1		)	(7.8		)	(0.1		)	(15.2		)
Net carrying amount as of March 31, 2015	$	1,202.3		$	328.1		$	8.7		$	242.1		$	8.8		$	587.7
Purchase price allocation adjustments (1)	(4.8		)	—			4.2			—			—			4.2
Amortization	—			—			(2.0		)	(52.1		)	(3.3		)	(57.4		)
Currency translation adjustment and other (3)	(3.7		)	(12.4		)	(1.2		)	(1.2		)	1.2			(13.6		)
Net carrying amount as of March 31, 2016	$	1,193.8		$	315.7		$	9.7		$	188.8		$	6.7		$	520.9

____________________

(1) Refer to Note 3 Acquisitions for additional information regarding purchase price allocation adjustments.

(2) Includes $4.1 million of goodwill allocated to the Mill Products business in connection to the Company's decision to discontinue the Mill Products business during fiscal 2015. See Note 4 Discontinued Operations for additional information regarding the discontinued operation.

(3) Includes $10.4 million, $0.3 million, and $0.2 million of impairment of indefinite-lived intangible assets, customer relationships and patents, respectively, associated with the exit of the RHF product line. Refer to Note 5 Restructuring and Other Similar Charges, for additional information.

The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of March 31, 2016 and March 31, 2015 are as follows (in millions):

		March 31, 2016
	Weighted Average Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Intangible assets subject to amortization:
Patents	10 years	$	41.3	$	(34.6	)	$	6.7
Customer relationships (including distribution network)	13 years	628.4		(439.6		)	188.8
Tradenames	8 years	12.7		(3.0		)	9.7
Intangible assets not subject to amortization - trademarks and tradenames		315.7		—			315.7
		$	998.1	$	(477.2	)	$	520.9
		March 31, 2015
	Weighted Average Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Intangible assets subject to amortization:
Patents	10 years	$	40.1	$	(31.3	)	$	8.8
Customer relationships (including distribution network)	13 years	635.4		(393.3		)	242.1
Tradenames	8 years	10.0		(1.3		)	8.7
Intangible assets not subject to amortization - trademarks and tradenames		328.1		—			328.1
		$	1,013.6	$	(425.9	)	$	587.7

Intangible asset amortization expense totaled $57.4 million, $55.1 million and $50.8 million for the years ended March 31, 2016, 2015 and 2014, respectively. Patents, tradenames, and customer relationships acquired during fiscal 2015 were assigned a weighted-average useful life of 3 years, 9 years, and 17 years, respectively.

The Company expects to recognize amortization expense on the intangible assets subject to amortization of $37.8 million in fiscal year 2017, $27.0 million in fiscal year 2018, $26.7 million in fiscal year 2019, $26.5 million in fiscal year 2020, and $25.1 million in fiscal year 2021.

During the third quarter of fiscal 2016, the Company completed the testing of indefinite lived intangible assets (tradenames) and goodwill for impairment in accordance with ASC 350, Intangibles-Goodwill and Other. The fair value of the Company's indefinite lived intangible assets and reporting units were primarily estimated using an income valuation model (discounted cash flow) and market approach (guideline public company comparables), which indicated that the fair value of the Company's indefinite lived intangible assets and reporting units exceeded their carrying value; therefore, no impairment was present. Total cumulative goodwill impairment charges as of March 31, 2016 and 2015 was $323.4 million.

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Other Current Liabilities

12 Months Ended

Mar. 31, 2016

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

Other Current Liabilities

Other current liabilities are summarized as follows (in millions):

	March 31, 2016		March 31, 2015
Customer advances	$	8.3	$	7.0
Sales rebates	28.2		25.4
Commissions	7.9		3.9
Restructuring and other similar charges (1)	10.8		7.0
Product warranty (2)	6.8		6.8
Risk management (3)	9.9		9.4
Legal and environmental	4.6		3.8
Taxes, other than income taxes	6.6		8.0
Income taxes payable	15.0		19.2
Interest payable	5.6		5.5
Other	20.7		19.7
	$	124.4	$	115.7

____________________

(1) See more information related to the restructuring obligations balance within Note 5.

(2) See more information related to the product warranty obligations balance within Note 2.

(3) Includes projected liabilities related to losses arising from automobile, general and product liability claims.

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Long-Term Debt

12 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

Long-term debt is summarized as follows (in millions):

	March 31,
	2016		2015
Term loans (1)	1,881.0		1,895.8
8.875% Senior notes due 2016	—		1.3
Other (2)	39.1		42.9
Total	1,920.1		1,940.0
Less current maturities	20.2		24.3
Long-term debt	$	1,899.9	$	1,915.7

____________________

(1) Includes an unamortized original issue discount and debt issuance costs of $20.2 million and $25.0 million at March 31, 2016 and March 31, 2015, respectively.

(2) Includes unamortized debt issuance costs of $0.6 million at each of March 31, 2016 and 2015. Refer to "Other Subsidiary Debt" below for additional information.

Senior Secured Credit Facility

During fiscal 2014, the Company entered into the Third Amended and Restated First Lien Credit Agreement (the "Credit Agreement"). The senior secured credit facilities under the Credit Agreement are funded by a syndicate of banks and other financial institutions and provide for loans of up to $2,215.0 million, consisting of (i) a $1,950.0 million term loan facility with a maturity date of August 21, 2020 (the "Term Loan"); and (ii) a $265.0 million revolving credit facility with a maturity date of March 15, 2017; under the revolving credit facility, the Company has borrowing capacity available for letters of credit and for borrowings on a same-day notice, referred to as swingline loans.

The proceeds of the Term Loan were used to (i) repay in full the $786.2 million aggregate principal amount of existing term loans then-outstanding under the Company's former credit agreement, together with accrued interest thereon, (ii) retire (through a cash tender offer and redemption) all of the Company's former 8.50% Senior Notes due 2018 (the “8.50% Notes”) and (iii) pay related fees and expenses. The Company accounted for these transactions in accordance with ASC 470-50, Debt Modifications and Extinguishments (“ASC 470-50”). The Company recognized a $129.2 million loss on the debt extinguishment which was comprised of a $109.9 million bond tender premium paid to holders of the 8.50% Notes as a result of the tender offer and redemption, third party transaction costs of $5.3 million, and a $14.0 million non-cash write-off of deferred financing fees and net original issue discount associated with the extinguished debt.

Earlier in fiscal 2014, the Company had made a $150.0 million prepayment under the former credit agreement and recognized a related pre-tax loss of $4.0 million in accordance with ASC 470-50, which was comprised of $0.8 million of fees paid to lenders and a non-cash write-off of $3.2 million of deferred financing fees and net original issue discount associated with the extinguished debt.

As of March 31, 2016 and March 31, 2015, the Company's outstanding borrowings under the Term Loan was $1,881.0 million and $1,895.8 million, respectively (net of $20.2 million and $25.0 million unamortized original issue discount and debt issuance costs, respectively). At March 31, 2016 and March 31, 2015, the term borrowings under the Credit Agreement had an effective and average interest rate of 4.00%, determined as the London Interbank Offered Rate or LIBOR (subject to a 1% floor) plus an applicable margin of 3.00%. The interest rates for the Term Loan are subject to a leverage-based pricing grid. As of March 31, 2016 and March 31, 2015, interest rates under the Credit Agreement for the Term Loan were at the Company's option of either "(a)" or "(b)" as further described here: (a) in the case of alternative base rate ("ABR") borrowings, 2.00% (subject to a first lien leverage ratio) plus a base rate determined by reference to the highest of (1) the federal funds effective rate plus 0.50%, (2) the prime rate determined from time to time by Credit Suisse AG, the administrative agent under the Credit Agreement and (3) LIBOR in effect for a one-month period plus 1.00%; or (b) in the case of Eurocurrency borrowings, 3.00% (subject to a first lien leverage ratio) plus a Eurocurrency rate (subject to a 1% LIBOR floor). In the event the Company's first lien leverage ratio is less than 3.25 to 1.0, its applicable margin on both ABR and Eurocurrency term loan borrowings would decrease by twenty-five (25) basis points.

For revolving commitments, the Company's applicable margin above the base rate (as described above) is 3.00% in the case of ABR borrowings and 4.00% in the case of Eurocurrency borrowings, subject to a first lien leverage test. In the event the Company's first lien leverage ratio is less than 1.5 to 1.0, its applicable margin on both ABR and Eurocurrency borrowings would decrease by twenty-five (25) basis points. The Company's actual first lien leverage ratio was 3.91 to 1.0 as of March 31, 2016.

In addition to paying interest on outstanding principal under the senior secured credit facilities, the Company is subject to a commitment fee to the lenders under the revolving credit facility with respect to the unutilized commitments thereunder at a rate equal to 0.50% per annum.

As of March 31, 2016, the remaining mandatory principal payments prior to maturity on the term loan facilities were $82.9 million. Principal payments of $4.9 million are scheduled to be made at the end of each calendar quarter until June 30, 2020, after which the entire term facility matures.

All amounts outstanding under the revolving credit facility will be due and payable in full, and the commitments thereunder will terminate, on March 15, 2017. No amounts were borrowed under the revolving credit facility at March 31, 2016 or March 31, 2015; however, $21.1 million and $24.0 million of the revolving credit facility was considered utilized in connection with outstanding letters of credit at March 31, 2016 and 2015, respectively.

The Credit Agreement, among other things: (i) allows for one or more future issuances of secured notes, which may include, in each case, indebtedness secured on a pari passu basis with the obligations under the senior secured credit facilities, so long as, in each case, among other things, an agreed amount of the net cash proceeds from any such issuance are used to prepay term loans under the senior secured credit facilities at par; (ii) subject to the requirement to make such offers on a pro rata basis to all lenders and certain other restrictions, allows the Company to agree with individual lenders to extend the maturity date of any of the loans and/or commitments provided by such lenders and to otherwise modify the terms of the loans and/or commitments provided by such lenders (including, without limitation, increasing the interest rate or fees payable in respect of such loans and/or commitments and/or modifying the amortization schedule in respect of such loans); and (iii) allows for one or more future issuances of additional secured notes, which may include, in each case, indebtedness secured on a pari passu basis with the obligations under the senior secured credit facilities, in an amount not to exceed the amount of incremental facility availability under the senior secured credit facilities.

The Credit Agreement also contains a number of typical covenants that, among other things, constrain, subject to certain fully-negotiated exceptions, the Company's ability, and the ability of the Company's subsidiaries, to: sell assets; incur additional indebtedness; repay other indebtedness; pay dividends and distributions, repurchase its capital stock, or make payments, redemptions or repurchases in respect to certain indebtedness; create liens on assets; make investments, loans, guarantees or advances; make certain acquisitions; engage in certain mergers or consolidations; enter into sale-and-leaseback transactions; engage in certain transactions with affiliates; amend certain material agreements governing its indebtedness; make capital expenditures; enter into hedging agreements; amend its organizational documents; change the business conducted by it and its subsidiaries; and enter into agreements that restrict dividends from subsidiaries. In addition, payment of borrowings under the Credit Agreement may be accelerated upon an event of default. Events of default include, among others, the failure to pay principal and interest when due, a material breach of a representation or warranty, covenant defaults, certain non-payments or defaults under other material indebtedness, events of bankruptcy and a change of control. As of March 31, 2016, the Company was in compliance with all applicable covenants under its Credit Agreement, including compliance with a maximum permitted first lien leverage ratio (the Company's sole financial maintenance covenant under its revolver) of 7.75 to 1.00.

Senior Notes

Outstanding Tranche of Notes

At March 31, 2015, the Company had outstanding $1.3 million in principal of 8.875% Senior Notes due in fiscal 2016. Those Notes were redeemed in full during fiscal 2016.

Other Subsidiary Debt

During fiscal 2013 and fiscal 2012, the Company received $4.3 million and $5.5 million, respectively, in net proceeds from financing agreements related to facility modernization projects at two North American manufacturing facilities. These financing agreements were structured with unrelated third party financial institutions (the "Investor") and their wholly-owned community development entities in connection with the Company's participation in transactions qualified under the federal New Market Tax Credit program, pursuant to Section 45D of the Internal Revenue Code of 1986, as amended. Through its participation in this program, the Company has secured low interest financing and the potential for future debt forgiveness related to eligible capital projects. Upon closing of these transactions, the Company provided an aggregate of $27.6 million to the Investor, in the form of loans receivable, with a term of thirty years, bearing an interest rate of approximately 2.0% per annum. As collateral for these loans, the Company has granted a security interest in the assets acquired with the loan proceeds. No earlier than December 2018, and upon meeting certain conditions, both the Investor and the Company have the ability to trigger forgiveness of the net debt which could result in a net non-operating gain of up to $9.8 million, excluding applicable transaction costs and unamortized debt issuance costs. To the extent the loans payable are not forgiven, the Company would be required to repay the full amount of the outstanding $37.4 million principal balance and would concurrently receive a loan repayment of $27.6 million on the aforementioned loans receivable, resulting in a net $9.8 million use of liquidity.

At March 31, 2016 and 2015, the aggregate loans of $36.8 million, net of debt issuance costs, are recorded in Long-Term Debt on the consolidated balance sheets and the aggregate loans receivable of $27.6 million are recorded in Other Assets on the consolidated balance sheets.

At March 31, 2016 and 2015, various wholly owned subsidiaries had additional debt of $39.1 million and $42.9 million, respectively, comprised primarily of loans payable as a result of the New Market Tax Credit financing agreements referenced above as well as borrowings at various foreign subsidiaries and capital lease obligations.

Accounts Receivable Securitization Program

During fiscal 2016, the Company entered into an Omnibus Amendment (the "Omnibus Amendment") which extended the maturity of the Company's accounts receivable securitization facility (the “Securitization”) with General Electric Company, successor by merger to General Electric Capital Corporation (“GEC”). Terms of the Securitization remained comparable to the agreement prior to the Omnibus Amendment, except as set forth below. On March 1, 2016, Wells Fargo & Company completed the purchase of portions of GEC's commercial and corporate finance businesses, and all rights and obligations under the Omnibus Amendment were assigned to Wells Fargo Bank, N.A. as agent and lender as of that date.

Pursuant to the agreements evidencing the Securitization, Rexnord Funding (a wholly owned bankruptcy-remote special purpose subsidiary) has granted GEC a security interest in all of its current and future receivables and related assets in exchange for a credit facility permitting borrowings of up to a maximum aggregate amount of $100.0 million (unchanged by the Omnibus Amendment) outstanding from time to time. Such borrowings will be used by Rexnord Funding to finance purchases of accounts receivable. The amount of advances available will be determined based on advance rates relating to the eligibility of the receivables held by Rexnord Funding at that time. Advances will bear interest based on LIBOR plus 1.75%. The last date on which advances may be made is December 30, 2020 unless the maturity of the Securitization is otherwise accelerated. In addition to other customary fees associated with financings of this type, Rexnord Funding will also pay an unused line fee to GEC based on any unused portion of the Securitization facility. If the average daily outstanding principal amount during a calendar month is less than 50% of the average daily aggregate commitment in effect during such month, the unused line fee will be 0.50% per annum; otherwise, it will be 0.375% per annum.

The Securitization continues to constitute a “Permitted Receivables Financing” under Article 1 and Article 6 of the Credit Agreement and does not qualify for sale accounting under ASC 860, Transfers and Servicing. Any borrowings under the Securitization continue to be accounted for as secured borrowings on the Company's consolidated balance sheet. Financing costs associated with the Securitization are recorded within "Interest expense, net" in the consolidated statement of operations if revolving loans or letters of credit are obtained under the Omnibus Amendment.

At March 31, 2016, the Company's available borrowing capacity under the Securitization was $100.0 million, based on the current accounts receivables balance. As of March 31, 2016, the Company was in compliance with all applicable covenants and performance ratios contained in the Securitization.

Future Debt Maturities

Future maturities of debt as of March 31, 2016, excluding the unamortized original issue discount and debt issuance costs of $20.8 million, were as follows (in millions):

Years ending March 31:
2017	$	20.2
2018	19.9
2019	19.9
2020	19.7
2021	1,823.4
Thereafter	37.8
	$	1,940.9

Cash interest paid for the fiscal years ended March 31, 2016, 2015 and 2014 was $87.7 million, $84.1 million, and $151.1 million, respectively.

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Derivative Financial Instruments

12 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

The Company is exposed to certain financial risks relating to fluctuations in foreign currency exchange rates and interest rates. The Company currently selectively uses foreign currency forward exchange contracts and interest rate swap and cap contracts to manage its foreign currency and interest rate risks. All hedging transactions are authorized and executed pursuant to defined policies and procedures that prohibit the use of financial instruments for speculative purposes.

Foreign Exchange Contracts

The Company periodically enters into foreign currency forward contracts to mitigate the foreign currency volatility relative to certain intercompany and external cash flows expected to occur. These foreign currency forward contracts were not accounted for as effective cash flow hedges in accordance with ASC 815 and as such were marked to market through earnings. See the amounts recorded on the consolidated balance sheets and recognized within the consolidated statements of operations related to the Company's foreign currency forward contracts within the tables below.

Interest Rate Derivatives

During fiscal 2014, the Company entered into three forward-starting interest rate swaps to hedge the variability in future cash flows associated with a portion of the Company’s variable rate term loans. The forward-starting interest rate swaps convert $650.0 million of the Company’s variable-rate term loans to a weighted average fixed interest rate of 2.55% plus the applicable margin (inclusive of a 1% LIBOR floor). Those interest rate swaps became effective beginning on September 28, 2015 with a maturity of September 27, 2018. These interest rate derivatives have been designated as effective cash flow hedges in accordance with ASC 815.

During fiscal 2015, the Company entered into two interest rate caps in order to mitigate the Company's exposure to increasing interest rates on its variable-rate interest loans. Those interest rate caps were effective as of October 24, 2014, with a maturity of October 24, 2018; they cap the interest on $750.0 million of the Company's variable-rate interest loans at 3%, plus the applicable margin. In executing the interest rate caps, the Company paid a premium of $5.8 million. The interest rate caps have been designated as effective cash flow hedges in accordance with ASC 815. When combined with the Company's existing interest rate swaps, the Company has effectively hedged approximately 74% of its outstanding variable rate term loans with a weighted average interest rate that cannot exceed 2.79% plus the applicable margin of 3%.

The fair values of the Company's interest rate derivatives are recorded on the consolidated balance sheets with the corresponding offset recorded as a component of accumulated other comprehensive loss, net of tax. See the amounts recorded on the consolidated balance sheets related to the Company's interest rate derivatives within the tables below.

The Company's derivatives are measured at fair value in accordance with ASC 820. See Note 13 Fair Value Measurements for more information as it relates to the fair value measurement of the Company's derivative financial instruments.

The following tables indicate the location and the fair value of the Company's derivative instruments within the consolidated balance sheets segregated between designated, qualifying ASC 815 hedging instruments and non-qualifying, non-designated hedging instruments (in millions).

Fair value of derivatives designated as hedging instruments under ASC 815 (in millions):

	March 31, 2016		March 31, 2015		Balance Sheet Classification
	Liability Derivatives
Interest rate swaps	$	21.8	$	17.7	Other liabilities
	Asset Derivatives
Interest rate caps	$	0.3	$	3.0	Other assets

Fair value of derivatives not designated as hedging instruments under ASC 815 (in millions):

	March 31, 2016		March 31, 2015		Balance Sheet Classification
	Liability Derivatives
Foreign currency forward contracts	$	0.9	$	—	Other current liabilities
	Asset Derivatives
Foreign currency forward contracts	$	—	$	0.4	Other current assets

The following tables indicate the location and the amount of losses and gains associated with the Company's derivative instruments, net of tax, within the consolidated balance sheets (for qualifying ASC 815 instruments) and recognized within the consolidated statements of operations. The information is segregated between designated, qualifying ASC 815 hedging instruments and non-qualifying, non-designated hedging instruments (in millions). As of March 31, 2016, there was no ineffectiveness on the Company's designated hedging instruments.

	Cumulative loss recognized, net of tax, in accumulated other comprehensive loss on derivatives
Derivative instruments designated as cash flow hedging relationships under ASC 815
	March 31, 2016		March 31, 2015
Interest rate swaps	$	13.5	$	11.0
Interest rate caps	$	3.4	$	1.7

		Amount recognized in other income (expense), net
Derivative instruments not designated as hedging instruments under ASC 815	Location of gain recognized in income on derivatives	Year Ended
		March 31, 2016		March 31, 2015		March 31, 2014
Foreign currency forward contracts	Other income (expense), net	$	—	$	0.5	$	0.4

During fiscal 2016, the Company reclassified $5.2 million of accumulated other comprehensive loss into earnings as interest expense related to interest rate derivative and expects to reclassify $10.9 million of accumulated other comprehensive loss into earnings as interest expense during the next twelve months. The Company did not reclassify any amounts from other comprehensive loss into earnings as interest expense during the fiscal years ending 2015 and 2014.

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Fair Value Measurements

12 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. ASC 820 also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed assumptions about the assumptions a market participant would use.

In accordance with ASC 820, fair value measurements are classified under the following hierarchy:

• Level 1- Quoted prices for identical instruments in active markets.

• Level 2- Quoted prices for similar instruments; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable.

• Level 3- Model-derived valuations in which one or more inputs or value-drivers are both significant to the fair value measurement and unobservable.

If applicable, the Company uses quoted market prices in active markets to determine fair value, and therefore classifies such measurements within Level 1. In some cases where market prices are not available, the Company makes use of observable market based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed models that use, where possible, current market-based parameters. These measurements are classified within Level 3 if they use significant unobservable inputs.

Fair Value of Derivative Instruments

The Company transacts in foreign currency forward contracts and interest rate swaps and caps, which are impacted by ASC 820. The fair value of foreign currency forward contracts is based on a pricing model that utilizes the differential between the contract price and the market-based forward rate as applied to fixed future deliveries of currency at pre-designated settlement dates. The fair value of interest rate swaps and caps is based on pricing models. These models use discounted cash flows that utilize the appropriate market-based forward swap curves and interest rates.

The Company endeavors to utilize the best available information in measuring fair value. As required by ASC 820, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company has determined that its foreign currency forward contracts and interest rate swaps reside within Level 2 of the fair value hierarchy. There were no transfers of assets between levels during the years ended March 31, 2016 and March 31, 2015. The following table provides a summary of the Company's assets and liabilities that were recognized at fair value on a recurring basis as of March 31, 2016 and March 31, 2015 (in millions):

	Fair Value as of March 31, 2016
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate caps	$	—	$	0.3	$	—	$	0.3
Total assets at fair value	$	—	$	0.3	$	—	$	0.3
Liabilities:
Interest rate swaps	$	—	$	21.8	$	—	$	21.8
Foreign currency forward contracts	$	—	$	0.9	$	—	$	0.9
Total liabilities at fair value	$	—	$	22.7	$	—	$	22.7
	Fair Value as of March 31, 2015
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate caps	$	—	$	3.0	$	—	$	3.0
Foreign currency forward contracts	—		0.4		—		0.4
Total assets at fair value	$	—	$	3.4	$	—	$	3.4
Liabilities:
Interest rate swaps	$	—	$	17.7	$	—	$	17.7
Total liabilities at fair value	$	—	$	17.7	$	—	$	17.7

Fair Value of Non-Derivative Financial Instruments

The carrying amounts of cash, receivables, payables and accrued liabilities approximated fair value at March 31, 2016 and March 31, 2015 due to the short-term nature of those instruments. The fair value of long-term debt recorded on the consolidated balance sheets as of March 31, 2016 and March 31, 2015 was approximately $1,913.2 million and $1,970.6 million, respectively. The fair value is based on quoted market prices for the same issues.

Long-lived Assets and Intangible Assets

Long-lived assets (which include property, plant and equipment and real estate) may be measured at fair value if such assets are held-for-sale or when there is a determination that the asset is impaired. Intangible assets (which include patents, tradenames, customer relationships, and non-compete agreements) also may be measured at fair value when there is a determination that the asset is impaired. The determination of fair value for these assets is based on the best information available that resides within Level 3 of the fair value hierarchy, including internal cash flow estimates discounted at an appropriate interest rate, quoted market prices when available, market prices for similar assets and independent appraisals, as appropriate. For real estate, cash flow estimates are based on current market estimates that reflect current and projected lease profiles and available industry information about expected trends in rental, occupancy and capitalization rates.

As disclosed in Note 5, the Company recorded an impairment loss of approximately $6.6 million during fiscal 2016 to place certain property, plant and equipment associated with the Company's supply chain optimization and footprint optimization actions at net realizable value. Net realizable value of these assets was determined using independent appraisals of the assets, classified as Level 3 inputs within the fair value hierarchy. As of March 31, 2016, these assets have a net realizable value of $5.3 million and are classified within property, plant and equipment on the consolidated balance sheets.

During fiscal 2015, the Company ceased operations of its Mill Products business and recorded a net impairment loss of $3.8 million to place the long-lived assets of that business at net realizable value. The impairment loss recognized was determined utilizing independent appraisals of the assets, classified as Level 3 inputs within the fair value hierarchy. At March 31, 2016 and 2015, the remaining long-lived assets of the Mill Products business have a net realizable value of approximately $0 and $2.6 million, respectively, and are classified within assets held for sale on the consolidated balance sheets. See Note 4 Discontinued Operations for additional information.

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Leases

12 Months Ended

Mar. 31, 2016

Leases [Abstract]

Leases

Leases

The Company leases manufacturing and warehouse facilities and data processing and other equipment under non-cancelable operating leases which expire at various dates primarily through 2027. Rent expense under operating leases totaled $18.2 million, $19.4 million and $17.0 million for the fiscal years ended March 31, 2016, 2015 and 2014, respectively.

Future minimum rental payments for operating leases with initial terms in excess of one year as of March 31, 2016 are as follows (in millions):

Years ending March 31:
2017	$	14.8
2018	14.6
2019	12.3
2020	10.8
2021	8.2
Thereafter	22.7
	$	83.4

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Stock-Based Compensation

12 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Stock-Based Compensation

In accordance with ASC 718, the Company recognizes compensation costs related to share-based payment transactions. Generally, compensation cost is measured based on the grant-date fair value of the equity instruments issued. Compensation cost is recognized over the requisite service period, generally as the awards vest.

In fiscal 2007, the Board of Directors adopted, and stockholders approved, the 2006 Stock Option Plan (the “2006 Option Plan”). The maximum number of shares of the Company's common stock that may be issued or transferred pursuant to options under the 2006 Option Plan equals 11,239,290 shares. Following the consummation of the Company's initial public offering ("IPO") in April 2012, all outstanding unvested options under the 2006 Option Plan, including that portion of options that was scheduled to vest with respect to fiscal 2012 Company performance, were amended to vest solely based on continued employment with the Company over the 5 year vesting period. No further options are being granted under the 2006 Option Plan.

In fiscal 2012, the Board of Directors adopted, and stockholders approved, the Rexnord Corporation 2012 Performance Incentive Plan (the "2012 Incentive Plan", and together with the 2006 Option Plan, the "Incentive Plans"), which operates as a successor plan to the 2006 Option Plan. The 2012 Incentive Plan is intended to provide performance incentives to the Company's officers, employees, directors and certain others by permitting grants of equity awards and performance-based cash awards to such persons, to encourage them to maximize Rexnord's performance and create value for Rexnord's stockholders, but broadens the types of awards that had been permitted by the 2006 Option Plan. To date, stock options, Restricted Stock Units ("RSUs") and Performance Stock Units ("PSUs") have been issued under the Incentive Plans.

The options granted under the 2012 Incentive Plan have a maximum term of ten years after the grant date. Options granted from the inception of the plan through July 31, 2014 vest 50%three years after the grant date and the remaining 50% vest five years after the grant date. Options and RSUs granted from July 31, 2014 through May 21, 2015 vest ratably over four years. Options and RSUs granted subsequent to May 21, 2015 vest ratably over three years. PSUs granted in fiscal 2016 cliff vest after three years. Options granted to directors of the Company vest ratably over three years.

The 2012 Incentive Plan permits the grant of awards that may deliver up to an aggregate of 8,350,000 shares of common stock further subject to limits on the number of shares that may be delivered pursuant to incentive stock options and on the shares that may be delivered on the awards to any individual in a single year, within the meaning of Section 162(m) of the Internal Revenue Code. The 2012 Incentive Plan is administered by the Compensation Committee.

During fiscal 2016, 2015 and 2014, the Company recorded $7.5 million, $6.4 million and $7.0 million of stock-based compensation, respectively (the related tax benefit on these amounts was $2.8 million for fiscal 2016, $2.2 million for fiscal 2015, and $2.5 million for fiscal 2014). During fiscal 2016, 2015 and 2014, the Company also recorded $4.0 million, $5.8 million and $5.8 million, respectively, of an excess tax benefit related to stock options exercised during each fiscal year. As of March 31, 2016, there was $16.7 million of total unrecognized compensation cost related to non-vested stock options, RSUs and PSUs granted under the Incentive Plans. That cost is expected to be recognized over a weighted-average period of 2.3 years.    

In February 2015, the Company's Board of Directors approved a stock repurchase program (the "Repurchase Program") authorizing the repurchase of up to $200 million of the Company's common stock from time to time on the open market or in privately negotiated transactions. The Repurchase Program does not require the Company to acquire any particular amount of common stock and does not specify the timing of purchases or the prices to be paid. During fiscal 2016, the Company repurchased 1,552,500 shares of common stock at a total cost of $40.0 million at an average price of $25.76. The repurchased shares were canceled by the Company upon receipt. A total of approximately $160.0 million of the existing repurchase authority remained at March 31, 2016.

Stock Options

The fair value of each option granted under the Incentive Plans was estimated on the date of grant using the Black-Scholes valuation model that uses the following weighted-average assumptions:

	Year Ended March 31, 2016		Year Ended March 31, 2015		Year Ended March 31, 2014
Expected option term (in years)	6.5		7.1		7.5
Expected volatility factor	24	%	26	%	35	%
Weighted-average risk free interest rate	1.82	%	2.10	%	1.57	%
Expected dividend rate	0.0	%	0.0	%	0.0	%

Options granted under the Incentive Plans have a term of ten years. Management’s estimate of the option term for options granted under the Incentive Plans is 6.5 years based on the midpoint between when the options vest and when they expire. The Company uses the simplified method to determine the expected term, as management does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term due to the limited period of time its common stock shares has been publicly traded. The Company’s expected volatility assumptions are based on the expected volatilities of publicly-traded companies within the Company’s industry. The weighted average risk free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant. Management also assumes expected dividends of zero. The weighted-average grant date fair value of options granted under the Incentive Plans during fiscal 2016, 2015 and 2014 was $6.92, $9.21 and $8.06, respectively. The total fair value of options vested during fiscal 2016, 2015 and 2014 was $9.8 million, $1.3 million and $1.8 million, respectively.

Other information relative to stock options and the changes period over period are as follows:

	Year-Ended March 31, 2016				Year-Ended March 31, 2015				Year-Ended March 31, 2014
	Shares		Weighted Avg. Exercise Price		Shares		Weighted Avg. Exercise Price		Shares		Weighted Avg. Exercise Price
Number of shares under options:
Outstanding at beginning of period	8,588,518		$	13.04	8,652,834		$	10.79	9,450,197		$	9.85
Granted	1,072,556		24.14		1,268,124		28.30		978,849		19.82
Exercised (1)	(1,278,017	)	5.55		(743,807	)	5.85		(1,154,011	)	5.91
Canceled/Forfeited	(528,372	)	23.53		(588,633	)	21.65		(622,201	)	19.91
Outstanding at end of period (2)	7,854,685		$	15.10	8,588,518		$	13.06	8,652,834		$	10.79
Exercisable at end of period (3)	4,678,216		$	9.52	4,798,457		$	5.67	5,225,236		$	5.46

______________________

(1) The total intrinsic value of options exercised during fiscal 2016, 2015 and 2014 was $16.3 million, $16.7 million and $18.7 million, respectively.

(2) The weighted average remaining contractual life of options outstanding was 5.0 years at March 31, 2016, 5.0 years at March 31, 2015 and 5.5 years at March 31, 2014. The aggregate intrinsic value of options outstanding at March 31, 2016 was $54.8 million.

(3) The weighted average remaining contractual life of options exercisable was 3.0 years at March 31, 2016, 2.6 years at March 31, 2015 and 3.7 years at March 31, 2014. The aggregate intrinsic value of options exercisable at March 31, 2016 was $52.6 million.

	Shares		Weighted Avg. Exercise Price
Nonvested options at beginning of period	3,788,315		$	22.43
Granted	1,072,556		24.14
Vested	(1,220,559	)	21.09
Canceled/Forfeited	(463,843	)	24.05
Nonvested options at end of period	3,176,469		$	23.30

Restricted Stock Units

During the twelve months endedMarch 31, 2016 and 2015, the Company granted restricted stock units ("RSUs") to certain of its officers, directors, and employees. No RSUs were granted in fiscal 2014. RSUs granted during the twelve months endedMarch 31, 2016, and 2015 vest ratably over three and four years, respectively. The fair value of each award is determined based on the Company's closing stock price on the date of grant. A summary of RSU activity during the twelve months endedMarch 31, 2016, and 2015 is as follows:

	Twelve Months Ended
	March 31, 2016				March 31, 2015
	Shares		Weighted Avg. Grant Date Fair Value		Shares		Weighted Avg. Grant Date Fair Value
Nonvested RSUs at beginning of period	53,813		$	29.06	—		$	—
Granted	96,952		23.20		58,883		29.08
Vested	(12,866	)	29.09		—		—
Canceled/Forfeited	(12,592	)	27.62		(5,070	)	29.31
Nonvested RSUs at end of period	125,307		$	24.67	53,813		$	29.06

Performance Stock Units

During the twelve months endedMarch 31, 2016, the Company granted 50,711 performance stock units (“PSUs”) to certain of its officers and employees at a weighted-average grant date fair value of $28.57 per PSU. Those PSUs have a three-year performance period, and are earned and vest, subject to continued employment, based in part on the Company’s performance relative to pre-defined goals for absolute free cash flow conversion and in part on relative total shareholder return (“TSR”) as compared to companies in the S&P 1500 Industrial Index. The number of performance share awards earned, which can range between 0% and 200% of the target awards granted depending on the Company's actual performance during the three-year performance period, will be satisfied with Rexnord common stock.

The fair value of the portion of PSUs with vesting based on free cash flow conversion is determined based on the Company's closing stock price on the date of grant. The fair value of the portion PSUs with vesting based on TSR is determined utilizing the Monte Carlo simulation model. Assumptions used to determine the fair value of each PSU were based on historical data and standard industry valuation practices and methodology. The following weighted-average assumptions were used for the PSUs granted during the twelve months endedMarch 31, 2016:

	Twelve Months Ended March 31, 2016
Expected volatility factor	31	%
Weighted-average risk-free interest rate	1.01	%
Expected dividend rate	0.0	%
PSU fair value per share	$32.06

As of March 31, 2016, 49,136 PSUs were outstanding and unvested at a weighted-average fair value of $28.57, net of 1,575 PSUs canceled or forfeited.

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Retirement Benefits

12 Months Ended

Mar. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Retirement Benefits

Retirement Benefits

The Company sponsors pension and other postretirement benefit plans for certain employees. Most of the Company’s employees are accumulating retirement income benefits through defined contribution plans. However, the Company does sponsor frozen pension plans for its salaried participants and ongoing pension benefits for certain employees represented by collective bargaining. These plans provide for monthly pension payments to eligible employees upon retirement. Pension benefits for salaried employees generally are based on years of frozen credited service and average earnings. Pension benefits for hourly employees generally are based on specified benefit amounts and years of service. The Company’s policy is to fund its pension obligations in conformity with the funding requirements under applicable laws and governmental regulations. Other postretirement benefits consist of retiree medical plans that cover a portion of employees in the United States that meet certain age and service requirements.

The corridor is 10% of the higher of the pension benefit obligation or the fair value of the plan assets. The Company recognizes the net actuarial gains or losses in excess of 10% of the higher of the pension benefit obligation or the fair value of the plan assets in operating results during the fourth quarter of each fiscal year (or upon any required re-measurement event). During the fiscal years ending March 31, 2016, 2015 and 2014, the Company recognized non-cash actuarial losses of $12.9 million, $59.4 million and $2.7 million, respectively, in connection with this accounting policy. Net periodic benefit costs recorded on a quarterly basis are primarily comprised of service and interest cost, amortization of unrecognized prior service cost and the expected return on plan assets.

In conjunction with the re-measurement of the pension and other post retirement obligations in fiscal 2016, lower than projected asset growth, partially offset by a slightly higher discount rate and shorter life expectancy assumptions resulted in the recognition of non-cash actuarial losses of $12.9 million. In fiscal 2015, the Society of Actuaries issued revised mortality tables (RP 2014) and a mortality improvement scale (MP 2014) for use by actuaries, insurance companies, governments, benefit plan sponsors and others in setting assumptions regarding life expectancy in the United States for purposes of estimating pension and OPEB obligations, costs and required contribution amounts. The new mortality tables indicate substantial life expectancy improvements since the last study published in 2000 (RP 2000). In conjunction with the re-measurement of the pension and other post-retirement obligations in fiscal 2015, the adoption of the newly issued mortality tables and mortality improvement scale, lower discount rates, and the lump-sum settlement completed in fiscal 2015 resulted in the recognition of non-cash actuarial losses of $59.4 million.

The components of net periodic benefit cost reported in the consolidated statements of operations are as follows (in millions):

	Year Ended
	March 31, 2016			March 31, 2015			March 31, 2014
Pension Benefits:
Service cost	$	2.2		$	1.4		$	1.8
Interest cost	25.5			30.0			30.1
Expected return on plan assets	(28.8		)	(29.8		)	(30.5		)
Amortization of:
Prior service cost	0.1			0.2			0.2
Settlement loss (1)	—			6.5			—
Recognition of actuarial losses	13.0			51.7			2.7
Net periodic benefit cost	$	12.0		$	60.0		$	4.3
Other Postretirement Benefits:
Service cost	$	0.1		$	0.1		$	0.1
Interest cost	1.2			1.3			1.2
Amortization:
Prior service credit	(2.0		)	(1.9		)	(1.9		)
Recognition of actuarial losses (gains)	(0.1		)	1.2			—
Net periodic benefit cost	$	(0.8	)	$	0.7		$	(0.6	)

(1) During fiscal 2015 the Company offered approximately 4,500 inactive participants in its domestic non-union defined benefit plans with vested benefits the opportunity to receive a lump sum settlement of the value of the participant’s pension benefit. Acceptance of the offer by a participant was completely voluntary, and if accepted, participants could elect to receive the settlement in the form of a single lump sum payment or in the form of a monthly annuity beginning during fiscal 2015. The election period for this voluntary offer closed on October 15, 2014 and a total of $65.0 million was paid to electing participants during fiscal 2015. The settlement and corresponding re-measurement of the domestic non-union defined benefit plan resulted in the recognition of non-cash actuarial losses during fiscal 2015 of $6.5 million.

The Company made contributions to its U.S. qualified pension plan trusts of $4.9 million, $7.9 million, and $7.8 million during the years ended March 31, 2016, 2015 and 2014, respectively. During fiscal 2017, the Company expects to contribute approximately $0.4 million to its U.S. qualified defined benefit plans and $2.6 million to its other postretirement benefit plans.

The status of the plans are summarized as follows (in millions):

	Pension Benefits						Other Postretirement Benefits
	Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2016			Year Ended March 31, 2015
Benefit obligation at beginning of period	$	(718.8	)	$	(700.0	)	$	(32.4	)	$	(31.2	)
Service cost	(2.2		)	(1.4		)	(0.1		)	(0.1		)
Interest cost	(25.5		)	(30.0		)	(1.2		)	(1.3		)
Actuarial (losses) gains	35.1			(114.2		)	0.7			(2.1		)
Benefits paid	38.8			40.8			4.0			3.2
Plan participant contributions	(0.4		)	(0.4		)	(0.6		)	(0.9		)
Settlements	—			65.0			—			—
Translation adjustment	(1.0		)	21.4			—			—
Benefit obligation at end of period	$	(674.0	)	$	(718.8	)	$	(29.6	)	$	(32.4	)
Plan assets at the beginning of the period	$	543.2		$	577.7		$	—		$	—
Actual return on plan assets	(9.5		)	65.0			—			—
Contributions	8.6			12.5			4.0			3.2
Benefits paid	(38.8		)	(40.8		)	(4.0		)	(3.2		)
Settlements	—			(65.0		)	—			—
Translation adjustment	0.1			(6.2		)	—			—
Plan assets at end of period	$	503.6		$	543.2		$	—		$	—
Funded status of plans	$	(170.4	)	$	(175.6	)	$	(29.6	)	$	(32.4	)
Net amount on Consolidated Balance Sheets consists of:
Long-term assets	$	0.5		$	—		$	—		$	—
Current liabilities	(2.4		)	(2.3		)	(2.6		)	(2.7		)
Long-term liabilities	(168.5		)	(173.3		)	(27.0		)	(29.7		)
Total net funded status	$	(170.4	)	$	(175.6	)	$	(29.6	)	$	(32.4	)

As of March 31, 2016, the Company had pension plans with a combined projected benefit obligation of $674.0 million compared to plan assets of $503.6 million, resulting in an under-funded status of $170.4 million compared to an under-funded status of $175.6 million at March 31, 2015. The Company’s funded status has improved year over year primarily as a result of actuarial gains as a result of higher discount rates and shorter life expectancy assumptions partially offset by lower than projected asset returns. Any further changes in the assumptions underlying the Company’s pension values, including those that arise as a result of declines in equity markets and changes in interest rates, could result in increased pension obligation and pension cost which could negatively affect the Company’s consolidated financial position and results of operations in future periods.

Amounts included in accumulated other comprehensive loss (income), net of tax, related to defined benefit plans at March 31, 2016 and 2015 consist of the following (in millions):

	As of March 31, 2016
	Pension Benefits			Postretirement Benefits			Total
Unrecognized prior service cost (credit)	$	0.1		$	(5.1	)	$	(5.0	)
Unrecognized actuarial loss	61.9			0.6			62.5
Accumulated other comprehensive loss (income), gross	62.0			(4.5		)	57.5
Deferred income tax (benefit) provision	(23.6		)	1.7			(21.9		)
Accumulated other comprehensive loss (income), net	$	38.4		$	(2.8	)	$	35.6

	As of March 31, 2015
	Pension Benefits			Postretirement Benefits			Total
Unrecognized prior service cost (credit)	$	0.2		$	(7.1	)	$	(6.9	)
Unrecognized actuarial loss	71.7			1.2			72.9
Accumulated other comprehensive loss (income), gross	71.9			(5.9		)	66.0
Deferred income tax (benefit) provision	(27.4		)	2.5			(24.9		)
Accumulated other comprehensive loss (income), net	$	44.5		$	(3.4	)	$	41.1

The Company expects to recognize $0.1 million and $(2.0) million of prior service costs (credits) included in accumulated other comprehensive (loss) income for pension benefits and other postretirement benefits, respectively, as components of net periodic benefit cost during the next fiscal year.

The following table presents significant assumptions used to determine benefit obligations and net periodic benefit cost (income) in weighted-average percentages:

	Pension Benefits						Other Postretirement Benefits
	March 31, 2016		March 31, 2015		March 31, 2014		March 31, 2016		March 31, 2015		March 31, 2014
Benefit Obligations:
Discount rate	3.84	%	3.70	%	4.54	%	3.90	%	3.80	%	4.30	%
Rate of compensation increase	3.07	%	3.40	%	3.41	%	n/a		n/a		n/a
Net Periodic Benefit Cost:
Discount rate	3.70	%	4.54	%	4.25	%	3.80	%	4.30	%	3.80	%
Rate of compensation increase	3.40	%	3.41	%	3.42	%	n/a		n/a		n/a
Expected return on plan assets	5.33	%	5.30	%	5.48	%	n/a		n/a		n/a

In evaluating the expected return on plan assets, consideration was given to historical long-term rates of return on plan assets and input from the Company’s pension fund consultant on asset class return expectations, long-term inflation and current market conditions.

The following table presents the Company’s target investment allocations for the year ended March 31, 2016 and actual investment allocations at March 31, 2016 and 2015.

	Plan Assets
	2016					2015
	Investment Policy (1)	Target Allocation (2)		Actual Allocation		Actual Allocation
Equity securities	20 - 30%	29	%	28	%	28	%
Debt securities (including cash and cash equivalents)	55 - 80%	66	%	66	%	67	%
Other	0 - 10%	5	%	6	%	5	%

(1) The investment policy allocation represents the guidelines of the Company's principal U.S. pension plans based on the changes in the plans funded status.

(2) The target allocations represent the weighted average target allocations for the Company's principal U.S. pension plans.

The Company's defined benefit pension utilizes a dynamic liability driven investment (“LDI”) strategy. The objective is to more closely align the pension plan assets with its liabilities in terms of how both respond to interest rate changes. The plan assets are allocated into two investment categories: (i) LDI, comprised of high quality, investment grade fixed income securities and (ii) return seeking, comprised of traditional securities and alternative asset classes. All assets are managed externally according to guidelines established individually with investment managers and the Company's investment consultant. The Company periodically undertakes asset and liability modeling studies to determine the appropriateness of the investments. The Company intends to continuously reduce the assets allocated to the return seeking category, thereby increasing the assets allocated to the LDI category based on the overall improvement in the plan funded status. No equity securities of the Company are held in the portfolio.

The fair values of the Company’s pension plan assets for both the U.S and non-U.S. plans at March 31, 2016 and 2015, by asset category are included in the table below (in millions). For additional information on the fair value hierarchy and the inputs used to measure fair value, see Note 13 Fair Value Measurements.

	As of March 31, 2016
	Quoted Prices in Active  Market (Level 1)		Significant Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash and cash equivalents	$	1.7	$	4.9	$	—	$	6.6
Investment funds
Fixed income funds (1)	—		328.8		—		328.8
U.S. equity funds (2)	—		63.7		—		63.7
International equity funds (2)	—		35.3		—		35.3
Balanced funds (2)	—		9.1		—		9.1
Alternative investment funds (3)	—		—		37.5		37.5
Insurance contracts	—		—		22.6		22.6
Total	$	1.7	$	441.8	$	60.1	$	503.6

	As of March 31, 2015
	Quoted Prices in Active  Market (Level 1)		Significant Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash and cash equivalents	$	1.8	$	5.6	$	—	$	7.4
Investment funds
Fixed income funds (1)	—		355.5		—		355.5
U.S. equity funds (2)	—		68.1		—		68.1
International equity funds (2)	—		35.8		—		35.8
Balanced funds (2)	—		10.1		—		10.1
Alternative investment funds (3)	—		—		42.9		42.9
Insurance contracts	—		—		23.4		23.4
Total	$	1.8	$	475.1	$	66.3	$	543.2

(1) The Company's fixed income mutual and commingled funds primarily include investments in U.S. government securities and corporate bonds. The commingled funds also include an insignificant portion of investments in asset-backed securities or partnerships. The mutual and commingled funds are valued using quoted market prices of the underlying investments.

(2) The Company's equity mutual and commingled funds primarily include investments in U.S. and international common stock. The balanced mutual and commingled funds invest in a combination of fixed income and equity securities. The mutual and commingled funds are valued using quoted market prices of the underlying securities.

(3) The Company's alternative investments include venture capital and partnership investments. Alternative investments are valued using the net asset value, which reflects the plan's share of the fair value of the investments.

The table below sets forth a summary of changes in the fair value of the Level 3 investments for the years ended March 31, 2016 and 2015 (in millions):

	Alternative Investments			Insurance Contracts			Total
Beginning balance, March 31, 2014	$	53.6		$	16.5		$	70.1
Actual return on assets:
Related to assets held at reporting date	(1.6		)	6.9			5.3
Related to assets sold during the period	2.3			—			2.3
Purchases, sales, issuances and settlements	(11.4		)	—			(11.4		)
Transfers in and/or out of Level 3	—			—			—
Ending balance, March 31, 2015	42.9			23.4			66.3
Actual return on assets:
Related to assets held at reporting date	(2.4		)	(0.8		)	(3.2		)
Related to assets sold during the period	1.5			—			1.5
Purchases, sales, issuances and settlements	(4.5		)	—			(4.5		)
Ending balance, March 31, 2016	$	37.5		$	22.6		$	60.1

Expected benefit payments to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in millions):

Year Ending March 31:	Pension Benefits		Other Postretirement Benefits
2017	$	40.1	$	2.6
2018	40.3		2.7
2019	40.5		2.6
2020	40.2		2.5
2021	40.2		2.4
2022-2026	200.4		9.9

Pension Plans That Are Not Fully Funded

At March 31, 2016, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of the fair value of plan assets were $665.3 million, $657.1 million and $494.5 million, respectively.

At March 31, 2015, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of the fair value of plan assets were $717.7 million, $706.3 million and $541.5 million, respectively.

Other Postretirement Benefits

The other postretirement benefit obligation was determined using an assumed health care cost trend rate of 7.0% in fiscal 2016 grading down to 5.0% in fiscal 2024 and thereafter. The discount rate, compensation rate increase and health care cost trend rate assumptions are determined as of the measurement date.

Assumed health care cost trend rates have a significant effect on amounts reported for the retiree medical plans. A one-percentage point change in assumed health care cost trend rates would have the following effect (in millions):

	One Percentage Point Increase						One Percentage Point Decrease
	Year Ended March 31,						Year Ended March 31,
	2016		2015		2014		2016			2015			2014
Increase (decrease) in total of service and interest cost components	$	0.1	$	0.1	$	0.1	$	(0.1	)	$	(0.1	)	$	(0.1	)
Increase (decrease) in postretirement benefit obligation	2.6		2.9		2.4		(2.2		)	(2.5		)	(2.1		)

Multi-Employer and Government-sponsored Plans

The Company participates in certain multi-employer and government-sponsored plans for eligible employees. Expense recognized related to these plans was $0.2 million, $0.2 million, and $0.3 million in the years ended March 31, 2016, 2015 and 2014, respectively.

Defined Contribution Savings Plans

The Company sponsors certain defined-contribution savings plans for eligible employees. Expense recognized related to these plans was $14.2 million, $15.2 million, and $15.6 million for the years ended March 31, 2016, 2015 and 2014, respectively.

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Income Taxes

12 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The provision for income taxes consists of amounts for taxes currently payable, amounts for tax items deferred to future periods; as well as, adjustments relating to the Company’s determination of uncertain tax positions, including interest and penalties. The Company recognizes deferred tax assets and liabilities based on the future tax consequences attributable to tax net operating loss (“NOL”) carryforwards, tax credit carryforwards and differences between the financial statement carrying amounts and the tax bases of applicable assets and liabilities. Deferred tax assets are regularly reviewed for recoverability and valuation allowances are established based on historical losses, projected future taxable income and the expected timing of the reversals of existing temporary differences. As a result of this review, the Company continues to maintain a partial valuation allowance against certain foreign NOL carryforwards and other related foreign deferred tax assets, as well as certain state NOL carryforwards.

Income Tax Provision (Benefit)

The components of the provision (benefit) for income taxes are as follows (in millions):

	Year ended March 31,
	2016			2015			2014
Current:
United States	$	24.0		$	17.2		$	0.8
Non-United States	15.3			15.6			14.6
State and local	3.9			4.7			1.6
Total current	43.2			37.5			17.0
Deferred:
United States	(10.2		)	(8.2		)	(8.6		)
Non-United States	1.1			(10.5		)	(16.4		)
State and local	(17.0		)	(2.0		)	(2.0		)
Total deferred	(26.1		)	(20.7		)	(27.0		)
Provision (benefit) for income taxes	$	17.1		$	16.8		$	(10.0	)

The provision (benefit) for income taxes differs from the United States statutory income tax rate due to the following items (in millions):

	Year ended March 31,
	2016			2015			2014
Provision for income taxes at U.S. federal statutory income tax rate	$	30.1		$	37.9		$	5.2
State and local income taxes, net of federal benefit	2.7			2.6			(1.1		)
Net effects of foreign rate differential	(3.0		)	(3.3		)	(3.6		)
Net effects of foreign related operations	(2.1		)	8.9			5.7
Net effect to deferred taxes for changes in tax rates	(0.8		)	0.2			0.6
Unrecognized tax benefits, net of federal benefit	(11.3		)	(0.5		)	(4.7		)
Domestic production activities deduction	(1.3		)	(2.3		)	—
Change in valuation allowance	2.3			(27.4		)	(11.5		)
Other	0.5			0.7			(0.6		)
Provision (benefit) for income taxes	$	17.1		$	16.8		$	(10.0	)

The provision (benefit) for income taxes was calculated based upon the following components of income (loss) before income taxes (in millions):

	Year ended March 31,
	2016		2015		2014
United States	$	45.3	$	89.9	$	(25.9	)
Non-United States	40.7		18.7		40.9
Income before income taxes	$	86.0	$	108.6	$	15.0

Deferred Income Tax Assets and Liabilities

Deferred income taxes consist of the tax effects of the following temporary differences (in millions):

	March 31, 2016			March 31, 2015
Deferred tax assets:
Compensation and retirement benefits	$	84.4		$	86.9
General accruals and reserves	18.3			16.9
State tax net operating loss carryforwards	19.6			20.9
Foreign tax credit carryforwards	4.3			26.5
Foreign net operating loss carryforwards	17.7			17.1
Other	14.5			15.3
Total deferred tax assets before valuation allowance	158.8			183.6
Valuation allowance	(27.2		)	(25.0		)
Total deferred tax assets	131.6			158.6
Deferred tax liabilities:
Property, plant and equipment	42.8			47.8
Inventories	30.1			30.8
Intangible assets and goodwill	197.7			218.5
Cancellation of indebtedness	43.4			58.8
Total deferred tax liabilities	314.0			355.9
Net deferred tax liabilities	$	182.4		$	197.3
Net amount on Consolidated Balance Sheet consists of:
Other assets	$	3.6		$	6.0
Deferred income taxes	(186.0		)	(203.3		)
Net long-term deferred tax liabilities	$	(182.4	)	$	(197.3	)

Management has reviewed its deferred tax assets and has analyzed the uncertainty with respect to ultimately realizing the related tax benefits associated with such assets. Based upon this analysis, management has determined that a valuation allowance should be established for certain foreign NOL carryforwards and related deferred tax assets, as well as certain state NOL carryforwards as of March 31, 2016. Significant factors considered by management in this determination included the historical operating results of the Company, as well as anticipated reversals of future taxable temporary differences. Similarly, a valuation allowance was recorded at March 31, 2015 for certain foreign NOL carryforwards and related deferred tax assets, as well as certain state NOL carryforwards for which utilization was deemed uncertain. The increase in the valuation allowance presented above was generally due to a change in management’s view that the realization of certain foreign NOL carryforwards and other related deferred tax assets is no longer deemed more-likely-than-not. The carryforward period for the foreign tax credit is ten years. The carryforward period for the U.S. federal NOL carryforward is twenty years. The carryforward periods for the state NOLs range from five to twenty years. Certain foreign NOL carryforwards are subject to a five year expiration period, and the carryforward period for the remaining foreign NOLs is indefinite.

At March 31, 2016, the Company had approximately $508.9 million of state NOL carryforwards, expiring over various years ending through March 31, 2036. The Company has a valuation allowance of $18.1 million recorded against the related deferred tax asset. In addition, at March 31, 2016, the Company had approximately $79.0 million of foreign NOL carryforwards in which the majority of these losses can be carried forward indefinitely. There exists a valuation allowance of $7.2 million against these NOL carryforwards as well as other related deferred tax assets.

No provision has been made for United States federal income taxes related to approximately $174.8 million of undistributed earnings of foreign subsidiaries considered to be permanently reinvested. Due to the resulting additional foreign tax credits, the additional income tax liability that would result if such earnings were repatriated to the U.S., other than potential out-of-pocket withholding taxes of approximately $4.4 million, would not be expected to be significant to the Company’s consolidated financial statements.

The Company’s total liability for net accrued income taxes as of March 31, 2016 and March 31, 2015 was $13.3 million and $17.9 million, respectively. This net amount was presented in the consolidated balance sheet as Income taxes payable (as separately disclosed in Other current liabilities) of $15.0 million and $19.2 million as of March 31, 2016 and March 31, 2015, respectively; and as income taxes receivable (included in Other current assets) of $1.7 million and $1.3 million as of March 31, 2016 and March 31, 2015, respectively. Net cash paid for income taxes to governmental tax authorities for the years ended March 31, 2016, 2015 and 2014 was $46.9 million, $21.2 million and $13.6 million, respectively.

Liability for Unrecognized Tax Benefits

The Company's total liability for net unrecognized tax benefits as of March 31, 2016 and March 31, 2015 was $15.6 million and $26.6 million, respectively.

The following table represents a reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, for the fiscal years ended March 31, 2016 and March 31, 2015 (in millions):

	Year Ended March 31,
	2016			2015
Balance at beginning of period	$	21.7		$	20.9
Additions based on tax positions related to the current year	0.8			3.2
Additions for tax positions of prior years	1.2			—
Reductions for tax positions of prior years	(0.1		)	—
Reductions due to lapse of applicable statute of limitations	(10.3		)	(1.7		)
Cumulative translation adjustment	(0.1		)	(0.7		)
Balance at end of period	$	13.2		$	21.7

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. As of March 31, 2016 and March 31, 2015, the total amount of unrecognized tax benefits includes $3.8 million and $12.4 million of gross accrued interest and penalties, respectively. The amount of interest and penalties recorded as income tax (benefit) expense during the fiscal years ended March 31, 2016, 2015, and 2014 was $(8.6) million, $0.7 million, and $(0.6) million, respectively.

The Company conducts business in multiple locations within and outside the U.S. Consequently, the Company is subject to periodic income tax examinations by domestic and foreign income tax authorities. As of the fiscal year ended March 31, 2016, the Company is undergoing routine, periodic income tax examinations in both domestic and foreign jurisdictions (including a review of a few specific items on certain of the Company’s Netherlands companies' corporate income tax returns for the tax years ended March 31, 2011, through 2013). In addition, a number of the Company's German subsidiaries are under examination for their German corporate and trade tax returns for the tax years ended March 31, 2011 through 2014. Similarly, a number of the Company’s Italian subsidiaries are under examination with respect to their corporate income tax returns for the tax years ended March 31, 2013 through 2015. During the second quarter of fiscal 2016, the U.S. Internal Revenue Service completed an income tax examination of the Company’s U.S. Consolidated federal income tax return for the tax year ended March 31, 2013. The conclusion of the audit resulted in no changes to previously reported taxable income or income tax for such return. It appears reasonably possible that the amounts of unrecognized income tax benefits could change in the next twelve months upon conclusion of the Company’s current ongoing examinations; however, any potential payments of income tax, interest and penalties are not expected to be significant to the Company's consolidated financial statements. With certain exceptions, the Company is no longer subject to U.S. federal income tax examinations for tax years ending prior to March 31, 2013, state and local income tax examinations for years ending prior to fiscal 2012 or significant foreign income tax examinations for years ending prior to fiscal 2011. With respect to the Company's U.S. federal NOL carryforward (which was fully utilized for the tax year ended March 31, 2015), the short tax period from July 21, 2006 to March 31, 2007 (due to a change in control of the Company) and the tax years ended March 31, 2008, 2009, 2010, 2011 and 2012 are open under statutes of limitations; whereby, the Internal Revenue Service may not adjust the income tax liability for these years, but may reduce the NOL carryforward and any other tax attribute carryforwards to currently open tax years.

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Commitments and Contingencies

12 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

The Company's subsidiaries are involved in various unresolved legal actions, administrative proceedings and claims in the ordinary course of business involving, among other things, product liability, commercial, employment, workers' compensation, intellectual property claims and environmental matters. The Company establishes accruals in a manner that is consistent with accounting principles generally accepted in the United States for costs associated with such matters when liability is probable and those costs are capable of being reasonably estimated. Although it is not possible to predict with certainty the outcome of these unresolved legal actions or the range of possible loss or recovery, based upon current information, management believes the eventual outcome of these unresolved legal actions, either individually or in the aggregate, will not have a material adverse effect on the financial position, results of operations or cash flows of the Company.

In connection with its sale of the Company, Invensys plc ("Invensys") has provided the Company with indemnification against certain contingent liabilities, including certain pre-closing environmental liabilities. The Company believes that, pursuant to such indemnity obligations, Invensys is obligated to defend and indemnify the Company with respect to the matters described below relating to the Ellsworth Industrial Park Site and to various asbestos claims. The indemnity obligations relating to the matters described below are subject, together with indemnity obligations relating to other matters, to an overall dollar cap equal to the purchase price, which is an amount in excess of $900 million. The following paragraphs summarize the most significant actions and proceedings:

• In 2002, Rexnord Industries, LLC (“Rexnord Industries”) was named as a potentially responsible party (“PRP”), together with at least ten other companies, at the Ellsworth Industrial Park Site, Downers Grove, DuPage County, Illinois (the “Site”), by the United States Environmental Protection Agency (“USEPA”), and the Illinois Environmental Protection Agency (“IEPA”). Rexnord Industries' Downers Grove property is situated within the Ellsworth Industrial Complex. The USEPA and IEPA allege there have been one or more releases or threatened releases of chlorinated solvents and other hazardous substances, pollutants or contaminants, allegedly including but not limited to a release or threatened release on or from the Company's property, at the Site. The relief sought by the USEPA and IEPA includes further investigation and potential remediation of the Site and reimbursement of USEPA's past costs. Rexnord Industries' allocated share of past and future costs related to the Site, including for investigation and/or remediation, could be significant. All previously pending property damage and personal injury lawsuits against the Company related to the Site have been settled or dismissed. Pursuant to its indemnity obligation, Invensys continues to defend the Company in known matters related to the Site and has paid 100% of the costs to date.

• Multiple lawsuits (with approximately 300 claimants) are pending in state or federal court in numerous jurisdictions relating to alleged personal injuries due to the alleged presence of asbestos in certain brakes and clutches previously manufactured by the Company's Stearns division and/or its predecessor owners. Invensys and FMC, prior owners of the Stearns business, have paid 100% of the costs to date related to the Stearns lawsuits. Similarly, the Company's Prager subsidiary is a defendant in two pending multi-defendant lawsuits relating to alleged personal injuries due to the alleged presence of asbestos in a product allegedly manufactured by Prager. Additionally, there are numerous individuals who have filed asbestos related claims against Prager; however, these claims are currently on the Texas Multi-district Litigation inactive docket. The ultimate outcome of these asbestos matters cannot presently be determined. To date, the Company's insurance providers have paid 100% of the costs related to the Prager asbestos matters. The Company believes that the combination of its insurance coverage and the Invensys indemnity obligations will cover any future costs of these matters.

In connection with the Company's acquisition of The Falk Corporation (“Falk”), Hamilton Sundstrand has provided the Company with indemnification against certain products-related asbestos exposure liabilities. The Company believes that, pursuant to such indemnity obligations, Hamilton Sundstrand is obligated to defend and indemnify the Company with respect to the asbestos claims described below, and that, with respect to these claims, such indemnity obligations are not subject to any time or dollar limitations.

The following paragraph summarizes the most significant actions and proceedings for which Hamilton Sundstrand has accepted responsibility:

• Falk, through its successor entity, is a defendant in multiple lawsuits pending in state or federal court in numerous jurisdictions relating to alleged personal injuries due to the alleged presence of asbestos in certain clutches and drives previously manufactured by Falk. There are approximately 100 claimants in these suits. The ultimate outcome of these lawsuits cannot presently be determined. Hamilton Sundstrand is defending the Company in these lawsuits pursuant to its indemnity obligations and has paid 100% of the costs to date.

Certain Water Management subsidiaries are also subject to asbestos litigation. As of March 31, 2016, Zurn and numerous other unrelated companies were defendants in approximately 6,000 asbestos related lawsuits representing approximately 19,000 claims. Plaintiffs' claims allege personal injuries caused by exposure to asbestos used primarily in industrial boilers formerly manufactured by a segment of Zurn. Zurn did not manufacture asbestos or asbestos components. Instead, Zurn purchased them from suppliers. These claims are being handled pursuant to a defense strategy funded by insurers.

As of March 31, 2016, the Company estimates the potential liability for the asbestos-related claims described above as well as the claims expected to be filed to be approximately $32.0 million of which Zurn expects its insurance carriers to pay approximately $23.0 million in the next ten years on such claims, with the balance of the estimated liability being paid in subsequent years. The $32.0 million was developed based on actuarial studies and represents the projected indemnity payout for current and future claims. The balance decreased by $3.0 million in fiscal 2016. There are inherent uncertainties involved in estimating the number of future asbestos claims, future settlement costs, and the effectiveness of defense strategies and settlement initiatives. As a result, actual liability could differ from the estimate described herein and could be substantial.

Management estimates that its available insurance to cover this potential asbestos liability as of March 31, 2016, is approximately $244.9 million, and believes that all current claims are covered by insurance. However, principally as a result of the past insolvency of certain of the Company's insurance carriers, certain coverage gaps will exist if and after the Company's other carriers have paid the first $168.9 million of aggregate liabilities.

As of March 31, 2016, the Company had a recorded receivable from its insurance carriers of $32.0 million, which corresponds to the amount of this potential asbestos liability that is covered by available insurance and is currently determined to be probable of recovery. However, there is no assurance that $244.9 million of insurance coverage will ultimately be available or that this asbestos liability will not ultimately exceed $244.9 million. Factors that could cause a decrease in the amount of available coverage include: changes in law governing the policies, potential disputes with the carriers regarding the scope of coverage, and insolvencies of one or more of the Company's carriers.

Certain Company subsidiaries, were named as defendants in a number of individual and class action lawsuits in various United States courts claiming damages due to the alleged failure or anticipated failure of Zurn brass fittings on the PEX plumbing systems in homes and other structures.

In fiscal 2013, the Company reached an agreement in principle to settle the liability underlying this litigation.  The settlement is designed to resolve, on a national basis, the Company's overall exposure for both known and unknown claims related to the alleged failure or anticipated failure of such fittings, subject to the right of eligible class members to opt-out of the settlement and pursue their claims independently.  The settlement received final court approval in fiscal 2013, and utilizes a seven year claims fund, which is capped at $20.0 million, and is funded in installments over the seven year period based on claim activity and minimum funding criteria.  The settlement also covers class action plaintiffs' attorneys' fees and expenses totaling $8.5 million, which were paid in fiscal 2014.

Historically, the Company's insurance carrier had funded the Company's defense in the above referenced proceedings. The Company, however, reached a settlement agreement with its insurer, whereby the insurer paid the Company a lump sum in exchange for a release of future exposure related to this liability.

The Company has recorded an accrual related to this brass fittings liability, which takes into account, in pertinent part, the insurance carrier contribution, as well as exposure from the claims fund, opt-outs and the waiver of future insurance coverage.

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Common Stock Repurchases and Public Offerings

12 Months Ended

Mar. 31, 2016

Equity [Abstract]

Common Stock Repurchases and Public Offerings

Common stock repurchases and public offerings

Issuer Purchases of Equity Securities

In February 2015, the Company's Board of Directors approved a common stock repurchase program (the "Repurchase Program") authorizing the repurchase of up to $200.0 million of the Company's common stock from time to time on the open market or in privately negotiated transactions. The Repurchase Program does not require the Company to acquire any particular amount of common stock and does not specify the timing of purchases or the prices to be paid. During fiscal 2016, the Company repurchased 1,552,500 shares of common stock at a total cost of $40.0 million. The repurchased shares were canceled by the Company upon receipt. At March 31, 2016, approximately $160.0 million of repurchase authority remained.

Fiscal 2014 Common Stock Offering

In fiscal 2014, the Company closed a public offering of shares of its common stock. As part of that offering, the Company sold 3,000,000 shares of common stock, at a public offering price of $25.75 per share for aggregate offering proceeds of $73.8 million, net of underwriting discounts and commissions and other direct costs of the offering.

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Business Segment Information

12 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

The results of operations are reported in two business segments, consisting of the Process & Motion Control platform and the Water Management platform. The Process & Motion Control platform designs, manufactures, markets and services a comprehensive range of specified, highly-engineered mechanical components used within complex systems where our customers' reliability requirements and costs of failure or downtime are high. The Process & Motion Control portfolio includes motion control products, shaft management products, aerospace components, and related value-added services. Products and services are marketed and sold globally under widely recognized brand names, including Rexnord^®, Rex^®, FlatTop^™, Falk^®, and Link-Belt^®. Process & Motion Control products and services are sold into a diverse group of attractive end markets, including food and beverage, aerospace, mining, petrochemical, energy and power generation, cement and aggregates, forest and wood products, agriculture, and general industrial and automation applications. The Water Management platform designs, procures, manufactures, and markets products that provide and enhance water quality, safety, flow control and conservation. The Water Management product portfolio includes professional grade water control and safety, water distribution and drainage, finish plumbing, and site works products for primarily nonresidential buildings and flow control products for water and wastewater treatment infrastructure markets. Products are marketed and sold under widely recognized brand names, including Zurn®, Wilkins®, and VAG®. The financial information of the Company's segments is regularly evaluated by the chief operating decision maker in determining resource allocation and assessing performance. Management evaluates the performance of each business segment based on its operating results. The same accounting policies are used throughout the organization (see Note 2).

Business Segment Information:

(in Millions)

	Year Ended
	March 31, 2016			March 31, 2015			March 31, 2014
Net sales by product
Process & Motion Control:
Original equipment manufacturers/ end-users	$	572.3		$	642.1		$	621.1
Maintenance, repair, and operations	528.0			588.1			617.1
Total Process & Motion Control	$	1,100.3		$	1,230.2		$	1,238.2
Water Management:
Water safety, quality, flow control and conservation	534.1			517.1			465.6
Water infrastructure	289.4			302.9			330.5
Total Water Management	823.5			820.0			796.1
Consolidated net sales	$	1,923.8		$	2,050.2		$	2,034.3
Income (loss) from operations
Process & Motion Control	$	146.8		$	219.6		$	237.7
Water Management	72.8			79.0			72.2
Corporate	(45.3		)	(94.9		)	(37.5		)
Consolidated	$	174.3		$	203.7		$	272.4
Non-operating expense:
Interest expense, net	$	(91.4	)	$	(87.9	)	$	(109.1	)
Loss on the extinguishment of debt	—			—			(133.2		)
Other income (expense), net	3.1			(7.2		)	(15.1		)
Income from continuing operations before income taxes	86.0			108.6			15.0
Provision (benefit) provision for income taxes	17.1			16.8			(10.0		)
Net income from continuing operations	$	68.9		$	91.8		$	25.0
(Loss) income from discontinued operations, net of tax	(1.4		)	(8.0		)	4.6
Net income	67.5			83.8			29.6
Non-controlling interest loss	(0.4		)	—			(0.6		)
Net income attributable to Rexnord	$	67.9		$	83.8		$	30.2
Depreciation and Amortization
Process & Motion Control	$	77.3		$	74.1		$	69.7
Water Management	38.1			38.1			37.2
Consolidated	$	115.4		$	112.2		$	106.9
Capital Expenditures
Process & Motion Control	$	43.6		$	37.7		$	39.4
Water Management	8.5			11.1			12.8
Consolidated	$	52.1		$	48.8		$	52.2
	March 31, 2016			March 31, 2015			March 31, 2014
Total Assets
Process & Motion Control	$	2,412.7		$	2,419.0		$	2,251.4
Water Management	933.2			981.9			1,038.7
Corporate	8.9			8.4			80.7
Consolidated	$	3,354.8		$	3,409.3		$	3,370.8

Net sales to third parties and long-lived assets by geographic region are as follows (in millions):

	Net Sales						Long-lived Assets
	Year Ended March 31, 2016		Year Ended March 31, 2015		Year Ended March 31, 2014		March 31, 2016		March 31, 2015		March 31, 2014
United States	$	1,306.9	$	1,380.0	$	1,337.2	$	276.0	$	279.4	$	284.6
Europe	370.8		374.0		409.1		80.5		92.1		98.6
Rest of World	246.1		296.2		288.0		40.7		46.1		40.5
	$	1,923.8	$	2,050.2	$	2,034.3	$	397.2	$	417.6	$	423.7

Net sales to third parties are attributed to the geographic regions based on the country in which the shipment originates. Amounts attributed to the geographic regions for long-lived assets are based on the location of the entity that holds such assets. In accordance with ASC 280, Segment Reporting, long-lived assets includes movable assets and excludes net intangible assets and goodwill.

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Quarterly Results of Operations (unaudited)

12 Months Ended

Mar. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (unaudited)

Quarterly Results of Operations (unaudited)

(in millions, except per share amounts)

	Fiscal 2016
	First Quarter			Second Quarter		Third Quarter			Fourth Quarter			Total
Net sales	$	485.1		$	485.9	$	460.2		$	492.6		$	1,923.8
Gross profit	169.8			169.3		158.3			167.8			665.2
Net income from continuing operations	21.2			22.6		24.3			0.8			68.9
Loss from discontinued operations, net of tax	—			—		—			(1.4		)	(1.4		)
Net income (loss)	21.2			22.6		24.3			(0.6		)	67.5
Non-controlling interest (loss)	(0.1		)	—		(0.1		)	(0.2		)	(0.4		)
Net income (loss) attributable to Rexnord	21.3			22.6		24.4			(0.4		)	67.9
Net income per share from continuing operations:
Basic	$	0.21		$	0.23	$	0.24		$	0.01		$	0.68
Diluted	$	0.20		$	0.22	$	0.24		$	0.01		$	0.67
(Loss) per share from discontinued operations:
Basic	$	—		$	—	$	—		$	(0.01	)	$	(0.01	)
Diluted	—			—		—			$	(0.01	)	$	(0.01	)
Net income per share attributable to Rexnord:
Basic	$	0.21		$	0.23	$	0.24		$	—		$	0.67
Diluted	$	0.20		$	0.22	$	0.24		$	—		$	0.66

	Fiscal 2015
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
Net sales	$	503.6		$	531.0		$	497.1		$	518.5		$	2,050.2
Gross profit	178.2			197.0			181.5			189.5			746.2
Net income (loss) from continuing operations	11.6			37.8			6.7			35.7			91.8
Income (loss) from discontinued operations, net of tax	0.4			(0.7		)	(4.5		)	(3.2		)	(8.0		)
Net income (loss)	12.0			37.1			2.2			32.5			83.8
Non-controlling interest (loss) income	(0.1		)	(0.1		)	—			0.2			—
Net income (loss) attributable to Rexnord	12.1			37.2			2.2			32.3			83.8
Net income per share from continuing operations:
Basic	$	0.11		$	0.37		$	0.07		$	0.35		$	0.90
Diluted	$	0.11		$	0.36		$	0.06		$	0.34		$	0.88
Income (loss) per share from discontinued operations:
Basic	$	—		$	(0.01	)	$	(0.04	)	$	(0.03	)	$	(0.08	)
Diluted	$	—		$	(0.01	)	$	(0.04	)	$	(0.03	)	$	(0.08	)
Net income per share attributable to Rexnord:
Basic	$	0.12		$	0.37		$	0.02		$	0.32		$	0.82
Diluted	$	0.12		$	0.36		$	0.02		$	0.31		$	0.80

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Related Party Transactions

12 Months Ended

Mar. 31, 2016

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Former Stockholders' Agreements

In connection with Apollo's acquisition of the Company in 2006, the Company entered into two separate stockholders' agreements - one with Rexnord Acquisition Holdings I, LLC, Rexnord Acquisition Holdings II, LLC (together with Rexnord Acquisition Holdings I, LLC, the “Apollo Holders”) and certain other of its stockholders, and the other with the Apollo Holders, George M. Sherman (the Company's former Chairman of the Board of Directors) and entities then-controlled by Mr. Sherman (collectively, the “Stockholders' Agreements”). All terms of the Stockholders' Agreements terminated upon the consummation of the Company's IPO, except for the registration rights provisions described below.

Under the terms of the Stockholders' Agreements, the Company agreed to register shares of its common stock owned by affiliates of the Apollo Holders and by Mr. Sherman, as well as bear related expenses of offerings by them, in certain circumstances. Three times in fiscal 2015 and twice is fiscal 2014, the Apollo Holders exercised their registration rights with respect to their shares.

Consequently, pursuant to the Stockholders’ Agreements, the Company was required to pay all of the offering expenses (other than underwriters’ discounts and commissions on the shares of common stock sold by the Apollo Holders or Mr. Sherman and affiliated entities) related to those offerings.  The offering expenses (excluding such underwriters’ discounts and commissions) paid by the Company on behalf of the selling stockholders were $0.5 million and $1.4 million for the offerings completed in fiscal 2015 and 2014, respectively. Following these offerings, Apollo no longer owns any shares of the Company's stock.

Other

Apollo Global Securities, LLC, which was one of the underwriters in one of the fiscal 2015 securities offerings and each of the fiscal 2014 offerings, is an affiliate of Apollo.  Apollo Global Securities, LLC received (on a pro rata basis) discounts and commissions of approximately $0.1 million related to the sale of securities by Rexnord as part of the February 2014 offering.  The underwriters’ discounts and commissions related to the shares sold by Apollo Holders or Mr. Sherman and affiliated entities in the fiscal 2015 and fiscal 2014 offerings were paid by them and not by the Company.

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Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Mar. 31, 2016

Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

Schedule II – Valuation and Qualifying Accounts

(in Millions)

			Additions
Description	Balance at Beginning of Year		Charged to Costs and Expenses			Acquired Obligations		Charged to Other Accounts			Deductions (1)			Balance at End of Year
Fiscal Year 2014:
Valuation allowance for trade and notes receivable	$	7.7	$	1.0		$	0.2	$	(0.1	)	$	(2.4	)	$	6.4
Valuation allowance for excess and obsolete inventory	30.5		3.8			4.1		0.2			(4.8		)	33.8
Valuation allowance for income taxes	73.1		3.9			—		—			(22.6		)	54.4
Fiscal Year 2015:
Valuation allowance for trade and notes receivable	$	6.4	$	10.7		$	0.6	$	(0.4	)	$	(0.5	)	$	16.8
Valuation allowance for excess and obsolete inventory	33.8		5.2			0.8		(0.6		)	(3.5		)	35.7
Valuation allowance for income taxes	54.4		2.0			—		—			(31.4		)	25.0
Fiscal Year 2016:
Valuation allowance for trade and notes receivable	$	16.8	$	(6.8	)	$	—	$	(0.1	)	$	(1.0	)	$	8.9
Valuation allowance for excess and obsolete inventory	35.7		9.5			—		(0.3		)	(7.3		)	37.6
Valuation allowance for income taxes	25.0		4.2			—		—			(2.0		)	27.2

 (1) Uncollectible amounts, dispositions charged against the accrual and utilization of net operating losses.

All other schedules have been omitted because they are not applicable or because the information required is included in the notes to the consolidated financial statements.

(a) (3) Exhibits.

See Exhibit Index included after the signature page to this report, which Exhibit Index is incorporated by reference herein.

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Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Use of Estimates

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Reclassifications

Reclassifications

Certain prior year amounts have been reclassified to conform to the fiscal 2016 presentation.

Revenue Recognition

Revenue Recognition

Net sales are recorded upon transfer of title and risk of product loss to the customer. Net sales relating to any particular shipment are based upon the amount invoiced for the delivered goods less estimated future rebate payments and sales returns which are based upon the Company’s historical experience. Revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. The value of returned goods during the years ended March 31, 2016, 2015 and 2014 was approximately 1.0% or less of net sales. Other than a standard product warranty, there are no post-shipment obligations.

The Company classifies shipping and handling fees billed to customers as net sales and the corresponding costs are classified as cost of sales in the consolidated statements of operations.

Stock Based Compensation

Stock-Based Compensation

The Company accounts for stock based compensation in accordance with Accounting Standards Codification ("ASC") 718, Accounting for Stock Compensation ("ASC 718"). ASC 718 requires compensation costs related to stock-based payment transactions to be recognized in the financial statements. Generally, compensation cost is measured based on the grant-date fair value of the equity instruments issued. Compensation cost is recognized over the requisite service period, generally as the awards vest. See further discussion of the Company’s equity plans in Note 15, Stock-Based Compensation.

Per Share Data

Per Share Data

Basic net income (loss) per share from continuing and discontinued operations is computed by dividing net income from continuing operations and (loss) income from discontinued operations, respectively, by the corresponding weighted average number of common shares outstanding for the period. Diluted net income (loss) per share from continuing and discontinued operations is computed based on the weighted average number of common shares outstanding increased by the number of incremental shares that would have been outstanding if the potential dilutive shares were issued through the exercise of outstanding stock options to purchase common shares, except when the effect would be anti-dilutive.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less to be cash and cash equivalents.

Receivables

Receivables

Receivables are stated net of allowances for doubtful accounts of $8.9 million at March 31, 2016 and $16.8 million at March 31, 2015. The Company evaluates the collectability of its receivables and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances and historical write-off experience. Credit is extended to customers based upon an evaluation of their financial position. Generally, advance payment is not required. Allowances for doubtful accounts established are recorded within Selling, general and administrative expenses within the consolidated statements of operations.

Inventories

Inventories

Inventories are comprised of material, direct labor and manufacturing overhead, and are stated at the lower of cost or market. Market is determined based on estimated net realizable values. Approximately 64% of the Company’s total inventories as of both March 31, 2016 and 2015 were valued using the “last-in, first-out” (LIFO) method. All remaining inventories are valued using the “first-in, first-out” (FIFO) method.

In some cases, the Company has determined a certain portion of inventories are excess or obsolete. In those cases, the Company writes down the value of those inventories to their net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are more or less favorable than those projected by management, adjustments to established inventory reserves may be required.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment are stated at cost. Depreciation is provided using the straight-line method over 10 to 30 years for buildings and improvements, 5 to 10 years for machinery and equipment and 3 to 5 years for computer hardware and software. Where appropriate, the depreciable lives of certain assets may be adjusted to reflect a change in the use of those assets, or depreciation may be accelerated in the case of an eventual asset disposal. Maintenance and repair costs are expensed as incurred.

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Intangible assets consist of acquired trademarks and tradenames, customer relationships (including distribution network) and patents. The customer relationships, patents, and certain tradenames are being amortized using the straight-line method over their estimated useful lives of 3 to 20 years, 3 to 15 years, and 3 to 10 years, respectively. Goodwill, trademarks and certain tradenames have indefinite lives and are not amortized. However, the goodwill and intangible assets are tested annually for impairment using a discounted cash flow and market value approach analysis and may be tested more frequently if any triggering events occur that would reduce the recoverability of the asset.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

The carrying value of long-lived assets, including amortizable intangible assets and tangible fixed assets, are evaluated for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment of amortizable intangible assets and tangible fixed assets is generally determined by comparing projected undiscounted cash flows to be generated by the asset, or group of assets, to its carrying value. If impairment is identified, a loss is recorded equal to the excess of the asset's net book value over its fair value, and the cost basis is adjusted. Determination of the fair value requires various estimates including internal cash flow estimates generated from the asset, quoted market prices and appraisals as appropriate to determine fair value. Actual results could vary from these estimates.

Product Warranty

Product Warranty

The Company offers warranties on the sales of certain of its products and records an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims.

Income Taxes

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes (“ASC 740”). Deferred income taxes are provided for future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, net operating losses, tax credits and other applicable carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be actually paid or recovered. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of continuing operations in the period that includes the date of enactment.

The Company regularly reviews its deferred tax assets for recoverability and provides a valuation allowance against its deferred tax assets if, based upon consideration of all positive and negative evidence, the Company determines that it is more-likely-than-not that a portion or all of the deferred tax assets will ultimately not be realized in future tax periods. Such positive and negative evidence would include review of historical earnings and losses, anticipated future earnings, the time period over which the temporary differences and carryforwards are anticipated to reverse and implementation of feasible, prudent tax planning strategies.

The Company is subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in determining the Company's worldwide provision for income taxes and recording the related deferred tax assets and liabilities. In the ordinary course of the Company's business, there is inherent uncertainty in quantifying the ultimate tax outcome of all of the numerous transactions and required calculations relating to the Company's tax positions. Accruals for unrecognized tax benefits are provided for in accordance with the requirements of ASC 740. An unrecognized tax benefit represents the difference between the recognition of benefits related to uncertain tax positions for income tax reporting purposes and financial reporting purposes. The Company has established a reserve for interest and penalties, as applicable, for uncertain tax positions and it is recorded as a component of the overall income tax provision.

The Company is subject to periodic income tax examinations by domestic and foreign income tax authorities. Although the outcome of income tax examinations is always uncertain, the Company believes that it has appropriate support for the positions taken on its income tax returns and has adequately provided for potential income tax assessments. Nonetheless, the amounts ultimately settled relating to issues raised by the taxing authorities may differ materially from the amounts accrued for each year.

Derivative Financial Instruments

Derivative Financial Instruments

The Company is exposed to certain financial risks relating to fluctuations in foreign currency exchange rates and interest rates. The Company selectively uses foreign currency forward contracts and interest rate derivatives to manage its foreign currency and interest rate risks. All hedging transactions are authorized and executed pursuant to defined policies and procedures which prohibit the use of financial instruments for speculative purposes.

The Company accounts for derivative instruments in accordance with ASC 815, Accounting for Derivative Instruments and Hedging Activities (“ASC 815”). ASC 815 requires companies to recognize all of its derivative instruments as either assets or liabilities in the balance sheet at fair value. Fair value is defined under ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative instrument has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. As of March 31, 2016 and 2015, the Company had forward-starting interest rate swaps and interest rate caps on its variable rate term debt that are designated and qualify as hedging instruments. For the derivative instruments designated and qualifying as effective hedging instruments under ASC 815, the changes in the fair value of the effective portion of the instrument are recognized in accumulated other comprehensive loss whereas any changes in the fair value of a derivative instrument that is not designated or does not qualify as an effective hedge are recorded in other non-operating expense. See Note 12, Derivative Financial Instruments, for further information regarding the classification and accounting.

Financial Instrument Counterparties

The Company is exposed to credit losses in the event of non-performance by counterparties to its financial instruments. The Company anticipates, however, that counterparties will be able to fully satisfy their obligations under these instruments. The Company places cash and temporary investments and foreign currency and interest rate swap and cap contracts with various high-quality financial institutions. Although the Company does not obtain collateral or other security to support these financial instruments, it does periodically evaluate the credit-worthiness of each of its counterparties.

Foreign Currency Translation

Foreign Currency Translation

Assets and liabilities of subsidiaries operating outside of the United States with a functional currency other than the U.S. dollar are translated into U.S. dollars using exchange rates at the end of the respective period. Revenues and expenses of such entities are translated at average exchange rates in effect during the respective period. Foreign currency translation adjustments are included as a component of accumulated other comprehensive loss. Currency transaction losses are included in other expense, net in the consolidated statements of operations

Advertising Costs

Advertising Costs

Advertising costs are charged to selling, general and administrative expenses on the consolidated statements of operations as incurred

Research, Development and Engineering Costs

Research, Development and Engineering Costs

Research, development and engineering costs are charged to selling, general and administrative expenses on the consolidated statements of operations as incurred

Concentrations of Credit Risk

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and temporary investments, forward currency contracts and trade accounts receivable.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual and interim periods beginning in 2017 with early adoption permitted. The Company is evaluating the impact of the adoption of ASU 2016-09 on its consolidated financial statements.

In February 2015, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02''), which requires management to recognize lease assets and lease liabilities by lessees for all operating leases on the consolidated balance sheets. ASU 2016-02 is effective for the Company's fiscal 2019 and interim periods included therein on a modified retrospective basis. The Company is currently evaluating the impact this guidance will have on its financial statements upon adoption.    

In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). ASU 2015-17 changes how deferred taxes are classified on the balance sheet, eliminating the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. ASU 2015-17 is effective for fiscal years and interim periods within those years beginning after December 15, 2016. The Company elected to early adopt ASU 2015-17 for fiscal 2016 on a retrospective basis in order to enhance comparability. Accordingly, the Company has presented prior period amounts for deferred income taxes in a manner that conforms to the current period presentation.

In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805) Simplifying the Accounting for Measurement-Period Adjustments ("ASU 2015-16"), which removes the requirement to restate prior periods to reflect adjustments made to provisional amounts. Rather, adjustments to the provisional amounts are to be recognized in the reporting period in which the adjustments are recognized. The adjustments related to previous reporting periods since the acquisition date must be disclosed by income statement line item either on the face of the income statement or in the notes. As permitted by ASU 2015-16, the Company elected to early adopt this guidance beginning in the second quarter of fiscal 2016 with no material impact to the financial statements or related notes thereto.

In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory ("ASU 2015-11"). ASU 2015-11 requires inventory to be measured at the lower of cost and net realizable value, which is defined as the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. Under existing guidance, net realizable value is one of several calculations needed to measure inventory at lower of cost or market and as such, the new guidance reduces the complexity in measurement. ASU 2015-11 is effective for the Company's first quarter of fiscal year 2018, with early adoption is permitted, and must be applied prospectively. The Company is currently evaluating the impact of the adoption of this requirement on the consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement of debt issuance costs is not affected by the amendments in this update. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015 and is required to be applied retrospectively to all prior periods presented. As permitted by ASU 2015-03, the Company elected to early adopt this guidance beginning with the first quarter of fiscal 2016, which resulted in the reclassification of $10.5 million of unamortized debt issuance costs from other assets to long-term debt on the consolidated balance sheets as of March 31, 2015. Refer to Note 11, Long-Term Debt for additional discussion regarding debt instruments and related classification.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09")in order to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The guidance specifies revenue should be recognized in the amount that reflects the consideration the company expects to be entitled to in exchange for the transfer of promised goods or services to customers. ASU 2014-09 will be effective for the Company in the first quarter of fiscal 2019 and allows for full retrospective adoption applied to all periods presented or retrospective adoption with the cumulative effect of initially applying this update recognized at the date of initial application. The Company is currently evaluating the method of adoption and the potential impact adoption will have on its consolidated financial statements.

In the first quarter of 2016, the Company adopted FASB ASU No. 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"), which changes the criteria for reporting discontinued operations. ASU 2014-08 allows only disposals representing a strategic shift in operations to be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations, as well as pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. As this guidance is a prospective change, the significance of ASU 2014-08 for the Company is dependent on any future dispositions or disposals.

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Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Schedule of Product Warranty Liability

The following table presents changes in the Company’s product warranty liability during each of the periods presented (in millions):

	Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2014
Balance at beginning of period	$	6.8		$	8.0		$	7.7
Acquired obligations	—			—			0.2
Charged to operations	2.8			1.8			3.9
Claims settled	(2.8		)	(3.0		)	(3.8		)
Balance at end of period	$	6.8		$	6.8		$	8.0

Schedule of Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss, net of tax, for the fiscal years ending March 31, 2016, 2015 and 2014 are as follows (in millions):

	Interest Rate Derivatives			Foreign Currency Translation			Pension and Postretirement Plans			Total
Balance April 1, 2013	—			0.7			(39.4		)	(38.7		)
Other comprehensive (loss) income before reclassifications	(1.7		)	7.1			10.5			15.9
Amounts reclassified from accumulated other comprehensive loss	—			—			(1.0		)	(1.0		)
Net current period other comprehensive (loss) income	(1.7		)	7.1			9.5			14.9
Balance at March 31, 2014	(1.7		)	7.8			(29.9		)	(23.8		)
Other comprehensive loss before reclassifications	(10.9		)	(84.3		)	(14.1		)	(109.3		)
Amounts reclassified from accumulated other comprehensive loss	—			—			2.9			2.9
Net current period other comprehensive loss	(10.9		)	(84.3		)	(11.2		)	(106.4		)
Balance at March 31, 2015	$	(12.6	)	$	(76.5	)	$	(41.1	)	$	(130.2	)
Other comprehensive (loss) income before reclassifications	(4.3		)	(10.0		)	6.7			(7.6		)
Amounts reclassified from accumulated other comprehensive loss	—			—			(1.2		)	(1.2		)
Net current period other comprehensive (loss) income	(4.3		)	(10.0		)	5.5			(8.8		)
Balance at March 31, 2016	$	(16.9	)	$	(86.5	)	$	(35.6	)	$	(139.0	)

Reclassification out of Accumulated Other Comprehensive Loss

The following table summarizes the amounts reclassified from accumulated other comprehensive loss to net income during the fiscal years ending March 31, 2016, 2015 and 2014 (in millions):

Pension and postretirement plans	Year Ending March 31, 2016			Year Ending March 31, 2015			Year Ending March 31, 2014			Income Statement Line Item
Amortization of prior service credit	$	(1.9	)	$	(1.7	)	$	(1.7	)	Selling, general and administrative expenses
Lump Sum Settlement	—			6.5			—			Actuarial loss on pension and postretirement benefit obligations
Provision (benefit) for income taxes	0.7			(1.9		)	0.7
Total, net of income taxes	$	(1.2	)	$	2.9		$	(1.0	)

Research, Development and Engineering Costs

Research, development and engineering costs are charged to selling, general and administrative expenses on the consolidated statements of operations as incurred and for the years ended March 31, 2016, 2015 and 2014 amounted to the following (in millions):

	Year Ended March 31, 2016		Year Ended March 31, 2015		Year Ended March 31, 2014
Research and development costs	$	12.4	$	12.8	$	13.0
Engineering costs	24.8		26.0		28.4
Total	$	37.2	$	38.8	$	41.4

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Discontinued Operations (Tables)

12 Months Ended

Mar. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Results of Discontinued Operations

The following table summarizes the results of the Mill Products business included within (loss) income from discontinued operations, net of tax on the consolidated statements of operations (in millions):

	Year Ended
	March 31, 2016			March 31, 2015			March 31, 2014
Net sales	$	—		$	34.1		$	47.7
(Loss) income from operations before income taxes	(2.2		)	(10.9		)	7.2
(Benefit) provision for income taxes	(0.8		)	(2.9		)	2.6
Net (loss) income from discontinued operations	$	(1.4	)	$	(8.0	)	$	4.6
Net (loss) income per share from discontinued operations:
Basic	$	(0.01	)	$	(0.08	)	$	0.05
Diluted	$	(0.01	)	$	(0.08	)	$	0.05

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Restructuring and Other Similar Charges (Tables)

12 Months Ended

Mar. 31, 2016

Restructuring and Related Activities [Abstract]

Restructuring Costs by Operating Segment

The following table summarizes the Company's restructuring and other similar costs incurred during the years ended March 31, 2016, 2015 and 2014 by classification of operating segment (in millions):

	Year Ended March 31, 2016
	Process & Motion Control		Water Management		Corporate		Consolidated
Severance costs	$	10.8	$	4.2	$	0.3	$	15.3
Asset impairment charges (1)	1.0		16.5		—		$	17.5
Lease termination and other costs	0.5		1.6		—		2.1
Total restructuring and other similar costs	$	12.3	$	22.3	$	0.3	$	34.9
	Year Ended March 31, 2015
	Process & Motion Control		Water Management		Corporate		Consolidated
Severance costs	$	7.6	$	3.3	$	—	$	10.9
Lease termination and other costs	1.2		0.8		—		2.0
Total restructuring and other similar costs	$	8.8	$	4.1	$	—	$	12.9
	Year Ended March 31, 2014
	Process & Motion Control		Water Management		Corporate		Consolidated
Severance costs	$	3.3	$	2.0	$	0.8	$	6.1
Lease termination and other costs	1.6		0.7		—		2.3
Total restructuring and other similar costs	$	4.9	$	2.7	$	0.8	$	8.4
	Restructuring Costs To-date (Period from April 1, 2013 to March 31, 2016)
	Process & Motion Control		Water Management		Corporate		Consolidated
Severance costs	$	21.7	$	9.5	$	1.1	$	32.3
Asset impairment charges	1.0		16.5		—		$	17.5
Lease termination and other costs	3.3		3.1		—		6.4
Total restructuring and other similar costs	$	26.0	$	29.1	$	1.1	$	56.2

(1) In connection with the fiscal 2016 footprint optimization initiatives and the decision to exit the non-strategic Rodney Hunt® Fontaine® (“RHF”) flow control gate product line, the Company recognized impairment charges associated with related fixed assets and intangible assets of $6.6 million and $10.9 million, respectively.  The impairment of fixed assets was determined utilizing independent appraisals of the assets, classified as Level 3 inputs within the Fair Value hierarchy.  Refer to Note 13 for additional information.  Following the Company’s decision to exit the RHF product line, the Company deemed certain intangible assets associated with the RHF tradename, customer relationships and patents had no future value resulting in impairment charges of $10.4 million, $0.3 million and $0.2 million, respectively.    

Pre-tax loss from operations associated with this non-strategic exit of the RHF product-line were as follows in each of the last three fiscal years:

Years ending March 31,	Pre-tax Loss			Description
2016	$	(43.1	)	Includes asset impairments described above and other restructuring charges (primarily severance costs) of $16.5 million and $2.9 million, respectively
2015	(14.0		)	Includes other restructuring charges (primarily severance costs) of $2.2 million
2014	(10.1		)	Includes other restructuring charges of (primarily severance costs) $0.3 million

Accrual For Restructuring Costs

The following table summarizes the activity in the Company's accrual for restructuring costs for the fiscal years ended March 31, 2016 and 2015 (in millions):

	Severance Costs			Asset impairment charges			Lease Termination and Other Costs			Total
Accrued Restructuring Costs, March 31, 2014	$	3.4		$	—		$	0.4		$	3.8
Charges	10.9			—			2.0			12.9
Cash payments	(7.6		)	—			(1.3		)	(8.9		)
Non-cash charges	—			—			(0.8		)	(0.8		)
Accrued Restructuring Costs, March 31, 2015 (1)	6.7			—			0.3			7.0
Charges	15.3			17.5			2.1			34.9
Cash payments	(11.5		)	—			(2.1		)	(13.6		)
Non-cash charges	—			(17.5		)	—			(17.5		)
Accrued Restructuring Costs, March 31, 2016 (1)	$	10.5		$	—		$	0.3		$	10.8

(1) The restructuring accrual is included in Other current liabilities on the consolidated balance sheets.

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Inventories (Tables)

12 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Major Classes of Inventories

The major classes of inventories are summarized as follows (in millions):

	March 31,
	2016		2015
Finished goods	$	148.4	$	168.5
Work in progress	55.3		70.7
Purchased components	67.6		69.9
Raw materials	49.3		52.8
Inventories at First-in, First-Out ("FIFO") cost	320.6		361.9
Adjustment to state inventories at Last-in, First-Out ("LIFO") cost	6.6		5.8
	$	327.2	$	367.7

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Property, Plant and Equipment (Tables)

12 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment, net is summarized as follows (in millions):

	March 31,
	2016			2015
Land	$	31.2		$	33.5
Buildings and improvements	210.8			217.7
Machinery and equipment	401.0			388.2
Hardware and software	65.4			61.5
Construction in-progress	37.6			25.9
	746.0			726.8
Less accumulated depreciation	(348.8		)	(309.2		)
	$	397.2		$	417.6

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Goodwill and Intangible Assets (Tables)

12 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the Net Carrying Value of Goodwill and Identifiable Intangible Assets

The changes in the net carrying value of goodwill and identifiable intangible assets for the years ended March 31, 2016 and 2015 by operating segment, are presented below (in millions):

							Amortizable Intangible Assets
	Goodwill			Indefinite Lived Intangible Assets			Trade-Names			Customer Relationships			Patents			Total Identifiable Intangible Assets Excluding Goodwill
Process & Motion Control
Net carrying amount as of March 31, 2014	$	904.0		$	197.6		$	1.9		$	94.4		$	3.7		$	297.6
Acquisitions	54.7			—			5.2			51.6			—			56.8
Purchase price allocation adjustments (1)	1.8			(3.1		)	1.3			—			—			(1.8		)
Amortization	—			—			(1.0		)	(31.0		)	(1.2		)	(33.2		)
Currency translation adjustment and other (2)	(10.6		)	(1.6		)	(0.1		)	(2.0		)	—			(3.7		)
Net carrying amount as of March 31, 2015	$	949.9		$	192.9		$	7.3		$	113.0		$	2.5		$	315.7
Purchase price allocation adjustments (1)	(4.8		)	—			4.2			—			—			4.2
Amortization	—			—			(1.7		)	(32.9		)	(1.2		)	(35.8		)
Currency translation adjustment and other	(2.7		)	(2.2		)	(0.7		)	(1.1		)	0.6			(3.4		)
Net carrying amount as of March 31, 2016	$	942.4		$	190.7		$	9.1		$	79.0		$	1.9		$	280.7
Water Management
Net carrying amount as of March 31, 2014	$	246.7		$	140.8		$	—		$	147.0		$	7.2		$	295.0
Acquisitions	20.0			—			1.6			7.3			1.5			10.4
Amortization	—			—			(0.2		)	(19.4		)	(2.3		)	(21.9		)
Currency translation adjustment and other	(14.3		)	(5.6		)	—			(5.8		)	(0.1		)	(11.5		)
Net carrying amount as of March 31, 2015	$	252.4		$	135.2		$	1.4		$	129.1		$	6.3		$	272.0
Amortization	—			—			(0.3		)	(19.2		)	(2.1		)	(21.6		)
Currency translation adjustment and other (3)	(1.0		)	(10.2		)	(0.5		)	(0.1		)	0.6			(10.2		)
Net carrying amount as of March 31, 2016	$	251.4		$	125.0		$	0.6		$	109.8		$	4.8		$	240.2
Consolidated
Net carrying amount as of March 31, 2014	$	1,150.7		$	338.4		$	1.9		$	241.4		$	10.9		$	592.6
Acquisitions	74.7			—			6.8			58.9			1.5			67.2
Purchase price allocation adjustments (1)	1.8			(3.1		)	1.3			—			—			(1.8		)
Amortization	—			—			(1.2		)	(50.4		)	(3.5		)	(55.1		)
Currency translation adjustment and other (2)	(24.9		)	(7.2		)	(0.1		)	(7.8		)	(0.1		)	(15.2		)
Net carrying amount as of March 31, 2015	$	1,202.3		$	328.1		$	8.7		$	242.1		$	8.8		$	587.7
Purchase price allocation adjustments (1)	(4.8		)	—			4.2			—			—			4.2
Amortization	—			—			(2.0		)	(52.1		)	(3.3		)	(57.4		)
Currency translation adjustment and other (3)	(3.7		)	(12.4		)	(1.2		)	(1.2		)	1.2			(13.6		)
Net carrying amount as of March 31, 2016	$	1,193.8		$	315.7		$	9.7		$	188.8		$	6.7		$	520.9

____________________

(1) Refer to Note 3 Acquisitions for additional information regarding purchase price allocation adjustments.

(2) Includes $4.1 million of goodwill allocated to the Mill Products business in connection to the Company's decision to discontinue the Mill Products business during fiscal 2015. See Note 4 Discontinued Operations for additional information regarding the discontinued operation.

(3) Includes $10.4 million, $0.3 million, and $0.2 million of impairment of indefinite-lived intangible assets, customer relationships and patents, respectively, associated with the exit of the RHF product line. Refer to Note 5 Restructuring and Other Similar Charges, for additional information.

Gross Carrying Amount and Accumulated Amortization of Identifiable Intangible Assets

The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of March 31, 2016 and March 31, 2015 are as follows (in millions):

		March 31, 2016
	Weighted Average Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Intangible assets subject to amortization:
Patents	10 years	$	41.3	$	(34.6	)	$	6.7
Customer relationships (including distribution network)	13 years	628.4		(439.6		)	188.8
Tradenames	8 years	12.7		(3.0		)	9.7
Intangible assets not subject to amortization - trademarks and tradenames		315.7		—			315.7
		$	998.1	$	(477.2	)	$	520.9
		March 31, 2015
	Weighted Average Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Intangible assets subject to amortization:
Patents	10 years	$	40.1	$	(31.3	)	$	8.8
Customer relationships (including distribution network)	13 years	635.4		(393.3		)	242.1
Tradenames	8 years	10.0		(1.3		)	8.7
Intangible assets not subject to amortization - trademarks and tradenames		328.1		—			328.1
		$	1,013.6	$	(425.9	)	$	587.7

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Other Current Liabilities (Tables)

12 Months Ended

Mar. 31, 2016

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

Other current liabilities are summarized as follows (in millions):

	March 31, 2016		March 31, 2015
Customer advances	$	8.3	$	7.0
Sales rebates	28.2		25.4
Commissions	7.9		3.9
Restructuring and other similar charges (1)	10.8		7.0
Product warranty (2)	6.8		6.8
Risk management (3)	9.9		9.4
Legal and environmental	4.6		3.8
Taxes, other than income taxes	6.6		8.0
Income taxes payable	15.0		19.2
Interest payable	5.6		5.5
Other	20.7		19.7
	$	124.4	$	115.7

____________________

(1) See more information related to the restructuring obligations balance within Note 5.

(2) See more information related to the product warranty obligations balance within Note 2.

(3) Includes projected liabilities related to losses arising from automobile, general and product liability claims.

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Long-Term Debt (Tables)

12 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-term debt is summarized as follows (in millions):

	March 31,
	2016		2015
Term loans (1)	1,881.0		1,895.8
8.875% Senior notes due 2016	—		1.3
Other (2)	39.1		42.9
Total	1,920.1		1,940.0
Less current maturities	20.2		24.3
Long-term debt	$	1,899.9	$	1,915.7

____________________

(1) Includes an unamortized original issue discount and debt issuance costs of $20.2 million and $25.0 million at March 31, 2016 and March 31, 2015, respectively.

(2) Includes unamortized debt issuance costs of $0.6 million at each of March 31, 2016 and 2015. Refer to "Other Subsidiary Debt" below for additional information.

Schedule of Maturities of Long-Term Debt

Future maturities of debt as of March 31, 2016, excluding the unamortized original issue discount and debt issuance costs of $20.8 million, were as follows (in millions):

Years ending March 31:
2017	$	20.2
2018	19.9
2019	19.9
2020	19.7
2021	1,823.4
Thereafter	37.8
	$	1,940.9

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Derivative Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

Fair value of derivatives designated as hedging instruments under ASC 815 (in millions):

	March 31, 2016		March 31, 2015		Balance Sheet Classification
	Liability Derivatives
Interest rate swaps	$	21.8	$	17.7	Other liabilities
	Asset Derivatives
Interest rate caps	$	0.3	$	3.0	Other assets

Fair value of derivatives not designated as hedging instruments under ASC 815 (in millions):

	March 31, 2016		March 31, 2015		Balance Sheet Classification
	Liability Derivatives
Foreign currency forward contracts	$	0.9	$	—	Other current liabilities
	Asset Derivatives
Foreign currency forward contracts	$	—	$	0.4	Other current assets

Location and Amount of Losses and Gains - Derivative Instruments

The following tables indicate the location and the amount of losses and gains associated with the Company's derivative instruments, net of tax, within the consolidated balance sheets (for qualifying ASC 815 instruments) and recognized within the consolidated statements of operations. The information is segregated between designated, qualifying ASC 815 hedging instruments and non-qualifying, non-designated hedging instruments (in millions). As of March 31, 2016, there was no ineffectiveness on the Company's designated hedging instruments.

	Cumulative loss recognized, net of tax, in accumulated other comprehensive loss on derivatives
Derivative instruments designated as cash flow hedging relationships under ASC 815
	March 31, 2016		March 31, 2015
Interest rate swaps	$	13.5	$	11.0
Interest rate caps	$	3.4	$	1.7

		Amount recognized in other income (expense), net
Derivative instruments not designated as hedging instruments under ASC 815	Location of gain recognized in income on derivatives	Year Ended
		March 31, 2016		March 31, 2015		March 31, 2014
Foreign currency forward contracts	Other income (expense), net	$	—	$	0.5	$	0.4

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Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Assets and Liabilities Recognized at Fair Value on a Recurring Basis

The following table provides a summary of the Company's assets and liabilities that were recognized at fair value on a recurring basis as of March 31, 2016 and March 31, 2015 (in millions):

	Fair Value as of March 31, 2016
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate caps	$	—	$	0.3	$	—	$	0.3
Total assets at fair value	$	—	$	0.3	$	—	$	0.3
Liabilities:
Interest rate swaps	$	—	$	21.8	$	—	$	21.8
Foreign currency forward contracts	$	—	$	0.9	$	—	$	0.9
Total liabilities at fair value	$	—	$	22.7	$	—	$	22.7
	Fair Value as of March 31, 2015
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate caps	$	—	$	3.0	$	—	$	3.0
Foreign currency forward contracts	—		0.4		—		0.4
Total assets at fair value	$	—	$	3.4	$	—	$	3.4
Liabilities:
Interest rate swaps	$	—	$	17.7	$	—	$	17.7
Total liabilities at fair value	$	—	$	17.7	$	—	$	17.7

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Leases (Tables)

12 Months Ended

Mar. 31, 2016

Leases [Abstract]

Future Minimum Rental Payments for Operating Leases

Future minimum rental payments for operating leases with initial terms in excess of one year as of March 31, 2016 are as follows (in millions):

Years ending March 31:
2017	$	14.8
2018	14.6
2019	12.3
2020	10.8
2021	8.2
Thereafter	22.7
	$	83.4

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Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Fair Value of Options Granted

The fair value of each option granted under the Incentive Plans was estimated on the date of grant using the Black-Scholes valuation model that uses the following weighted-average assumptions:

	Year Ended March 31, 2016		Year Ended March 31, 2015		Year Ended March 31, 2014
Expected option term (in years)	6.5		7.1		7.5
Expected volatility factor	24	%	26	%	35	%
Weighted-average risk free interest rate	1.82	%	2.10	%	1.57	%
Expected dividend rate	0.0	%	0.0	%	0.0	%

Schedule of Stock Options Activity

Other information relative to stock options and the changes period over period are as follows:

	Year-Ended March 31, 2016				Year-Ended March 31, 2015				Year-Ended March 31, 2014
	Shares		Weighted Avg. Exercise Price		Shares		Weighted Avg. Exercise Price		Shares		Weighted Avg. Exercise Price
Number of shares under options:
Outstanding at beginning of period	8,588,518		$	13.04	8,652,834		$	10.79	9,450,197		$	9.85
Granted	1,072,556		24.14		1,268,124		28.30		978,849		19.82
Exercised (1)	(1,278,017	)	5.55		(743,807	)	5.85		(1,154,011	)	5.91
Canceled/Forfeited	(528,372	)	23.53		(588,633	)	21.65		(622,201	)	19.91
Outstanding at end of period (2)	7,854,685		$	15.10	8,588,518		$	13.06	8,652,834		$	10.79
Exercisable at end of period (3)	4,678,216		$	9.52	4,798,457		$	5.67	5,225,236		$	5.46

______________________

(1) The total intrinsic value of options exercised during fiscal 2016, 2015 and 2014 was $16.3 million, $16.7 million and $18.7 million, respectively.

(2) The weighted average remaining contractual life of options outstanding was 5.0 years at March 31, 2016, 5.0 years at March 31, 2015 and 5.5 years at March 31, 2014. The aggregate intrinsic value of options outstanding at March 31, 2016 was $54.8 million.

(3) The weighted average remaining contractual life of options exercisable was 3.0 years at March 31, 2016, 2.6 years at March 31, 2015 and 3.7 years at March 31, 2014. The aggregate intrinsic value of options exercisable at March 31, 2016 was $52.6 million.

	Shares		Weighted Avg. Exercise Price
Nonvested options at beginning of period	3,788,315		$	22.43
Granted	1,072,556		24.14
Vested	(1,220,559	)	21.09
Canceled/Forfeited	(463,843	)	24.05
Nonvested options at end of period	3,176,469		$	23.30

Schedule of Restricted Stock Units Activity

A summary of RSU activity during the twelve months endedMarch 31, 2016, and 2015 is as follows:

	Twelve Months Ended
	March 31, 2016				March 31, 2015
	Shares		Weighted Avg. Grant Date Fair Value		Shares		Weighted Avg. Grant Date Fair Value
Nonvested RSUs at beginning of period	53,813		$	29.06	—		$	—
Granted	96,952		23.20		58,883		29.08
Vested	(12,866	)	29.09		—		—
Canceled/Forfeited	(12,592	)	27.62		(5,070	)	29.31
Nonvested RSUs at end of period	125,307		$	24.67	53,813		$	29.06

Schedule of Weighted-Average Assumptions Used, Performance Stock Units

The following weighted-average assumptions were used for the PSUs granted during the twelve months endedMarch 31, 2016:

	Twelve Months Ended March 31, 2016
Expected volatility factor	31	%
Weighted-average risk-free interest rate	1.01	%
Expected dividend rate	0.0	%
PSU fair value per share	$32.06

The following table presents significant assumptions used to determine benefit obligations and net periodic benefit cost (income) in weighted-average percentages:

	Pension Benefits						Other Postretirement Benefits
	March 31, 2016		March 31, 2015		March 31, 2014		March 31, 2016		March 31, 2015		March 31, 2014
Benefit Obligations:
Discount rate	3.84	%	3.70	%	4.54	%	3.90	%	3.80	%	4.30	%
Rate of compensation increase	3.07	%	3.40	%	3.41	%	n/a		n/a		n/a
Net Periodic Benefit Cost:
Discount rate	3.70	%	4.54	%	4.25	%	3.80	%	4.30	%	3.80	%
Rate of compensation increase	3.40	%	3.41	%	3.42	%	n/a		n/a		n/a
Expected return on plan assets	5.33	%	5.30	%	5.48	%	n/a		n/a		n/a

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Retirement Benefits (Tables)

12 Months Ended

Mar. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Components of Net Benefit Costs

The components of net periodic benefit cost reported in the consolidated statements of operations are as follows (in millions):

	Year Ended
	March 31, 2016			March 31, 2015			March 31, 2014
Pension Benefits:
Service cost	$	2.2		$	1.4		$	1.8
Interest cost	25.5			30.0			30.1
Expected return on plan assets	(28.8		)	(29.8		)	(30.5		)
Amortization of:
Prior service cost	0.1			0.2			0.2
Settlement loss (1)	—			6.5			—
Recognition of actuarial losses	13.0			51.7			2.7
Net periodic benefit cost	$	12.0		$	60.0		$	4.3
Other Postretirement Benefits:
Service cost	$	0.1		$	0.1		$	0.1
Interest cost	1.2			1.3			1.2
Amortization:
Prior service credit	(2.0		)	(1.9		)	(1.9		)
Recognition of actuarial losses (gains)	(0.1		)	1.2			—
Net periodic benefit cost	$	(0.8	)	$	0.7		$	(0.6	)

(1) During fiscal 2015 the Company offered approximately 4,500 inactive participants in its domestic non-union defined benefit plans with vested benefits the opportunity to receive a lump sum settlement of the value of the participant’s pension benefit. Acceptance of the offer by a participant was completely voluntary, and if accepted, participants could elect to receive the settlement in the form of a single lump sum payment or in the form of a monthly annuity beginning during fiscal 2015. The election period for this voluntary offer closed on October 15, 2014 and a total of $65.0 million was paid to electing participants during fiscal 2015. The settlement and corresponding re-measurement of the domestic non-union defined benefit plan resulted in the recognition of non-cash actuarial losses during fiscal 2015 of $6.5 million.

Summary of the Plan's Status

The status of the plans are summarized as follows (in millions):

	Pension Benefits						Other Postretirement Benefits
	Year Ended March 31, 2016			Year Ended March 31, 2015			Year Ended March 31, 2016			Year Ended March 31, 2015
Benefit obligation at beginning of period	$	(718.8	)	$	(700.0	)	$	(32.4	)	$	(31.2	)
Service cost	(2.2		)	(1.4		)	(0.1		)	(0.1		)
Interest cost	(25.5		)	(30.0		)	(1.2		)	(1.3		)
Actuarial (losses) gains	35.1			(114.2		)	0.7			(2.1		)
Benefits paid	38.8			40.8			4.0			3.2
Plan participant contributions	(0.4		)	(0.4		)	(0.6		)	(0.9		)
Settlements	—			65.0			—			—
Translation adjustment	(1.0		)	21.4			—			—
Benefit obligation at end of period	$	(674.0	)	$	(718.8	)	$	(29.6	)	$	(32.4	)
Plan assets at the beginning of the period	$	543.2		$	577.7		$	—		$	—
Actual return on plan assets	(9.5		)	65.0			—			—
Contributions	8.6			12.5			4.0			3.2
Benefits paid	(38.8		)	(40.8		)	(4.0		)	(3.2		)
Settlements	—			(65.0		)	—			—
Translation adjustment	0.1			(6.2		)	—			—
Plan assets at end of period	$	503.6		$	543.2		$	—		$	—
Funded status of plans	$	(170.4	)	$	(175.6	)	$	(29.6	)	$	(32.4	)
Net amount on Consolidated Balance Sheets consists of:
Long-term assets	$	0.5		$	—		$	—		$	—
Current liabilities	(2.4		)	(2.3		)	(2.6		)	(2.7		)
Long-term liabilities	(168.5		)	(173.3		)	(27.0		)	(29.7		)
Total net funded status	$	(170.4	)	$	(175.6	)	$	(29.6	)	$	(32.4	)

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized

Amounts included in accumulated other comprehensive loss (income), net of tax, related to defined benefit plans at March 31, 2016 and 2015 consist of the following (in millions):

	As of March 31, 2016
	Pension Benefits			Postretirement Benefits			Total
Unrecognized prior service cost (credit)	$	0.1		$	(5.1	)	$	(5.0	)
Unrecognized actuarial loss	61.9			0.6			62.5
Accumulated other comprehensive loss (income), gross	62.0			(4.5		)	57.5
Deferred income tax (benefit) provision	(23.6		)	1.7			(21.9		)
Accumulated other comprehensive loss (income), net	$	38.4		$	(2.8	)	$	35.6

	As of March 31, 2015
	Pension Benefits			Postretirement Benefits			Total
Unrecognized prior service cost (credit)	$	0.2		$	(7.1	)	$	(6.9	)
Unrecognized actuarial loss	71.7			1.2			72.9
Accumulated other comprehensive loss (income), gross	71.9			(5.9		)	66.0
Deferred income tax (benefit) provision	(27.4		)	2.5			(24.9		)
Accumulated other comprehensive loss (income), net	$	44.5		$	(3.4	)	$	41.1

Schedule of Assumptions Used

The following weighted-average assumptions were used for the PSUs granted during the twelve months endedMarch 31, 2016:

	Twelve Months Ended March 31, 2016
Expected volatility factor	31	%
Weighted-average risk-free interest rate	1.01	%
Expected dividend rate	0.0	%
PSU fair value per share	$32.06

The following table presents significant assumptions used to determine benefit obligations and net periodic benefit cost (income) in weighted-average percentages:

	Pension Benefits						Other Postretirement Benefits
	March 31, 2016		March 31, 2015		March 31, 2014		March 31, 2016		March 31, 2015		March 31, 2014
Benefit Obligations:
Discount rate	3.84	%	3.70	%	4.54	%	3.90	%	3.80	%	4.30	%
Rate of compensation increase	3.07	%	3.40	%	3.41	%	n/a		n/a		n/a
Net Periodic Benefit Cost:
Discount rate	3.70	%	4.54	%	4.25	%	3.80	%	4.30	%	3.80	%
Rate of compensation increase	3.40	%	3.41	%	3.42	%	n/a		n/a		n/a
Expected return on plan assets	5.33	%	5.30	%	5.48	%	n/a		n/a		n/a

Schedule of Allocation of Plan Assets

The following table presents the Company’s target investment allocations for the year ended March 31, 2016 and actual investment allocations at March 31, 2016 and 2015.

	Plan Assets
	2016					2015
	Investment Policy (1)	Target Allocation (2)		Actual Allocation		Actual Allocation
Equity securities	20 - 30%	29	%	28	%	28	%
Debt securities (including cash and cash equivalents)	55 - 80%	66	%	66	%	67	%
Other	0 - 10%	5	%	6	%	5	%

(1) The investment policy allocation represents the guidelines of the Company's principal U.S. pension plans based on the changes in the plans funded status.

(2) The target allocations represent the weighted average target allocations for the Company's principal U.S. pension plans.

Schedule of Fair Value of Pension Plan Assets

The fair values of the Company’s pension plan assets for both the U.S and non-U.S. plans at March 31, 2016 and 2015, by asset category are included in the table below (in millions). For additional information on the fair value hierarchy and the inputs used to measure fair value, see Note 13 Fair Value Measurements.

	As of March 31, 2016
	Quoted Prices in Active  Market (Level 1)		Significant Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash and cash equivalents	$	1.7	$	4.9	$	—	$	6.6
Investment funds
Fixed income funds (1)	—		328.8		—		328.8
U.S. equity funds (2)	—		63.7		—		63.7
International equity funds (2)	—		35.3		—		35.3
Balanced funds (2)	—		9.1		—		9.1
Alternative investment funds (3)	—		—		37.5		37.5
Insurance contracts	—		—		22.6		22.6
Total	$	1.7	$	441.8	$	60.1	$	503.6

	As of March 31, 2015
	Quoted Prices in Active  Market (Level 1)		Significant Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash and cash equivalents	$	1.8	$	5.6	$	—	$	7.4
Investment funds
Fixed income funds (1)	—		355.5		—		355.5
U.S. equity funds (2)	—		68.1		—		68.1
International equity funds (2)	—		35.8		—		35.8
Balanced funds (2)	—		10.1		—		10.1
Alternative investment funds (3)	—		—		42.9		42.9
Insurance contracts	—		—		23.4		23.4
Total	$	1.8	$	475.1	$	66.3	$	543.2

(1) The Company's fixed income mutual and commingled funds primarily include investments in U.S. government securities and corporate bonds. The commingled funds also include an insignificant portion of investments in asset-backed securities or partnerships. The mutual and commingled funds are valued using quoted market prices of the underlying investments.

(2) The Company's equity mutual and commingled funds primarily include investments in U.S. and international common stock. The balanced mutual and commingled funds invest in a combination of fixed income and equity securities. The mutual and commingled funds are valued using quoted market prices of the underlying securities.

(3) The Company's alternative investments include venture capital and partnership investments. Alternative investments are valued using the net asset value, which reflects the plan's share of the fair value of the investments.

Summary of Changes in Fair Value, Level 3

The table below sets forth a summary of changes in the fair value of the Level 3 investments for the years ended March 31, 2016 and 2015 (in millions):

	Alternative Investments			Insurance Contracts			Total
Beginning balance, March 31, 2014	$	53.6		$	16.5		$	70.1
Actual return on assets:
Related to assets held at reporting date	(1.6		)	6.9			5.3
Related to assets sold during the period	2.3			—			2.3
Purchases, sales, issuances and settlements	(11.4		)	—			(11.4		)
Transfers in and/or out of Level 3	—			—			—
Ending balance, March 31, 2015	42.9			23.4			66.3
Actual return on assets:
Related to assets held at reporting date	(2.4		)	(0.8		)	(3.2		)
Related to assets sold during the period	1.5			—			1.5
Purchases, sales, issuances and settlements	(4.5		)	—			(4.5		)
Ending balance, March 31, 2016	$	37.5		$	22.6		$	60.1

Schedule of Expected Benefit Payments

Expected benefit payments to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in millions):

Year Ending March 31:	Pension Benefits		Other Postretirement Benefits
2017	$	40.1	$	2.6
2018	40.3		2.7
2019	40.5		2.6
2020	40.2		2.5
2021	40.2		2.4
2022-2026	200.4		9.9

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

A one-percentage point change in assumed health care cost trend rates would have the following effect (in millions):

	One Percentage Point Increase						One Percentage Point Decrease
	Year Ended March 31,						Year Ended March 31,
	2016		2015		2014		2016			2015			2014
Increase (decrease) in total of service and interest cost components	$	0.1	$	0.1	$	0.1	$	(0.1	)	$	(0.1	)	$	(0.1	)
Increase (decrease) in postretirement benefit obligation	2.6		2.9		2.4		(2.2		)	(2.5		)	(2.1		)

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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Components of the Provision (Benefit) For Income Taxes

The components of the provision (benefit) for income taxes are as follows (in millions):

	Year ended March 31,
	2016			2015			2014
Current:
United States	$	24.0		$	17.2		$	0.8
Non-United States	15.3			15.6			14.6
State and local	3.9			4.7			1.6
Total current	43.2			37.5			17.0
Deferred:
United States	(10.2		)	(8.2		)	(8.6		)
Non-United States	1.1			(10.5		)	(16.4		)
State and local	(17.0		)	(2.0		)	(2.0		)
Total deferred	(26.1		)	(20.7		)	(27.0		)
Provision (benefit) for income taxes	$	17.1		$	16.8		$	(10.0	)

U.S. Statutory Income Tax Rate Reconciliation

The provision (benefit) for income taxes differs from the United States statutory income tax rate due to the following items (in millions):

	Year ended March 31,
	2016			2015			2014
Provision for income taxes at U.S. federal statutory income tax rate	$	30.1		$	37.9		$	5.2
State and local income taxes, net of federal benefit	2.7			2.6			(1.1		)
Net effects of foreign rate differential	(3.0		)	(3.3		)	(3.6		)
Net effects of foreign related operations	(2.1		)	8.9			5.7
Net effect to deferred taxes for changes in tax rates	(0.8		)	0.2			0.6
Unrecognized tax benefits, net of federal benefit	(11.3		)	(0.5		)	(4.7		)
Domestic production activities deduction	(1.3		)	(2.3		)	—
Change in valuation allowance	2.3			(27.4		)	(11.5		)
Other	0.5			0.7			(0.6		)
Provision (benefit) for income taxes	$	17.1		$	16.8		$	(10.0	)

Components of Income (Loss) Before Income Taxes

The provision (benefit) for income taxes was calculated based upon the following components of income (loss) before income taxes (in millions):

	Year ended March 31,
	2016		2015		2014
United States	$	45.3	$	89.9	$	(25.9	)
Non-United States	40.7		18.7		40.9
Income before income taxes	$	86.0	$	108.6	$	15.0

Schedule of Deferred Income Taxes

Deferred income taxes consist of the tax effects of the following temporary differences (in millions):

	March 31, 2016			March 31, 2015
Deferred tax assets:
Compensation and retirement benefits	$	84.4		$	86.9
General accruals and reserves	18.3			16.9
State tax net operating loss carryforwards	19.6			20.9
Foreign tax credit carryforwards	4.3			26.5
Foreign net operating loss carryforwards	17.7			17.1
Other	14.5			15.3
Total deferred tax assets before valuation allowance	158.8			183.6
Valuation allowance	(27.2		)	(25.0		)
Total deferred tax assets	131.6			158.6
Deferred tax liabilities:
Property, plant and equipment	42.8			47.8
Inventories	30.1			30.8
Intangible assets and goodwill	197.7			218.5
Cancellation of indebtedness	43.4			58.8
Total deferred tax liabilities	314.0			355.9
Net deferred tax liabilities	$	182.4		$	197.3
Net amount on Consolidated Balance Sheet consists of:
Other assets	$	3.6		$	6.0
Deferred income taxes	(186.0		)	(203.3		)
Net long-term deferred tax liabilities	$	(182.4	)	$	(197.3	)

Reconciliation of Gross Unrecognized Tax Benefits

The following table represents a reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, for the fiscal years ended March 31, 2016 and March 31, 2015 (in millions):

	Year Ended March 31,
	2016			2015
Balance at beginning of period	$	21.7		$	20.9
Additions based on tax positions related to the current year	0.8			3.2
Additions for tax positions of prior years	1.2			—
Reductions for tax positions of prior years	(0.1		)	—
Reductions due to lapse of applicable statute of limitations	(10.3		)	(1.7		)
Cumulative translation adjustment	(0.1		)	(0.7		)
Balance at end of period	$	13.2		$	21.7

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Business Segment Information (Tables)

12 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Schedule of Business Segment Information

Business Segment Information:

(in Millions)

	Year Ended
	March 31, 2016			March 31, 2015			March 31, 2014
Net sales by product
Process & Motion Control:
Original equipment manufacturers/ end-users	$	572.3		$	642.1		$	621.1
Maintenance, repair, and operations	528.0			588.1			617.1
Total Process & Motion Control	$	1,100.3		$	1,230.2		$	1,238.2
Water Management:
Water safety, quality, flow control and conservation	534.1			517.1			465.6
Water infrastructure	289.4			302.9			330.5
Total Water Management	823.5			820.0			796.1
Consolidated net sales	$	1,923.8		$	2,050.2		$	2,034.3
Income (loss) from operations
Process & Motion Control	$	146.8		$	219.6		$	237.7
Water Management	72.8			79.0			72.2
Corporate	(45.3		)	(94.9		)	(37.5		)
Consolidated	$	174.3		$	203.7		$	272.4
Non-operating expense:
Interest expense, net	$	(91.4	)	$	(87.9	)	$	(109.1	)
Loss on the extinguishment of debt	—			—			(133.2		)
Other income (expense), net	3.1			(7.2		)	(15.1		)
Income from continuing operations before income taxes	86.0			108.6			15.0
Provision (benefit) provision for income taxes	17.1			16.8			(10.0		)
Net income from continuing operations	$	68.9		$	91.8		$	25.0
(Loss) income from discontinued operations, net of tax	(1.4		)	(8.0		)	4.6
Net income	67.5			83.8			29.6
Non-controlling interest loss	(0.4		)	—			(0.6		)
Net income attributable to Rexnord	$	67.9		$	83.8		$	30.2
Depreciation and Amortization
Process & Motion Control	$	77.3		$	74.1		$	69.7
Water Management	38.1			38.1			37.2
Consolidated	$	115.4		$	112.2		$	106.9
Capital Expenditures
Process & Motion Control	$	43.6		$	37.7		$	39.4
Water Management	8.5			11.1			12.8
Consolidated	$	52.1		$	48.8		$	52.2
	March 31, 2016			March 31, 2015			March 31, 2014
Total Assets
Process & Motion Control	$	2,412.7		$	2,419.0		$	2,251.4
Water Management	933.2			981.9			1,038.7
Corporate	8.9			8.4			80.7
Consolidated	$	3,354.8		$	3,409.3		$	3,370.8

Summary of Net Sales and Long-Lived Assets

Net sales to third parties and long-lived assets by geographic region are as follows (in millions):

	Net Sales						Long-lived Assets
	Year Ended March 31, 2016		Year Ended March 31, 2015		Year Ended March 31, 2014		March 31, 2016		March 31, 2015		March 31, 2014
United States	$	1,306.9	$	1,380.0	$	1,337.2	$	276.0	$	279.4	$	284.6
Europe	370.8		374.0		409.1		80.5		92.1		98.6
Rest of World	246.1		296.2		288.0		40.7		46.1		40.5
	$	1,923.8	$	2,050.2	$	2,034.3	$	397.2	$	417.6	$	423.7

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Quarterly Results of Operations (unaudited) (Tables)

12 Months Ended

Mar. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

	Fiscal 2016
	First Quarter			Second Quarter		Third Quarter			Fourth Quarter			Total
Net sales	$	485.1		$	485.9	$	460.2		$	492.6		$	1,923.8
Gross profit	169.8			169.3		158.3			167.8			665.2
Net income from continuing operations	21.2			22.6		24.3			0.8			68.9
Loss from discontinued operations, net of tax	—			—		—			(1.4		)	(1.4		)
Net income (loss)	21.2			22.6		24.3			(0.6		)	67.5
Non-controlling interest (loss)	(0.1		)	—		(0.1		)	(0.2		)	(0.4		)
Net income (loss) attributable to Rexnord	21.3			22.6		24.4			(0.4		)	67.9
Net income per share from continuing operations:
Basic	$	0.21		$	0.23	$	0.24		$	0.01		$	0.68
Diluted	$	0.20		$	0.22	$	0.24		$	0.01		$	0.67
(Loss) per share from discontinued operations:
Basic	$	—		$	—	$	—		$	(0.01	)	$	(0.01	)
Diluted	—			—		—			$	(0.01	)	$	(0.01	)
Net income per share attributable to Rexnord:
Basic	$	0.21		$	0.23	$	0.24		$	—		$	0.67
Diluted	$	0.20		$	0.22	$	0.24		$	—		$	0.66

	Fiscal 2015
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
Net sales	$	503.6		$	531.0		$	497.1		$	518.5		$	2,050.2
Gross profit	178.2			197.0			181.5			189.5			746.2
Net income (loss) from continuing operations	11.6			37.8			6.7			35.7			91.8
Income (loss) from discontinued operations, net of tax	0.4			(0.7		)	(4.5		)	(3.2		)	(8.0		)
Net income (loss)	12.0			37.1			2.2			32.5			83.8
Non-controlling interest (loss) income	(0.1		)	(0.1		)	—			0.2			—
Net income (loss) attributable to Rexnord	12.1			37.2			2.2			32.3			83.8
Net income per share from continuing operations:
Basic	$	0.11		$	0.37		$	0.07		$	0.35		$	0.90
Diluted	$	0.11		$	0.36		$	0.06		$	0.34		$	0.88
Income (loss) per share from discontinued operations:
Basic	$	—		$	(0.01	)	$	(0.04	)	$	(0.03	)	$	(0.08	)
Diluted	$	—		$	(0.01	)	$	(0.04	)	$	(0.03	)	$	(0.08	)
Net income per share attributable to Rexnord:
Basic	$	0.12		$	0.37		$	0.02		$	0.32		$	0.82
Diluted	$	0.12		$	0.36		$	0.02		$	0.31		$	0.80

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Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Property, Plant and Equipment [Line Items]
Value of returned goods as percentage of net sales (or less)	1.00%	1.00%	1.00%
Post-shipment obligations	$ 0
Anti-dilutive shares excluded from computation for diluted net income (loss) per share	2,896,640	1,268,623	1,278,316
Allowance for doubtful accounts	$ 8,900,000	$ 16,800,000
Largest customer percentage of consolidated net sales	8.40%	8.90%	7.80%
Percentage of LIFO inventory	64.00%	64.00%
Write-down of inventories	$ 9,500,000	$ 5,200,000	$ 3,800,000
Currency translation gains (losses)	(3,000,000)	(1,500,000)	(3,900,000)
Advertising costs	$ 9,200,000	10,400,000	$ 9,600,000
Minimum | Customer Relationships
Property, Plant and Equipment [Line Items]
Goodwill and intangible assets useful life	3 years
Minimum | Patents
Property, Plant and Equipment [Line Items]
Goodwill and intangible assets useful life	3 years
Minimum | Trade-Names
Property, Plant and Equipment [Line Items]
Goodwill and intangible assets useful life	3 years
Minimum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	10 years
Minimum | Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	5 years
Minimum | Hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	3 years
Maximum | Customer Relationships
Property, Plant and Equipment [Line Items]
Goodwill and intangible assets useful life	20 years
Maximum | Patents
Property, Plant and Equipment [Line Items]
Goodwill and intangible assets useful life	15 years
Maximum | Trade-Names
Property, Plant and Equipment [Line Items]
Goodwill and intangible assets useful life	10 years
Maximum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	30 years
Maximum | Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	10 years
Maximum | Hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	5 years
Process & Motion Control
Property, Plant and Equipment [Line Items]
Largest customer accounts receivable balance	$ 8,100,000	10,200,000
Accounting Standards Update 2015-03 | Other Noncurrent Assets
Property, Plant and Equipment [Line Items]
Deferred finance costs, net		10,500,000
Accounting Standards Update 2015-03 | Long-term Debt, Excluding Current Maturities
Property, Plant and Equipment [Line Items]
Deferred finance costs, net		$ (10,500,000)

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Significant Accounting Policies - Product Warranty (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 6.8	$ 8.0	$ 7.7
Acquired obligations	0.0	0.0	0.2
Charged to operations	2.8	1.8	3.9
Claims settled	(2.8)	(3.0)	(3.8)
Balance at end of period	$ 6.8	$ 6.8	$ 8.0

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Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 552.7	$ 562.1	$ 428.5
Ending balance	588.0	552.7	562.1
Interest Rate Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(12.6)	(1.7)	0.0
Other comprehensive (loss) income before reclassifications	(4.3)	(10.9)	(1.7)
Amounts reclassified from accumulated other comprehensive loss	0.0	0.0	0.0
Net current period other comprehensive (loss) income	(4.3)	(10.9)	(1.7)
Ending balance	(16.9)	(12.6)	(1.7)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(76.5)	7.8	0.7
Other comprehensive (loss) income before reclassifications	(10.0)	(84.3)	7.1
Amounts reclassified from accumulated other comprehensive loss	0.0	0.0	0.0
Net current period other comprehensive (loss) income	(10.0)	(84.3)	7.1
Ending balance	(86.5)	(76.5)	7.8
Pension and Postretirement Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(41.1)	(29.9)	(39.4)
Other comprehensive (loss) income before reclassifications	6.7	(14.1)	10.5
Amounts reclassified from accumulated other comprehensive loss	(1.2)	2.9	(1.0)
Net current period other comprehensive (loss) income	5.5	(11.2)	9.5
Ending balance	(35.6)	(41.1)	(29.9)
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(130.2)	(23.8)	(38.7)
Other comprehensive (loss) income before reclassifications	(7.6)	(109.3)	15.9
Amounts reclassified from accumulated other comprehensive loss	(1.2)	2.9	(1.0)
Net current period other comprehensive (loss) income	(8.8)	(106.4)	14.9
Ending balance	$ (139.0)	$ (130.2)	$ (23.8)

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Significant Accounting Policies Accumulated Other Comprehensive Income (Loss) Reclassification (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Selling, general and administrative expenses									$ (385.7)	$ (415.1)	$ (419.1)
Actuarial loss on pension and postretirement benefit obligations									12.9	59.4	2.7
Provision (benefit) for income taxes									17.1	16.8	(10.0)
Total, net of income taxes	$ (0.6)	$ 24.3	$ 22.6	$ 21.2	$ 32.5	$ 2.2	$ 37.1	$ 12.0	67.5	83.8	29.6
Pension and Postretirement Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Provision (benefit) for income taxes									0.7	(1.9)	0.7
Total, net of income taxes									(1.2)	2.9	(1.0)
Pension and Postretirement Plans | Amortization of prior service credit
Accumulated Other Comprehensive Income (Loss) [Line Items]
Selling, general and administrative expenses									(1.9)	(1.7)	(1.7)
Pension and Postretirement Plans | Lump Sum Settlement
Accumulated Other Comprehensive Income (Loss) [Line Items]
Actuarial loss on pension and postretirement benefit obligations									$ 0.0	$ 6.5	$ 0.0

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Significant Accounting Policies - Research and Development (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Accounting Policies [Abstract]
Research and development costs	$ 12.4	$ 12.8	$ 13.0
Engineering costs	24.8	26.0	28.4
Total	$ 37.2	$ 38.8	$ 41.4

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Acquisitions (Details) $ in Millions								12 Months Ended
	Jan. 12, 2015 USD ($)	Oct. 30, 2014 USD ($)	Apr. 15, 2014 USD ($)	Dec. 16, 2013 USD ($) subsidiary	Aug. 30, 2013 USD ($)	Aug. 21, 2013 USD ($)	Apr. 26, 2013 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Mar. 31, 2014 USD ($) employee Rate
Business Acquisition [Line Items]
Purchase price, net of cash acquired								$ (1.1)	$ 138.2	$ 112.0
Purchase price adjustments - increase (decrease) in goodwill								(4.8)	1.8
Acquisition - goodwill								1,193.8	1,202.3	$ 1,150.7
Non-controlling interest percentage | Rate										49.00%
Euroflex Transmissions
Business Acquisition [Line Items]
Total cash purchase price	$ 76.0
Tollok S.p.A.
Business Acquisition [Line Items]
Maximum purchase price, net of cash acquired		$ 39.2
Purchase price, net of cash acquired		33.4
Contingent consideration, not to exceed		$ 3.8
Business combination, contingent consideration arrangements, period of time in which financial performance threshold will be monitored		2 years
Payments to acquire business, two future, equal annual installments		$ 3.4
Green Turtle
Business Acquisition [Line Items]
Total cash purchase price			$ 27.7
Acquisitions 2015
Business Acquisition [Line Items]
Purchase price adjustments - increase (decrease) in goodwill								(4.8)
Acquisition - goodwill								69.9
Acquisition - other intangible assets								71.4
Acquisition - other net assets								$ 1.6
Precision Gear Holdings
Business Acquisition [Line Items]
Total cash purchase price				$ 77.1
Number of operating subsidiaries | subsidiary				2
L.W. Gemmell
Business Acquisition [Line Items]
Total cash purchase price					$ 8.2
Micro Precision
Business Acquisition [Line Items]
Total cash purchase price						$ 22.2
Klamflex
Business Acquisition [Line Items]
Total cash purchase price							$ 4.5
2014 Acquisitions
Business Acquisition [Line Items]
Purchase price adjustments - increase (decrease) in goodwill									1.8
Acquisition - goodwill									26.7
Acquisition - other intangible assets									23.3
Acquisition - other net assets									25.3
Purchase price adjustments - increase (decrease) in intangibles									(1.8)
Acquisition - goodwill, tax deductible amount									24.6
Acquisition, property - plant and equipment									$ 36.7
Water Management
Business Acquisition [Line Items]
Non-controlling interest, percentage owned by parent | Rate										51.00%
Non-controlling interest percentage | Rate										49.00%
Co-venturer | Water Management
Business Acquisition [Line Items]
Entity number of employees | employee										6

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Discontinued Operations - Narrative (Details) $ in Millions	12 Months Ended
	Mar. 31, 2015 USD ($)
Business Divestiture [Line Items]
Long-lived assets	$ 2.6
Mill Products business
Business Divestiture [Line Items]
Discontinued operations, proceeds from sale	9.2
Provision for loss (gain) on disposal	9.7
Impairment of property, plant and equipment	3.8
Impairment of goodwill	4.1
Other exit related costs	$ 1.8

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Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Net (loss) income per share from discontinued operations:
Basic (in dollars per share)	$ (0.01)	$ 0.00	$ 0.00	$ 0.00	$ (0.03)	$ (0.04)	$ (0.01)	$ 0.00	$ (0.01)	$ (0.08)	$ 0.05
Diluted (in dollars per share)	$ (0.01)	$ 0.00	$ 0.00	$ 0.00	$ (0.03)	$ (0.04)	$ (0.01)	$ 0.00	$ (0.01)	$ (0.08)	$ 0.05
Mill Products business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales									$ 0.0	$ 34.1	$ 47.7
(Loss) income from operations before income taxes									(2.2)	(10.9)	7.2
(Benefit) provision for income taxes									(0.8)	(2.9)	2.6
Net (loss) income									$ (1.4)	$ (8.0)	$ 4.6
Net (loss) income per share from discontinued operations:
Basic (in dollars per share)									$ (0.01)	$ (0.08)	$ 0.05
Diluted (in dollars per share)									$ (0.01)	$ (0.08)	$ 0.05

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Restructuring and Other Similar Charges - By Operating Segment (Details) - USD ($) $ in Millions	12 Months Ended			36 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	$ 34.9	$ 12.9	$ 8.4	$ 56.2
Customer Relationships
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	0.3
Patents
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	0.2
Severance costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	15.3	10.9	6.1	32.3
Asset impairment charges
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	17.5			17.5
Lease termination and other costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	2.1	2.0	2.3	6.4
Fixed assets
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	6.6
Intangible assets
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	10.9
Process & Motion Control
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	12.3	8.8	4.9	26.0
Process & Motion Control | Severance costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	10.8	7.6	3.3	21.7
Process & Motion Control | Asset impairment charges
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	1.0			1.0
Process & Motion Control | Lease termination and other costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	0.5	1.2	1.6	3.3
Water Management
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	22.3	4.1	2.7	29.1
Water Management | Severance costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	4.2	3.3	2.0	9.5
Water Management | Asset impairment charges
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	16.5			16.5
Water Management | Lease termination and other costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	1.6	0.8	0.7	3.1
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	0.3	0.0	0.8	1.1
Corporate | Severance costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	0.3	0.0	0.8	1.1
Corporate | Asset impairment charges
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	0.0			0.0
Corporate | Lease termination and other costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	0.0	$ 0.0	$ 0.0	$ 0.0
Tradenames
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	$ 10.4

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Restructuring and Other Similar Charges - Pre-tax Loss From Operations Associated with the Non-strategic Exit of the RHF Product-line (Details) - USD ($) $ in Millions	12 Months Ended			36 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2016
Restructuring Cost and Reserve [Line Items]
Pre-tax loss	$ 86.0	$ 108.6	$ 15.0
Restructuring and other similar costs	34.9	12.9	8.4	$ 56.2
Asset impairment charges
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	17.5			17.5
Severance costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	15.3	10.9	6.1	32.3
RHF Product Line
Restructuring Cost and Reserve [Line Items]
Pre-tax loss	(43.1)	(14.0)	(10.1)
RHF Product Line | Asset impairment charges
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	16.5
RHF Product Line | Severance costs
Restructuring Cost and Reserve [Line Items]
Other restructuring costs	2.9	2.2	0.3
Water Management
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	22.3	4.1	2.7	29.1
Water Management | Asset impairment charges
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	16.5			16.5
Water Management | Severance costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other similar costs	$ 4.2	$ 3.3	$ 2.0	$ 9.5

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Restructuring and Other Similar Charges - Restructuring Reserve Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Restructuring Reserve [Roll Forward]
Accrued Restructuring Costs, Beginning of Period	$ 7.0	$ 3.8
Charges	34.9	12.9	$ 8.4
Cash payments	(13.6)	(8.9)
Non-cash charges	(17.5)	(0.8)
Accrued Restructuring Costs, End of Period	10.8	7.0	3.8
Severance Costs
Restructuring Reserve [Roll Forward]
Accrued Restructuring Costs, Beginning of Period	6.7	3.4
Charges	15.3	10.9
Cash payments	(11.5)	(7.6)
Non-cash charges	0.0	0.0
Accrued Restructuring Costs, End of Period	10.5	6.7	3.4
Asset impairment charges
Restructuring Reserve [Roll Forward]
Accrued Restructuring Costs, Beginning of Period	0.0	0.0
Charges	17.5	0.0
Cash payments	0.0	0.0
Non-cash charges	(17.5)	0.0
Accrued Restructuring Costs, End of Period	0.0	0.0	0.0
Lease Termination and Other Costs
Restructuring Reserve [Roll Forward]
Accrued Restructuring Costs, Beginning of Period	0.3	0.4
Charges	2.1	2.0
Cash payments	(2.1)	(1.3)
Non-cash charges	0.0	(0.8)
Accrued Restructuring Costs, End of Period	$ 0.3	$ 0.3	$ 0.4

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Recovery Under Continued Dumping and Subsidy Offset Act ("CDSOA") (Details) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Component of Other Income, Nonoperating [Line Items]
Income distributed from CBP	$ 3,100,000	$ (7,200,000)	$ (15,100,000)
Recovery under CDSOA
Component of Other Income, Nonoperating [Line Items]
Income distributed from CBP	$ 8,400,000	$ 0	$ 0

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Inventories - By Category (Details) - USD ($) $ in Millions	Mar. 31, 2016	Mar. 31, 2015
Inventory Disclosure [Abstract]
Finished goods	$ 148.4	$ 168.5
Work in progress	55.3	70.7
Purchased components	67.6	69.9
Raw materials	49.3	52.8
Inventories at First-in, First-Out (FIFO) cost	320.6	361.9
Adjustment to state inventories at Last-in, First-Out (LIFO) cost	6.6	5.8
Inventories, net	$ 327.2	$ 367.7

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Property, Plant and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 746.0	$ 726.8
Less accumulated depreciation	(348.8)	(309.2)
Property, plant and equipment, net	397.2	417.6
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	31.2	33.5
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	210.8	217.7
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	401.0	388.2
Hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	65.4	61.5
Construction in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 37.6	$ 25.9

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Goodwill and Intangible Assets - Schedule of Changes (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Goodwill [Roll Forward]
Net carrying amount, beginning of period	$ 1,202.3	$ 1,150.7
Acquisitions		74.7
Purchase price allocation adjustments	(4.8)	1.8
Amortization	0.0	0.0
Currency translation adjustment and other	(3.7)	(24.9)
Net carrying amount, end of period	1,193.8	1,202.3	$ 1,150.7
Indefinite-lived Intangible Assets [Roll Forward]
Net carrying amount, beginning of period	328.1	338.4
Acquisitions		0.0
Purchase price allocation adjustments	0.0	(3.1)
Amortization	0.0	0.0
Currency translation adjustment and other	(12.4)	(7.2)
Net carrying amount, end of period	315.7	328.1	338.4
Finite-lived Intangible Assets [Roll Forward]
Amortization	(57.4)	(55.1)	(50.8)
Intangibles (Excluding Goodwill) [Roll Forward]
Net carrying amount, beginning of period	587.7	592.6
Acquisitions		67.2
Purchase price allocation adjustments	4.2	(1.8)
Amortization	(57.4)	(55.1)	(50.8)
Currency translation adjustment and other	(13.6)	(15.2)
Net carrying amount, end of period	520.9	587.7	592.6
Mill Products business
Goodwill [Roll Forward]
Net carrying amount, end of period	4.1
Tradenames
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount, beginning of period	8.7	1.9
Acquisitions		6.8
Purchase price allocation adjustments	4.2	1.3
Amortization	(2.0)	(1.2)
Currency translation adjustment and other	(1.2)	(0.1)
Net carrying amount, end of period	9.7	8.7	1.9
Intangibles (Excluding Goodwill) [Roll Forward]
Amortization	(2.0)	(1.2)
Customer Relationships
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount, beginning of period	242.1	241.4
Acquisitions		58.9
Purchase price allocation adjustments	0.0	0.0
Amortization	(52.1)	(50.4)
Currency translation adjustment and other	(1.2)	(7.8)
Net carrying amount, end of period	188.8	242.1	241.4
Intangibles (Excluding Goodwill) [Roll Forward]
Amortization	(52.1)	(50.4)
Impairment of intangible assets	0.3
Patents
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount, beginning of period	8.8	10.9
Acquisitions		1.5
Purchase price allocation adjustments	0.0	0.0
Amortization	(3.3)	(3.5)
Currency translation adjustment and other	1.2	(0.1)
Net carrying amount, end of period	6.7	8.8	10.9
Intangibles (Excluding Goodwill) [Roll Forward]
Amortization	(3.3)	(3.5)
Impairment of intangible assets	0.2
Process & Motion Control
Goodwill [Roll Forward]
Net carrying amount, beginning of period	949.9	904.0
Acquisitions		54.7
Purchase price allocation adjustments	(4.8)	1.8
Amortization	0.0	0.0
Currency translation adjustment and other	(2.7)	(10.6)
Net carrying amount, end of period	942.4	949.9	904.0
Indefinite-lived Intangible Assets [Roll Forward]
Net carrying amount, beginning of period	192.9	197.6
Acquisitions		0.0
Purchase price allocation adjustments	0.0	(3.1)
Amortization	0.0	0.0
Currency translation adjustment and other	(2.2)	(1.6)
Net carrying amount, end of period	190.7	192.9	197.6
Finite-lived Intangible Assets [Roll Forward]
Amortization	(35.8)	(33.2)
Intangibles (Excluding Goodwill) [Roll Forward]
Net carrying amount, beginning of period	315.7	297.6
Acquisitions		56.8
Purchase price allocation adjustments	4.2	(1.8)
Amortization	(35.8)	(33.2)
Currency translation adjustment and other	(3.4)	(3.7)
Net carrying amount, end of period	280.7	315.7	297.6
Process & Motion Control | Tradenames
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount, beginning of period	7.3	1.9
Acquisitions		5.2
Purchase price allocation adjustments	4.2	1.3
Amortization	(1.7)	(1.0)
Currency translation adjustment and other	(0.7)	(0.1)
Net carrying amount, end of period	9.1	7.3	1.9
Intangibles (Excluding Goodwill) [Roll Forward]
Amortization	(1.7)	(1.0)
Process & Motion Control | Customer Relationships
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount, beginning of period	113.0	94.4
Acquisitions		51.6
Purchase price allocation adjustments	0.0	0.0
Amortization	(32.9)	(31.0)
Currency translation adjustment and other	(1.1)	(2.0)
Net carrying amount, end of period	79.0	113.0	94.4
Intangibles (Excluding Goodwill) [Roll Forward]
Amortization	(32.9)	(31.0)
Process & Motion Control | Patents
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount, beginning of period	2.5	3.7
Acquisitions		0.0
Purchase price allocation adjustments	0.0	0.0
Amortization	(1.2)	(1.2)
Currency translation adjustment and other	0.6	0.0
Net carrying amount, end of period	1.9	2.5	3.7
Intangibles (Excluding Goodwill) [Roll Forward]
Amortization	(1.2)	(1.2)
Water Management
Goodwill [Roll Forward]
Net carrying amount, beginning of period	252.4	246.7
Acquisitions		20.0
Amortization	0.0	0.0
Currency translation adjustment and other	(1.0)	(14.3)
Net carrying amount, end of period	251.4	252.4	246.7
Indefinite-lived Intangible Assets [Roll Forward]
Net carrying amount, beginning of period	135.2	140.8
Acquisitions		0.0
Amortization	0.0	0.0
Currency translation adjustment and other	(10.2)	(5.6)
Net carrying amount, end of period	125.0	135.2	140.8
Finite-lived Intangible Assets [Roll Forward]
Amortization	(21.6)	(21.9)
Intangibles (Excluding Goodwill) [Roll Forward]
Net carrying amount, beginning of period	272.0	295.0
Acquisitions		10.4
Amortization	(21.6)	(21.9)
Currency translation adjustment and other	(10.2)	(11.5)
Net carrying amount, end of period	240.2	272.0	295.0
Water Management | Tradenames
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount, beginning of period	1.4	0.0
Acquisitions		1.6
Amortization	(0.3)	(0.2)
Currency translation adjustment and other	(0.5)	0.0
Net carrying amount, end of period	0.6	1.4	0.0
Intangibles (Excluding Goodwill) [Roll Forward]
Amortization	(0.3)	(0.2)
Water Management | Customer Relationships
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount, beginning of period	129.1	147.0
Acquisitions		7.3
Amortization	(19.2)	(19.4)
Currency translation adjustment and other	(0.1)	(5.8)
Net carrying amount, end of period	109.8	129.1	147.0
Intangibles (Excluding Goodwill) [Roll Forward]
Amortization	(19.2)	(19.4)
Water Management | Patents
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount, beginning of period	6.3	7.2
Acquisitions		1.5
Amortization	(2.1)	(2.3)
Currency translation adjustment and other	0.6	(0.1)
Net carrying amount, end of period	4.8	6.3	$ 7.2
Intangibles (Excluding Goodwill) [Roll Forward]
Amortization	(2.1)	$ (2.3)
Tradenames
Intangibles (Excluding Goodwill) [Roll Forward]
Impairment of intangible assets	$ 10.4

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Goodwill and Intangible Assets - Intangible Asset Schedule (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Finite-Lived Intangible Assets [Abstract]
Accumulated Amortization	$ (477.2)	$ (425.9)
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets not subject to amortization - trademarks and tradenames	315.7	328.1	$ 338.4
Gross carrying amount	998.1	1,013.6
Net carrying amount	$ 520.9	$ 587.7	$ 592.6
Patents
Finite-Lived Intangible Assets [Abstract]
Weighted Average Useful Life	10 years	10 years
Gross Carrying Amount	$ 41.3	$ 40.1
Accumulated Amortization	(34.6)	(31.3)
Net Carrying Amount	$ 6.7	$ 8.8
Customer relationships (including distribution network)
Finite-Lived Intangible Assets [Abstract]
Weighted Average Useful Life	13 years	13 years
Gross Carrying Amount	$ 628.4	$ 635.4
Accumulated Amortization	(439.6)	(393.3)
Net Carrying Amount	$ 188.8	$ 242.1
Tradenames
Finite-Lived Intangible Assets [Abstract]
Weighted Average Useful Life	8 years	8 years
Gross Carrying Amount	$ 12.7	$ 10.0
Accumulated Amortization	(3.0)	(1.3)
Net Carrying Amount	9.7	8.7
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets not subject to amortization - trademarks and tradenames	$ 315.7	$ 328.1

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Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		$ 57,400,000	$ 55,100,000	$ 50,800,000
Future amortization expense
Expected amortization expense, 2017		37,800,000
Expected amortization expense, 2018		27,000,000
Expected amortization expense, 2019		26,700,000
Expected amortization expense, 2020		26,500,000
Expected amortization expense, 2021		25,100,000
Goodwill and intangible asset impairment	$ 0
Cumulative goodwill impairment charges		323,400,000	323,400,000
Patents
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		3,300,000	$ 3,500,000
Weighted-average useful life of intangible assets acquired			3 years
Tradenames
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		2,000,000	$ 1,200,000
Weighted-average useful life of intangible assets acquired			9 years
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		$ 52,100,000	$ 50,400,000
Weighted-average useful life of intangible assets acquired			17 years

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Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2016	Mar. 31, 2015
Components of Other Current Liabilities [Line Items]
Other current liabilities	$ 124.4	$ 115.7
Customer advances
Components of Other Current Liabilities [Line Items]
Other current liabilities	8.3	7.0
Sales rebates
Components of Other Current Liabilities [Line Items]
Other current liabilities	28.2	25.4
Commissions
Components of Other Current Liabilities [Line Items]
Other current liabilities	7.9	3.9
Restructuring and other similar charges
Components of Other Current Liabilities [Line Items]
Other current liabilities	10.8	7.0
Product warranty
Components of Other Current Liabilities [Line Items]
Other current liabilities	6.8	6.8
Risk management
Components of Other Current Liabilities [Line Items]
Other current liabilities	9.9	9.4
Legal and environmental
Components of Other Current Liabilities [Line Items]
Other current liabilities	4.6	3.8
Taxes, other than income taxes
Components of Other Current Liabilities [Line Items]
Other current liabilities	6.6	8.0
Income taxes payable
Components of Other Current Liabilities [Line Items]
Other current liabilities	15.0	19.2
Interest payable
Components of Other Current Liabilities [Line Items]
Other current liabilities	5.6	5.5
Other
Components of Other Current Liabilities [Line Items]
Other current liabilities	$ 20.7	$ 19.7

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Long-Term Debt - Summary of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Long-term debt, net of unamortized original discount	$ 1,920.1	$ 1,940.0
Less current maturities	20.2	24.3
Long-term debt	1,899.9	1,915.7
Credit Facility | Term loans
Debt Instrument [Line Items]
Long-term debt, net of unamortized original discount	1,881.0	1,895.8
Unamortized original issue discount	20.2	25.0
Senior Notes | 8.875% Senior notes due 2016
Debt Instrument [Line Items]
Long-term debt, net of unamortized original discount	0.0	1.3
Other | Other
Debt Instrument [Line Items]
Long-term debt, net of unamortized original discount	39.1	42.9
Unamortized original issue discount	$ 0.6	$ 0.6

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Long-Term Debt - Narrative (Details)	3 Months Ended	12 Months Ended
	Jun. 29, 2013 USD ($)	Mar. 31, 2016 USD ($) Rate	Mar. 31, 2015 USD ($) Rate	Mar. 31, 2014 USD ($)	Mar. 31, 2013 USD ($) plant Rate	Mar. 31, 2012 USD ($) plant
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 1,940,900,000
Maximum borrowing capacity		100,000,000.0
Loss on extinguishment of debt		0	$ 0	$ 133,200,000
Outstanding principal		$ 1,920,100,000	1,940,000,000
Line of credit facility, unused capacity, daily aggregate commitment threshold of outstanding principal (less than)		50.00%
Interest paid		$ 87,700,000	84,100,000	151,100,000
Term loans | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				2,215,000,000.0
Unamortized original issue discount		20,200,000	25,000,000
Outstanding principal		$ 1,881,000,000	$ 1,895,800,000
Term loans | Credit Facility | Senior Secured Leverage Ratio (Numerator)
Debt Instrument [Line Items]
Covenant terms, positive ratio		7.75
Term loans | Term Loan Facility
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 1,881,000,000
Maximum borrowing capacity				1,950,000,000.0
LIBOR floor | Rate		1.00%	1.00%
Step-down covenant terms, positive ratio (less than)		3.25	3.25
Principal payments prior to maturity		$ 82,900,000
Periodic payment, principal		$ 4,900,000
Term loans | Term Loan Facility | Eurocurrency Borrowings
Debt Instrument [Line Items]
Basis spread on variable rate | Rate		3.00%	3.00%
Term loans | Term Loan Facility | ABR Borrowings
Debt Instrument [Line Items]
Basis spread on variable rate | Rate		2.00%	2.00%
Interest rate based on Federal Funds effective rate | Rate		0.50%	0.50%
Interest rate based on LIBOR | Rate		1.00%	1.00%
Term loans | Term Loan Facility | April 2013 Incremental Assumption Agreement
Debt Instrument [Line Items]
Repayments of debt				150,000,000
Loss on extinguishment of debt				4,000,000
Retirement of debt, premium				800,000
Write-off of deferred costs	$ 3,200,000
Term loans | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 0	$ 0
Maximum borrowing capacity				265,000,000.0
Average interest rate | Rate		4.00%	4.00%
Effective interest rate		4.00%	4.00%
Step-up interest rate | Rate		0.25%
Unused capacity, commitment fee percentage | Rate		0.50%
Outstanding letters of credit		$ 21,100,000	$ 24,000,000
Term loans | Revolving Credit Facility | Eurocurrency Borrowings
Debt Instrument [Line Items]
Step-down covenant terms, positive ratio (less than)		1.5
Step-down interest rate		4.00%
Covenant terms, company's ratio		3.91
Term loans | Revolving Credit Facility | ABR Borrowings
Debt Instrument [Line Items]
Step-down interest rate		3.00%
8.5% Senior Notes, due 2018 | Term Loan Facility
Debt Instrument [Line Items]
Repayments of debt				786,200,000
Loss on extinguishment of debt				129,200,000
Retirement of debt, premium				109,900,000
Third party transaction costs				5,300,000
Write-off of deferred costs				$ 14,000,000
8.5% Senior Notes, due 2018 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate				8.50%
8.875% Senior notes due 2016 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate | Rate			8.875%
Outstanding principal		$ 0	$ 1,300,000
New Market Tax Credit- Phase 2 | Other
Debt Instrument [Line Items]
Proceeds from borrowings of long-term debt					$ 4,300,000
New Market Tax Credit- Phase 1 | Other
Debt Instrument [Line Items]
Proceeds from borrowings of long-term debt						$ 5,500,000
New Market Tax Credit | Other
Debt Instrument [Line Items]
Long-term Debt, Gross					37,400,000
Outstanding principal		36,800,000	36,800,000
Payments to acquire loans receivable					$ 27,600,000
Loan receivable, terms					30 years
Loan receivable, stated percentage | Rate					2.00%
Forgiveness of debt, possible non-operating gain					$ 9,800,000
Loans receivables		27,600,000	27,600,000		$ 27,600,000
Other | Other
Debt Instrument [Line Items]
Unamortized original issue discount		600,000	600,000
Outstanding principal		39,100,000	$ 42,900,000
Accounts Receivable Securitization Program | Other
Debt Instrument [Line Items]
Remaining borrowing capacity		$ 100,000,000
North America | Manufacturing Facility
Debt Instrument [Line Items]
Number of plants | plant					2	2
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Maximum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage		0.50%
Minimum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage		0.375%

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Long-Term Debt - Future Debt Maturities (Details) $ in Millions	Mar. 31, 2016 USD ($)
Debt Disclosure [Abstract]
Unamortized original issue discount and debt issuance costs	$ 20.8
Maturities of Long-term Debt [Abstract]
2017	20.2
2018	19.9
2019	19.9
2020	19.7
2021	1,823.4
Thereafter	37.8
Long-term debt, gross	$ 1,940.9

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Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2016	Mar. 31, 2015
Designated as hedging instruments | Interest rate swaps | Other liabilities
Derivative [Line Items]
Liability Derivatives	$ 21.8	$ 17.7
Designated as hedging instruments | Interest rate caps | Other assets
Derivative [Line Items]
Asset Derivatives	0.3	3.0
Not designated as hedging instrument | Foreign currency forward contracts | Other current liabilities
Derivative [Line Items]
Liability Derivatives	0.9	0.0
Not designated as hedging instrument | Foreign currency forward contracts | Other current assets
Derivative [Line Items]
Asset Derivatives	$ 0.0	$ 0.4

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Derivative Financial Instruments - Amount of Losses and Gains on Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Foreign currency forward contracts | Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount recognized in other income (expense), net	$ 0.0	$ 0.5	$ 0.4
Designated as hedging instruments | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Cumulative loss recognized, net of tax, in accumulated other comprehensive loss on derivatives	13.5	11.0
Designated as hedging instruments | Interest rate caps
Derivative Instruments, Gain (Loss) [Line Items]
Cumulative loss recognized, net of tax, in accumulated other comprehensive loss on derivatives	$ 3.4	$ 1.7

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Derivative Financial Instruments - Narrative (Details)		12 Months Ended
	Mar. 31, 2016 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($) derivative	Mar. 31, 2014 USD ($) derivative
Derivatives, Fair Value [Line Items]
Effectiveness of hedge			74.00%
Derivative, net hedge ineffectiveness gain (loss)	$ 0
Amount reclassified from accumulated other comprehensive loss into earnings		$ 5,200,000
Estimated reclassification of accumulated other comprehensive gain (loss)		$ (10,900,000)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of interest rate derivatives held | derivative				3
Derivative, notional amount				$ 650,000,000.0
Weighted average fixed interest rate				2.55%
Interest rate swaps | London Interbank Offered Rate (LIBOR)
Derivatives, Fair Value [Line Items]
LIBOR floor				1.00%
Interest rate caps
Derivatives, Fair Value [Line Items]
Number of interest rate derivatives held | derivative			2
Derivative liability, notional amount			$ 750,000,000.0
Derivative, cap interest rate			3.00%
Derivative premium			$ 5,800,000
Applicable margin			3.00%
Maximum | Interest rate caps
Derivatives, Fair Value [Line Items]
Weighted average interest rate, maximum			2.79%

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Fair Value Measurements - Assets and Liabilities Recognized at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2016	Mar. 31, 2015
Assets:
Total assets at fair value	$ 0.3	$ 3.4
Liabilities:
Total liabilities at fair value	22.7	17.7
Level 1
Assets:
Total assets at fair value	0.0	0.0
Liabilities:
Total liabilities at fair value	0.0	0.0
Level 2
Assets:
Total assets at fair value	0.3	3.4
Liabilities:
Total liabilities at fair value	22.7	17.7
Level 3
Assets:
Total assets at fair value	0.0	0.0
Liabilities:
Total liabilities at fair value	0.0	0.0
Interest rate caps
Assets:
Assets	0.3	3.0
Interest rate caps | Level 1
Assets:
Assets	0.0	0.0
Interest rate caps | Level 2
Assets:
Assets	0.3	3.0
Interest rate caps | Level 3
Assets:
Assets	0.0	0.0
Foreign currency forward contracts
Assets:
Assets		0.4
Liabilities:
Foreign currency contracts, liability, fair value disclosure	0.9
Foreign currency forward contracts | Level 1
Assets:
Assets		0.0
Liabilities:
Foreign currency contracts, liability, fair value disclosure	0.0
Foreign currency forward contracts | Level 2
Assets:
Assets		0.4
Liabilities:
Foreign currency contracts, liability, fair value disclosure	0.9
Foreign currency forward contracts | Level 3
Assets:
Assets		0.0
Liabilities:
Foreign currency contracts, liability, fair value disclosure	0.0
Interest rate swaps
Liabilities:
Liabilities	21.8	17.7
Interest rate swaps | Level 1
Liabilities:
Liabilities	0.0	0.0
Interest rate swaps | Level 2
Liabilities:
Liabilities	21.8	17.7
Interest rate swaps | Level 3
Liabilities:
Liabilities	$ 0.0	$ 0.0

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Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended			36 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair value of long-term debt	$ 1,913,200	$ 1,970,600		$ 1,913,200
Restructuring and related cost, incurred cost	34,900	12,900	$ 8,400	56,200
Property, plant and equipment, net	397,200	417,600		397,200
Facility Closing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring and related cost, incurred cost	6,600
Property, plant and equipment, net	5,300			5,300
Mill Products business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of long-lived assets		3,800
Mill Products business | Other current assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-lived assets held for sale	$ 0	$ 2,600		$ 0

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Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Leases [Abstract]
Rent expense	$ 18.2	$ 19.4	$ 17.0
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2017	14.8
2018	14.6
2019	12.3
2020	10.8
2021	8.2
Thereafter	22.7
Future minimum rental payments	$ 83.4

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Stock-Based Compensation - Fair Value Options Granted (Details) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected option term (in years)	6 years 6 months	7 years 1 month 6 days	7 years 6 months
Expected volatility factor	24.00%	26.00%	35.00%
Weighted-average risk free interest rate	1.82%	2.10%	1.57%
Expected dividend rate	$ 0	$ 0	$ 0

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Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (shares)	8,588,518	8,652,834	9,450,197
Granted (shares)	1,072,556	1,268,124	978,849
Exercised (shares)	(1,278,017)	(743,807)	(1,154,011)
Cancelled/Forfeited (shares)	(528,372)	(588,633)	(622,201)
Outstanding at end of period (shares)	7,854,685	8,588,518	8,652,834
Exercisable at end of period (shares)	4,678,216	4,798,457	5,225,236
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share)		$ 13.04	$ 10.79	$ 9.85
Granted (in dollars per share)	$ 24.14	28.30	19.82
Exercised (in dollars per share)	5.55	5.85	5.91
Canceled/Forfeited (in dollars per share)	23.53	21.65	19.91
Outstanding at end of period (in dollars per share)	15.10	13.06	10.79
Exercisable at end of period (in dollars per share)	$ 9.52	$ 5.67	$ 5.46
Total intrinsic value of options exercised	$ 16.3	$ 16.7	$ 18.7
Weighted average remaining contractual life of options outstanding	5 years	5 years	5 years 6 months
Aggregate intrinsic value of options outstanding	$ 54.8
Weighted average remaining contractual life of options exercisable	3 years	2 years 7 months	3 years 8 months
Aggregate intrinsic value of options exercisable	$ 52.6

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Stock-Based Compensation - Non-Vested Options (Details) - $ / shares	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Shares
Non-vested options beginning of period (shares)	3,788,315
Granted (shares)	1,072,556	1,268,124	978,849
Vested (shares)	(1,220,559)
Canceled/Forfeited (shares)	(463,843)
Non-vested options end of period (shares)	3,176,469	3,788,315
Weighted Avg. Exercise Price
Non-vested options at beginning of period (in dollars per share)	$ 22.43
Granted (in dollars per share)	24.14	$ 28.30	$ 19.82
Vested (in dollars per share)	21.09
Canceled/Forfeited (in dollars per share)	24.05
Non-vested options at end of period (in dollars per share)	$ 23.30	$ 22.43

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Stock-Based Compensation - Non-Vested RSUs (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested RSUs beginning of period (shares)	53,813	0
Granted (shares)	96,952	58,883	0
Vested (shares)	(12,866)	0
Canceled/Forfeited (shares)	(12,592)	(5,070)
Non-vested RSUs end of period (shares)	125,307	53,813	0
Weighted Average Grant Date Fair Value [Abstract]
Non-vested RSUs at beginning of period (in dollars per share)	$ 29.06	$ 0.00
Granted (in dollars per share)	23.20	29.08
Vested (in dollars per share)	29.09	0.00
Canceled/Forfeited (in dollars per share)	27.62	29.31
Non-vested RSUs at end of period (in dollars per share)	$ 24.67	$ 29.06	$ 0.00

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Stock-Based Compensation - Narrative (Details) - USD ($)	10 Months Ended		12 Months Ended					40 Months Ended
	Mar. 31, 2016	May. 21, 2015	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2012	Mar. 31, 2007	Jul. 31, 2014	Feb. 28, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period							5 years
Award maximum term			10 years
Stock-based compensation expense			$ 7,500,000	$ 6,400,000	$ 7,000,000
Tax benefit on stock-based compensation			2,800,000	2,200,000	2,500,000
Excess tax benefit related to stock options exercised			4,000,000	5,800,000	5,800,000
Unrecognized compensation cost	$ 16,700,000		$ 16,700,000
Unrecognized compensation cost, weighted-average period of recognition			2 years 3 months 18 days
Stock repurchase program, authorized amount									$ 200,000,000
Treasury stock, shares, acquired			1,552,500
Treasury stock, value, acquired, cost method			$ 40,000,000
Treasury stock acquired, average cost per share			$ 25.76
Stock repurchase program, remaining authorized repurchase amount	$ 160,000,000		$ 160,000,000
Expected dividends			$ 0	$ 0	$ 0
Weighted-average grant date fair value (in dollars per share)			$ 6.92	$ 9.21	$ 8.06
Fair value of options vested			$ 9,800,000	$ 1,300,000	$ 1,800,000
2006 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to be granted							11,239,290
2012 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to be granted						8,350,000
Vesting period		4 years
Award maximum term						10 years
Percentage vesting after three years								50.00%
Percentage vesting after five years								50.00%
2012 Incentive Plan | 50% vest after three years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period								3 years
2012 Incentive Plan | 50% vest after five years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period								5 years
2012 Incentive Plan | Options granted to directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years	4 years
RSUs granted (in shares)			96,952	58,883	0
Weighted-average grant date fair value of RSUs granted (in dollars per share)			$ 23.20	$ 29.08
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, weighted average grant date fair value	$ 24.67		$ 24.67	$ 29.06	$ 0.00
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
RSUs granted (in shares)			50,711
Weighted-average grant date fair value of RSUs granted (in dollars per share)			$ 28.57
Share-based compensation arrangement by share-based payment award, non-option equity instruments, outstanding, number	49,136		49,136
Share-based compensation arrangement by share-based payment award, non-option equity instruments, outstanding, weighted average grant date fair value	$ 28.57		$ 28.57
Share-based compensation arrangement by share-based payment award, non-option equity instruments, forfeitures			1,575
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, weighted average grant date fair value	$ 28.57		$ 28.57
Minimum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage			0.00%
Maximum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage			200.00%
Director | 2012 Incentive Plan | Options granted to directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

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Stock-Based Compensation - Fair Value PSUs (Details) - $ / shares	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility factor	24.00%	26.00%	35.00%
Weighted-average risk-free interest rate	1.82%	2.10%	1.57%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility factor	31.00%
Weighted-average risk-free interest rate	1.01%
Expected dividend rate	0.00%
PSU fair value per share	$ 32.06

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Retirement Benefits - Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Service cost	$ 2.2	$ 1.4	$ 1.8
Interest cost	25.5	30.0	30.1
Expected return on plan assets	(28.8)	(29.8)	(30.5)
Prior service cost	0.1	0.2	0.2
Settlement loss	0.0	6.5	0.0
Recognition of actuarial losses (gains)	13.0	51.7	2.7
Net periodic benefit cost	12.0	60.0	4.3
Other Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Service cost	0.1	0.1	0.1
Interest cost	1.2	1.3	1.2
Prior service cost	(2.0)	(1.9)	(1.9)
Recognition of actuarial losses (gains)	(0.1)	1.2	0.0
Net periodic benefit cost	$ (0.8)	$ 0.7	$ (0.6)

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Retirement Benefits - Status of Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Actuarial (losses) gains	$ 12.9	$ 59.4	$ 2.7
Plan assets at the beginning of the period	543.2
Plan assets at end of period	503.6	543.2
Net amount on Consolidated Balance Sheets consists of:
Current liabilities	(5.0)	(5.0)
Long-term liabilities	(195.5)	(203.0)
Pension Benefits
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Benefit obligation at beginning of period	(718.8)	(700.0)
Service cost	(2.2)	(1.4)	(1.8)
Interest cost	(25.5)	(30.0)	(30.1)
Actuarial (losses) gains	35.1	(114.2)
Benefits paid	38.8	40.8
Plan participant contributions	(0.4)	(0.4)
Settlements	0.0	65.0
Translation adjustment	(1.0)	21.4
Benefit obligation at end of period	(674.0)	(718.8)	(700.0)
Plan assets at the beginning of the period	543.2	577.7
Actual return on plan assets	(9.5)	65.0
Contributions	8.6	12.5
Benefits paid	(38.8)	(40.8)
Settlements	0.0	(65.0)
Translation adjustment	0.1	(6.2)
Plan assets at end of period	503.6	543.2	577.7
Funded status of plans	(170.4)	(175.6)
Net amount on Consolidated Balance Sheets consists of:
Long-term assets	0.5	0.0
Current liabilities	(2.4)	(2.3)
Long-term liabilities	(168.5)	(173.3)
Total net funded status	(170.4)	(175.6)
Other Postretirement Benefits
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Benefit obligation at beginning of period	(32.4)	(31.2)
Service cost	(0.1)	(0.1)	(0.1)
Interest cost	(1.2)	(1.3)	(1.2)
Actuarial (losses) gains	0.7	(2.1)
Benefits paid	4.0	3.2
Plan participant contributions	(0.6)	(0.9)
Settlements	0.0	0.0
Translation adjustment	0.0	0.0
Benefit obligation at end of period	(29.6)	(32.4)	(31.2)
Plan assets at the beginning of the period	0.0	0.0
Actual return on plan assets	0.0	0.0
Contributions	4.0	3.2
Benefits paid	(4.0)	(3.2)
Settlements	0.0	0.0
Translation adjustment	0.0	0.0
Plan assets at end of period	0.0	0.0	$ 0.0
Funded status of plans	(29.6)	(32.4)
Net amount on Consolidated Balance Sheets consists of:
Long-term assets	0.0	0.0
Current liabilities	(2.6)	(2.7)
Long-term liabilities	(27.0)	(29.7)
Total net funded status	$ (29.6)	$ (32.4)

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Retirement Benefits - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	Mar. 31, 2016	Mar. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Unrecognized prior service cost (credit)	$ (5.0)	$ (6.9)
Unrecognized actuarial loss	62.5	72.9
Accumulated other comprehensive loss (income), gross	57.5	66.0
Deferred income tax (benefit) provision	(21.9)	(24.9)
Accumulated other comprehensive loss (income), net	35.6	41.1
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Unrecognized prior service cost (credit)	0.1	0.2
Unrecognized actuarial loss	61.9	71.7
Accumulated other comprehensive loss (income), gross	62.0	71.9
Deferred income tax (benefit) provision	(23.6)	(27.4)
Accumulated other comprehensive loss (income), net	38.4	44.5
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Unrecognized prior service cost (credit)	(5.1)	(7.1)
Unrecognized actuarial loss	0.6	1.2
Accumulated other comprehensive loss (income), gross	(4.5)	(5.9)
Deferred income tax (benefit) provision	1.7	2.5
Accumulated other comprehensive loss (income), net	$ (2.8)	$ (3.4)

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Retirement Benefits - Significant Assumptions (Details)	12 Months Ended
	Mar. 31, 2016 Rate	Mar. 31, 2015 Rate	Mar. 31, 2014 Rate
Pension Benefits
Benefit Obligations:
Discount rate	3.84%	3.70%	4.54%
Rate of compensation increase	3.07%	3.40%	3.41%
Net Periodic Benefit Cost:
Discount rate	3.70%	4.54%	4.25%
Rate of compensation increase	3.40%	3.41%	3.42%
Expected return on plan assets	5.33%	5.30%	5.48%
Other Postretirement Benefits
Benefit Obligations:
Discount rate	3.90%	3.80%	4.30%
Net Periodic Benefit Cost:
Discount rate	3.80%	4.30%	3.80%

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Retirement Benefits - Target Investment Allocations (Details)	12 Months Ended
	Mar. 31, 2016 Rate	Mar. 31, 2015 Rate
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Investment policy, minimum allocation	20.00%
Investment policy, maximum allocation	30.00%
Target Allocation	29.00%
Actual Allocation	28.00%	28.00%
Debt securities (including cash and cash equivalents)
Defined Benefit Plan Disclosure [Line Items]
Investment policy, minimum allocation	55.00%
Investment policy, maximum allocation	80.00%
Target Allocation	66.00%
Actual Allocation	66.00%	67.00%
Other
Defined Benefit Plan Disclosure [Line Items]
Investment policy, minimum allocation	0.00%
Investment policy, maximum allocation	10.00%
Target Allocation	5.00%
Actual Allocation	6.00%	5.00%

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Retirement Benefits - Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 503.6	$ 543.2
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1.7	1.8
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	441.8	475.1
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	60.1	66.3	$ 70.1
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6.6	7.4
Cash and cash equivalents | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1.7	1.8
Cash and cash equivalents | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4.9	5.6
Cash and cash equivalents | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Fixed income funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	328.8	355.5
Fixed income funds | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Fixed income funds | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	328.8	355.5
Fixed income funds | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
US equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	63.7	68.1
US equity funds | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
US equity funds | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	63.7	68.1
US equity funds | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
International equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	35.3	35.8
International equity funds | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
International equity funds | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	35.3	35.8
International equity funds | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Balanced funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	9.1	10.1
Balanced funds | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Balanced funds | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	9.1	10.1
Balanced funds | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Alternative Investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	37.5	42.9
Alternative Investments | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Alternative Investments | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Alternative Investments | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	37.5	42.9	53.6
Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	22.6	23.4
Insurance contracts | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Insurance contracts | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Insurance contracts | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 22.6	$ 23.4	$ 16.5

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Retirement Benefits - Changes in Fair Value of Level 3 Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at the beginning of the period	$ 543.2
Actual return on assets:
Plan assets at end of period	503.6	$ 543.2
Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at the beginning of the period	66.3	70.1
Actual return on assets:
Related to assets held at reporting date	(3.2)	5.3
Related to assets sold during the period	1.5	2.3
Purchases, sales, issuances and settlements	(4.5)	(11.4)
Transfers in and/or out of Level 3		0.0
Plan assets at end of period	60.1	66.3
Alternative Investments
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at the beginning of the period	42.9
Actual return on assets:
Plan assets at end of period	37.5	42.9
Alternative Investments | Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at the beginning of the period	42.9	53.6
Actual return on assets:
Related to assets held at reporting date	(2.4)	(1.6)
Related to assets sold during the period	1.5	2.3
Purchases, sales, issuances and settlements	(4.5)	(11.4)
Transfers in and/or out of Level 3		0.0
Plan assets at end of period	37.5	42.9
Insurance Contracts
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at the beginning of the period	23.4
Actual return on assets:
Plan assets at end of period	22.6	23.4
Insurance Contracts | Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at the beginning of the period	23.4	16.5
Actual return on assets:
Related to assets held at reporting date	(0.8)	6.9
Related to assets sold during the period	0.0	0.0
Purchases, sales, issuances and settlements	0.0	0.0
Transfers in and/or out of Level 3		0.0
Plan assets at end of period	$ 22.6	$ 23.4

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Retirement Benefits - Expected Future Benefit Payments (Details) $ in Millions	Mar. 31, 2016 USD ($)
Pension Benefits:
Defined Benefit Plan Disclosure [Line Items]
2017	$ 40.1
2018	40.3
2019	40.5
2020	40.2
2021	40.2
2022-2026	200.4
Other Postretirement Benefits:
Defined Benefit Plan Disclosure [Line Items]
2017	2.6
2018	2.7
2019	2.6
2020	2.5
2021	2.4
2022-2026	$ 9.9

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Retirement Benefits - Assumed Health Care Cost Trend (Details) - Other Postretirement Benefits: - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract]
One percentage point increase - Increase (decrease) in total of service and interest cost components	$ 0.1	$ 0.1	$ 0.1
One percentage point decrease - increase (decrease) in total of service and interest cost components	(0.1)	(0.1)	(0.1)
One percentage point increase - increase (decrease) in postretirement benefit obligation	2.6	2.9	2.4
One percentage point decrease - increase (decrease) in postretirement benefit obligation	$ (2.2)	$ (2.5)	$ (2.1)

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Retirement Benefits - Narrative (Details) $ in Millions	12 Months Ended
	Mar. 31, 2016 USD ($) category Rate	Mar. 31, 2015 USD ($) participant	Mar. 31, 2014 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Actuarial (losses) gains	$ 12.9	$ 59.4	$ 2.7
Defined benefit plan, non-cash gain (loss) related to remeasurement of assumptions	12.9
Defined benefit plan, non-cash gain (loss) related to remeasurement of assumptions and adoption revised tables and scales	59.4
Inactive participants | participant		4,500
Settlement paid		$ 65.0
Non-cash actuarial gains (losses)		6.5
Plan assets	503.6	543.2
Multi-employer and government-sponsored plans - Expense recognized	0.2	0.2	0.3
Defined contribution savings plan - expense recognized	14.2	15.2	15.6
U.S qualified pension plan trusts
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions	4.9	7.9	7.8
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Actuarial (losses) gains	35.1	(114.2)
Plan assets	503.6	543.2	577.7
Contributions	8.6	12.5
Expected contributions in fiscal 2016	0.4
Projected benefit obligation	674.0	718.8	700.0
Under-funded status	170.4	175.6
Future amortization of prior service cost (credit)	$ 0.1
Number of investment categories | category	2
Pension plans that are not fully funded - projected benefit obligation	$ 665.3	717.7
Pension plans that are not fully funded - accumulated benefit obligation	657.1	706.3
Pension plans that are not fully funded - fair value of plan assets	494.5	541.5
Other Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Actuarial (losses) gains	0.7	(2.1)
Plan assets	0.0	0.0	0.0
Contributions	4.0	3.2
Expected contributions in fiscal 2016	2.6
Projected benefit obligation	29.6	32.4	$ 31.2
Under-funded status	29.6	$ 32.4
Future amortization of prior service cost (credit)	$ (2.0)
Assumed health care cost trend rate, percent | Rate	7.00%
Ultimate health care cost trend rate, percent | Rate	5.00%

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Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Current:
United States	$ 24.0	$ 17.2	$ 0.8
Non-United States	15.3	15.6	14.6
State and local	3.9	4.7	1.6
Total current	43.2	37.5	17.0
Deferred:
United States	(10.2)	(8.2)	(8.6)
Non-United States	1.1	(10.5)	(16.4)
State and local	(17.0)	(2.0)	(2.0)
Total deferred	(26.1)	(20.7)	(27.0)
Provision (benefit) for income taxes	$ 17.1	$ 16.8	$ (10.0)

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Income Taxes - U.S. Statutory Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Provision for income taxes at U.S. federal statutory income tax rate	$ 30.1	$ 37.9	$ 5.2
State and local income taxes, net of federal benefit	2.7	2.6	(1.1)
Net effects of foreign rate differential	(3.0)	(3.3)	(3.6)
Net effects of foreign related operations	(2.1)	8.9	5.7
Net effect to deferred taxes for changes in tax rates	(0.8)	0.2	0.6
Unrecognized tax benefits, net of federal benefit	(11.3)	(0.5)	(4.7)
Domestic production activities deduction	(1.3)	(2.3)	0.0
Change in valuation allowance	2.3	(27.4)	(11.5)
Other	0.5	0.7	(0.6)
Provision (benefit) for income taxes	$ 17.1	$ 16.8	$ (10.0)

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Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract]
United States	$ 45.3	$ 89.9	$ (25.9)
Non-United States	40.7	18.7	40.9
Income from continuing operations before income taxes	$ 86.0	$ 108.6	$ 15.0

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Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2016	Mar. 31, 2015
Deferred tax assets:
Compensation and retirement benefits	$ 84.4	$ 86.9
General accruals and reserves	18.3	16.9
State tax net operating loss carryforwards	19.6	20.9
Foreign tax credit carryforwards	4.3	26.5
Foreign net operating loss carryforwards	17.7	17.1
Other	14.5	15.3
Total deferred tax assets before valuation allowance	158.8	183.6
Valuation allowance	(27.2)	(25.0)
Total deferred tax assets	131.6	158.6
Deferred tax liabilities:
Property, plant and equipment	42.8	47.8
Inventories	30.1	30.8
Intangible assets and goodwill	197.7	218.5
Cancellation of indebtedness	43.4	58.8
Total deferred tax liabilities	314.0	355.9
Net deferred tax liabilities	182.4	197.3
Net amount on Consolidated Balance Sheet consists of:
Other assets	3.6	6.0
Deferred income taxes	(186.0)	(203.3)
Net long-term deferred tax liabilities	$ (182.4)	$ (197.3)

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Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of period	$ 21.7	$ 20.9
Additions based on tax positions related to the current year	0.8	3.2
Additions for tax positions of prior years	1.2	0.0
Reductions for tax positions of prior years	(0.1)	0.0
Reductions due to lapse of applicable statute of limitations	(10.3)	(1.7)
Cumulative translation adjustment	(0.1)	(0.7)
Balance at end of period	$ 13.2	$ 21.7

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Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Operating Loss Carryforwards [Line Items]
Foreign tax credit carryforward period	10 years
U.S. federal net operating loss carryforward period	20 years
Foreign net operating loss carryforward period	5 years
Foreign NOL carryforwards	$ 79.0
Valuation allowance for foreign NOL carryforward	7.2
Undistributed earnings of foreign subsidiaries	174.8
Undistributed earnings of foreign subsidiaries, potential related taxes	4.4
Other liabilities	13.3	$ 17.9
Net cash paid for income taxes	46.9	21.2	$ 13.6
Liability for unrecognized tax benefits	15.6	26.6
Unrecognized tax benefits, income tax penalties and interest accrued	3.8	12.4
Unrecognized tax benefits, income tax penalties and interest expense (benefit)	(8.6)	0.7	$ (0.6)
State tax authority
Operating Loss Carryforwards [Line Items]
State tax net operating loss carryforwards	508.9
State tax net operating loss carryforwards, valuation allowance	$ 18.1
Minimum
Operating Loss Carryforwards [Line Items]
State net operating loss carryforward period, minimum of range	5 years
Maximum
Operating Loss Carryforwards [Line Items]
State net operating loss carryforward period, minimum of range	20 years
Other current liabilities
Operating Loss Carryforwards [Line Items]
Accrued income taxes, current	$ 15.0	19.2
Other current assets
Operating Loss Carryforwards [Line Items]
Income taxes receivable	$ 1.7	$ 1.3

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Commitments and Contingencies (Details)	1 Months Ended	12 Months Ended
	Feb. 28, 2013 USD ($)	Mar. 31, 2016 USD ($) claimant lawsuit Rate	Dec. 31, 2002 claimant lawsuit defendant Rate	Nov. 30, 2002 USD ($)
Loss Contingencies [Line Items]
Indemnity obligations (in excess of)				$ 900,000,000
Liability for asbestos and environmental claims, net, period increase (decrease)		$ (3,000,000)
Available insurance coverage		244,900,000
Layer 1
Loss Contingencies [Line Items]
Available insurance coverage		$ 168,900,000
Environmental Issue | Ellsworth Industrial Park Site
Loss Contingencies [Line Items]
Number of defendants (at least) | defendant			10
Percentage of indemnity obligations paid by seller			100.00%
Asbestos Issue | Stearns
Loss Contingencies [Line Items]
Percentage of indemnity obligations paid by seller			100.00%
Number of pending claims | claimant			300
Asbestos Issue | Prager
Loss Contingencies [Line Items]
Number of pending lawsuits | lawsuit			2
Percentage of costs paid by insurance providers | Rate			100.00%
Asbestos Issue | Falk
Loss Contingencies [Line Items]
Percentage of indemnity obligations paid by seller | Rate		100.00%
Number of pending claims | claimant		100
Asbestos Issue | Zurn
Loss Contingencies [Line Items]
Number of pending claims | claimant		19,000
Number of pending lawsuits | lawsuit		6,000
Timeframe of estimated claims disbursements		10 years
Estimate of potential liability		$ 32,000,000
Amount expected to be paid by insurance providers		23,000,000
Receivable from insurance carriers		$ 32,000,000
Damages from Product Defects | Zurn
Loss Contingencies [Line Items]
Claim settlement funding period	7 years
Settlement amount	$ 20,000,000.0
Settlement, plaintiffs' attorneys' fees and expenses	$ 8,500,000

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Common Stock Repurchases and Public Offerings (Details) - USD ($)		12 Months Ended
	Feb. 05, 2014	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	Feb. 28, 2015
Stock repurchase program, authorized amount					$ 200,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 160,000,000
Sale of common stock (in shares)	3,000,000			3,000,000
Offering price (in dollars per share)	$ 25.75			$ 25.75
Aggregate offering proceeds, net - common stock offering	$ 73,800,000			$ 73,800,000
Aggregate offering proceeds, net - initial public offering		$ 0	$ 0	$ 73,800,000
Common Stock
Stock repurchase program, authorized amount					$ 200,000,000.0
Stock Repurchased During Period, Shares		1,552,500
Stock Repurchased During Period, Value		$ 40,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 160,000,000

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Business Segment Information (Details) $ in Millions	3 Months Ended								12 Months Ended
	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2016 USD ($) segment	Mar. 31, 2015 USD ($)	Mar. 31, 2014 USD ($)
Segment Reporting Information [Line Items]
Number of segments | segment									2
Segment Reporting Information, Additional Information [Abstract]
Net sales	$ 492.6	$ 460.2	$ 485.9	$ 485.1	$ 518.5	$ 497.1	$ 531.0	$ 503.6	$ 1,923.8	$ 2,050.2	$ 2,034.3
Income (loss) from operations									174.3	203.7	272.4
Non-operating expense:
Interest expense, net									(91.4)	(87.9)	(109.1)
Loss on the extinguishment of debt									0.0	0.0	(133.2)
Other income (expense), net									3.1	(7.2)	(15.1)
Income from continuing operations before income taxes									86.0	108.6	15.0
Provision (benefit) for income taxes									17.1	16.8	(10.0)
Net income from continuing operations	0.8	24.3	22.6	21.2	35.7	6.7	37.8	11.6	68.9	91.8	25.0
(Loss) income from discontinued operations, net of tax	(1.4)	0.0	0.0	0.0	(3.2)	(4.5)	(0.7)	0.4	(1.4)	(8.0)	4.6
Net income	(0.6)	24.3	22.6	21.2	32.5	2.2	37.1	12.0	67.5	83.8	29.6
Non-controlling interest loss	(0.2)	(0.1)	0.0	(0.1)	0.2	0.0	(0.1)	(0.1)	(0.4)	0.0	(0.6)
Net income attributable to Rexnord	(0.4)	$ 24.4	$ 22.6	$ 21.3	32.3	$ 2.2	$ 37.2	$ 12.1	67.9	83.8	30.2
Depreciation and Amortization									115.4	112.2	106.9
Capital Expenditures									52.1	48.8	52.2
Total Assets	3,354.8				3,409.3				3,354.8	3,409.3	3,370.8
Segments, Geographical Areas [Abstract]
Net Sales									1,923.8	2,050.2	2,034.3
Long-lived Assets	397.2				417.6				397.2	417.6	423.7
United States
Segments, Geographical Areas [Abstract]
Net Sales									1,306.9	1,380.0	1,337.2
Long-lived Assets	276.0				279.4				276.0	279.4	284.6
Europe
Segments, Geographical Areas [Abstract]
Net Sales									370.8	374.0	409.1
Long-lived Assets	80.5				92.1				80.5	92.1	98.6
Rest of World
Segments, Geographical Areas [Abstract]
Net Sales									246.1	296.2	288.0
Long-lived Assets	40.7				46.1				40.7	46.1	40.5
Process & Motion Control
Segment Reporting Information, Additional Information [Abstract]
Net sales									1,100.3	1,230.2	1,238.2
Income (loss) from operations									146.8	219.6	237.7
Non-operating expense:
Depreciation and Amortization									77.3	74.1	69.7
Capital Expenditures									43.6	37.7	39.4
Total Assets	2,412.7				2,419.0				2,412.7	2,419.0	2,251.4
Process & Motion Control | Original equipment manufacturers/ end-users
Segment Reporting Information, Additional Information [Abstract]
Net sales									572.3	642.1	621.1
Process & Motion Control | Maintenance, repair, and operations
Segment Reporting Information, Additional Information [Abstract]
Net sales									528.0	588.1	617.1
Water Management
Segment Reporting Information, Additional Information [Abstract]
Net sales									823.5	820.0	796.1
Income (loss) from operations									72.8	79.0	72.2
Non-operating expense:
Depreciation and Amortization									38.1	38.1	37.2
Capital Expenditures									8.5	11.1	12.8
Total Assets	933.2				981.9				933.2	981.9	1,038.7
Water Management | Water safety, quality, flow control and conservation
Segment Reporting Information, Additional Information [Abstract]
Net sales									534.1	517.1	465.6
Water Management | Water infrastructure
Segment Reporting Information, Additional Information [Abstract]
Net sales									289.4	302.9	330.5
Corporate
Segment Reporting Information, Additional Information [Abstract]
Income (loss) from operations									(45.3)	(94.9)	(37.5)
Non-operating expense:
Total Assets	$ 8.9				$ 8.4				$ 8.9	$ 8.4	$ 80.7

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Quarterly Results of Operations (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 492.6	$ 460.2	$ 485.9	$ 485.1	$ 518.5	$ 497.1	$ 531.0	$ 503.6	$ 1,923.8	$ 2,050.2	$ 2,034.3
Gross profit	167.8	158.3	169.3	169.8	189.5	181.5	197.0	178.2	665.2	746.2	753.4
Net income from continuing operations	0.8	24.3	22.6	21.2	35.7	6.7	37.8	11.6	68.9	91.8	25.0
Loss from discontinued operations, net of tax	(1.4)	0.0	0.0	0.0	(3.2)	(4.5)	(0.7)	0.4	(1.4)	(8.0)	4.6
Net income	(0.6)	24.3	22.6	21.2	32.5	2.2	37.1	12.0	67.5	83.8	29.6
Non-controlling interest (loss)	(0.2)	(0.1)	0.0	(0.1)	0.2	0.0	(0.1)	(0.1)	(0.4)	0.0	(0.6)
Net income attributable to Rexnord	$ (0.4)	$ 24.4	$ 22.6	$ 21.3	$ 32.3	$ 2.2	$ 37.2	$ 12.1	$ 67.9	$ 83.8	$ 30.2
Net income per share from continuing operations:
Basic (in dollars per share)	$ 0.01	$ 0.24	$ 0.23	$ 0.21	$ 0.35	$ 0.07	$ 0.37	$ 0.11	$ 0.68	$ 0.90	$ 0.25
Diluted (in dollars per share)	0.01	0.24	0.22	0.20	0.34	0.06	0.36	0.11	0.67	0.88	0.25
Income (loss) per share from discontinued operations:
Basic (in dollars per share)	(0.01)	0.00	0.00	0.00	(0.03)	(0.04)	(0.01)	0.00	(0.01)	(0.08)	0.05
Diluted (in dollars per share)	(0.01)	0.00	0.00	0.00	(0.03)	(0.04)	(0.01)	0.00	(0.01)	(0.08)	0.05
Net income per share attributable to Rexnord:
Basic (in dollars per share)	0.00	0.24	0.23	0.21	0.32	0.02	0.37	0.12	0.67	0.82	0.31
Diluted (in dollars per share)	$ 0.00	$ 0.24	$ 0.22	$ 0.20	$ 0.31	$ 0.02	$ 0.36	$ 0.12	$ 0.66	$ 0.80	$ 0.30

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Related Party Transactions (Details) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2014 USD ($)	Mar. 31, 2015 USD ($)	Mar. 31, 2014 USD ($)	Mar. 31, 2006 agreement	Apr. 01, 2015 shares
Related Party Transaction [Line Items]
Number of stockholder agreements | agreement				2
Offering expenses (excluding underwriters' discounts and commissions) paid by the Company on behalf of selling stockholders		$ 0.5	$ 1.4
Apollo
Related Party Transaction [Line Items]
Related party transaction, ownership outstanding stock, shares | shares					0
Apollo Global Securities, LLC [Member]
Related Party Transaction [Line Items]
Related party, offering discounts and commissions	$ 0.1

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Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Valuation allowance for trade and notes receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 16.8	$ 6.4	$ 7.7
Charged to Costs and Expenses	(6.8)	10.7	1.0
Acquired Obligations	0.0	0.6	0.2
Charged to Other Accounts	(0.1)	(0.4)	(0.1)
Deductions	(1.0)	(0.5)	(2.4)
Balance at End of Year	8.9	16.8	6.4
Valuation allowance for excess and obsolete inventory
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	35.7	33.8	30.5
Charged to Costs and Expenses	9.5	5.2	3.8
Acquired Obligations	0.0	0.8	4.1
Charged to Other Accounts	(0.3)	(0.6)	0.2
Deductions	(7.3)	(3.5)	(4.8)
Balance at End of Year	37.6	35.7	33.8
Valuation allowance for income taxes
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	25.0	54.4	73.1
Charged to Costs and Expenses	4.2	2.0	3.9
Acquired Obligations	0.0	0.0	0.0
Charged to Other Accounts	0.0	0.0	0.0
Deductions	(2.0)	(31.4)	(22.6)
Balance at End of Year	$ 27.2	$ 25.0	$ 54.4