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Retirement Benefits
12 Months Ended
Dec. 31, 2021
Retirement Benefits [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 sponsors frozen pension plans for certain 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.
    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. The service cost component of net periodic benefit cost is presented within Cost of sales and Selling, general and administrative expenses in the statements of operations while the other components of net periodic benefit cost are presented within Other expense (income), net.
Amounts disclosed within this note include amounts attributable to the Company's discontinued operations, unless otherwise noted. Refer to Note 4 Discontinued Operations for further detail.
    The Company recognizes the net actuarial gains or losses in excess of the corridor in operating results during the final quarter of each fiscal year (or upon any required re-measurement event). The corridor is 10% of the greater of the projected benefit obligation or the fair value of the plan assets. In connection with this accounting policy, the Company recognized non-cash actuarial gain (loss) of $1.2 million, $(0.3) million, and $(20.9) million within the consolidated statements of operations from continuing operations, during the year ended December 31, 2021, the nine month Transition Period ended December 31, 2020 and the fiscal year ended March 31, 2020, respectively. These amounts are recorded within Actuarial (loss) gain on pension and postretirement benefit obligations in the consolidated statements of operations. In addition, the Company recognized non-cash actuarial losses associated PMC plans of $4.8 million, $1.3 million and $15.7 million during the year ended December 31, 2021, the nine month Transition Period ended December 31, 2020 and the fiscal year ended March 31, 2020, respectively, which is recorded in income from discontinued operations, net of tax in the consolidated statements of operations.
    On October 4, 2021, the Company completed the Spin-Off Transaction of the PMC business. In accordance with the terms of the Spin-Off Transaction agreements, the net assets associated with the PMC business included in the Spin-Off Transaction included unfunded pension and post retirement benefit obligations of $80.4 million. The transfer of these obligations affiliated with certain defined benefit plans was accounted for as a settlement in accordance with the authoritative guidance, which required the Company to perform an interim remeasurement of certain plans. In connection with the remeasurement, the Company recognized pre-tax non-cash actuarial losses of $4.8 million, which is recognized within income from discontinued operations, net of tax.
During the fiscal year ended March 31, 2019, the Company offered participants in a PMC defined benefit plan the opportunity to receive a lump sum settlement as part of the termination process for that plan. During the fiscal year ended March 31, 2020, the obligations associated with the individuals that did not accept the lump sum settlement offer were transferred to an insurance company through the purchase of an annuity. The Company's cash contribution to purchase the annuity contract was $3.9 million. Following the purchase of the annuity contract, the Company has no remaining obligations to participants of this plan. The termination of this plan resulted in the recognition of $0.8 million non-cash pre-tax losses within discontinued operations during the fiscal year ended March 31, 2020.
    
    The components of net periodic benefit cost reported in the consolidated statements of operations are as follows (in millions):
Year EndedNine Month Transition Period EndedYear Ended
December 31, 2021December 31, 2020March 31, 2020
Pension Benefits:
Service cost$0.4 $0.4 $0.5 
Interest cost13.3 13.9 21.9 
Expected return on plan assets(17.3)(13.9)(22.5)
Benefit cost associated with special events:
Settlement— — 0.8 
PMC Spin-Off5.7 — — 
Recognition of actuarial losses— 1.6 35.9 
Net periodic benefit (income) expense$2.1 $2.0 $36.6 
Other Postretirement Benefits:
Service cost$— $— $— 
Interest cost0.3 0.4 0.7 
Amortization of prior service credit(0.2)(0.2)(0.3)
Benefit cost associated with special events:
PMC Spin-Off(0.9)— — 
Recognition of actuarial gains(1.2)— (0.1)
Net periodic benefit expense$(2.0)$0.2 $0.3 

    During the year ended December 31, 2021, the recognition of $3.6 million of net non-cash actuarial losses was primarily due to an increase in the discount rates utilized within remeasurement of the Company's defined benefit plans. During the nine month Transition Period ended December 31, 2020, the recognition of $1.6 million of non-cash actuarial loss was due to favorable asset performance and contributions made to the plan partially offset by decreases in the discount rate utilized within the annual remeasurement of the Company's defined benefit plans. During the fiscal year ended March 31, 2020, the recognition of $36.6 million of non-cash actuarial loss was due to the termination of a PMC defined benefit plan described above and decreases in discount rates coupled with lower than expected asset return, partially offset by decreases in life expectancy assumptions utilized within the annual remeasurement of the Company's defined benefit plans.
    The Company made contributions to its U.S. qualified pension plan trusts of $2.0 million, $6.0 million, and $0.3 million during the year ended December 31, 2021, nine month Transition Period ended December 31, 2020 and the fiscal year ended March 31, 2020, respectively.
    The status of the plans is summarized as follows (in millions):
 Pension BenefitsOther Postretirement Benefits
 Year Ended December 31, 2021Nine Month Transition Period Ended December 31, 2020Year Ended December 31, 2021Nine Month Transition Period Ended December 31, 2020
Benefit obligation at beginning of period$(662.1)$(623.2)$(15.4)$(16.1)
Service cost(0.4)(0.4)— — 
Interest cost(13.3)(13.9)(0.3)(0.4)
Actuarial (losses) gains25.7 (44.2)1.3 0.2 
Benefits paid33.3 29.0 1.4 1.2 
Plan participant contributions— — (0.3)(0.3)
Spin-Off Transaction318.8 — 2.7 — 
Settlements0.1 — — — 
Translation and other adjustments— (9.4)— — 
Benefit obligation at end of period$(297.9)$(662.1)$(10.6)$(15.4)
Plan assets at the beginning of the period$503.5 $446.9 $— $— 
Actual return on plan assets15.4 73.3 — — 
Contributions2.0 7.9 1.4 1.3 
Benefits paid(32.6)(29.0)(1.4)(1.3)
Spin-Off Transaction (238.4)— — — 
Translation adjustment— 4.4 — — 
Plan assets at end of period$249.9 $503.5 $— $— 
Funded status of plans$(48.0)$(158.6)$(10.6)$(15.4)
Net amount on Consolidated Balance Sheets consists of:
Non-current assets$— $0.5 $— $— 
Current liabilities(0.3)(1.7)(1.0)(1.4)
Long-term liabilities(47.7)(157.4)(9.6)(14.0)
Total net funded status$(48.0)$(158.6)$(10.6)$(15.4)
    As of December 31, 2021, the Company had pension plans with a combined projected benefit obligation of $297.9 million compared to plan assets of $249.9 million, resulting in an under-funded status of $48.0 million compared to an under-funded status of $158.6 million at December 31, 2020. The Company’s funded status improved during the year ended December 31, 2021 primarily due to the Spin-Off Transaction, increases in the discount rate assumption and census data gains. Any further changes in the assumptions underlying the Company’s pension values, including those that arise as a result of declines in equity markets and changes in interest rates, could result in increased pension obligation and pension cost which could negatively affect the Company’s consolidated financial position and results of operations in future periods.
    Amounts included in accumulated other comprehensive loss (income), net of tax, related to defined benefit plans at December 31, 2021 and December 31, 2020 consist of the following (in millions):
As of December 31, 2021
Pension
Benefits
Postretirement
Benefits
Total
Unrecognized prior service credit$— $— $— 
Unrecognized actuarial loss (gain)7.3 (1.1)6.2 
Accumulated other comprehensive loss (income), gross7.3 (1.1)6.2 
Deferred income tax (benefit) provision(2.4)0.2 (2.2)
Accumulated other comprehensive loss (income), net$4.9 $(0.9)$4.0 
As of December 31, 2020
Pension
Benefits
Postretirement
Benefits
Total
Unrecognized prior service credit$(0.1)$(0.9)$(1.0)
Unrecognized actuarial loss (gain)40.0 (1.2)38.8 
Accumulated other comprehensive loss (income), gross39.9 (2.1)37.8 
Deferred income tax (benefit) provision(10.5)0.5 (10.0)
Accumulated other comprehensive loss (income), net$29.4 $(1.6)$27.8 
    The following table presents significant assumptions used to determine benefit obligations and net periodic benefit cost (income) in weighted-average percentages:
 Pension BenefitsOther Postretirement Benefits
 December 31, 2021December 31, 2020March 31, 2020December 31, 2021December 31, 2020March 31, 2020
Benefit Obligations:
Discount rate3.0 %2.3 %3.1 %2.9 %2.4 %3.3 %
Rate of compensation increase3.0 %3.0 %3.0 %n/an/an/a
Net Periodic Benefit Cost:
Discount rate2.7 %3.1 %3.7 %2.4 %3.3 %3.9 %
Rate of compensation increase3.0 %3.0 %2.9 %n/an/an/a
Expected return on plan assets4.3 %4.3 %4.9 %n/an/an/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 December 31, 2021 and actual investment allocations at December 31, 2021 and December 31, 2020.
 Plan Assets
 December 31, 2021December 31, 2020
 Investment
Policy (1)
Target
Allocation (2)
Actual
Allocation
Actual
Allocation
Equity securities20%-30%30%29%27%
Debt securities (including cash and cash equivalents)55%-80%70%70%63%
Other0%-10%—%1%10%
______________________
(1)The investment policy allocation represents the guidelines of the Company'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 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 December 31, 2021 and December 31, 2020, 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 December 31, 2021
 Quoted Prices in
Active  Market
(Level 1)
Significant Other
Observable  Inputs
(Level 2)
Significant
Unobservable
Inputs (Level 3)
Assets measured at net asset value
(1)
Total
Cash and cash equivalents$5.4 $— $— $— $5.4 
Investment funds
   Fixed income funds (2) — — — 169.4 169.4 
   U.S. equity funds (3)20.9 — — 31.5 52.4 
   International equity funds (3)— — — 19.1 19.1 
   Balanced funds (3)— — — 2.5 2.5 
   Alternative investment funds (4)— — — 1.1 1.1 
Total$26.3 $— $— $223.6 $249.9 
 As of December 31, 2020
 Quoted Prices in
Active  Market
(Level 1)
Significant Other
Observable  Inputs
(Level 2)
Significant
Unobservable
Inputs (Level 3)
Assets measured at net asset value
(1)
Total
Cash and cash equivalents$9.6 $— $— $— $9.6 
Investment funds
   Fixed income funds (2) — — — 313.8 313.8 
   U.S. equity funds (3)12.9 — — 61.2 74.1 
   International equity funds (3)— — — 37.2 37.2 
   Balanced funds (3)— — — 6.8 6.8 
   Alternative investment funds (4)— — — 22.1 22.1 
Insurance contracts— — 39.9 — 39.9 
Total$22.5 $— $39.9 $441.1 $503.5 
______________________
(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.
(2)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 primarily valued using the net asset value, which reflects the plan's share of the fair value of the investments.
(3)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 primarily valued using the net asset value, which reflects the plan's share of the fair value of the investments.
(4)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 Company is generally able to redeem investments at periodic times during the year with notice provided to the general partner.
    The table below sets forth a summary of changes in the fair value of the Level 3 investments for the year ended December 31, 2021 and the nine month Transition Period ended December 31, 2020 (in millions):
 Insurance
Contracts
Ending balance, March 31, 2020$32.6 
Actual return on assets:
Related to assets held at reporting date7.3 
Related to assets sold during the period— 
Purchases, sales, issuances and settlements— 
Ending balance, December 31, 202039.9 
Actual return on assets:
Related to assets held at reporting date— 
Related to assets sold during the period— 
Purchases, sales, issuances and settlements (1)(39.9)
Ending balance, December 31, 2021$— 
(1) Insurance contracts were distributed in connection with the Spin-Off Transaction.
    Expected benefit payments to be paid in each of the next five years and in the aggregate for the five years thereafter are as follows (in millions):
Years Ending December 31:Pension
Benefits
Other
Postretirement
Benefits
2022$20.3 $1.0 
202320.1 0.9 
202419.9 0.9 
202519.7 0.9 
202619.4 0.8 
2027 - 203190.8 3.4 
Pension Plans That Are Not Fully Funded
    At December 31, 2021, 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 $297.9 million, $296.0 million and $249.9 million, respectively.
    At December 31, 2020, 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 $622.0 million, $617.6 million and $462.9 million, respectively.
Other Postretirement Benefits
    The other postretirement benefit obligation was determined using an assumed health care cost trend rate of 6.0% in 2022 grading down to 5.0% in 2026 and thereafter. The discount rate, compensation rate increase and health care cost trend rate assumptions are determined as of the measurement date.
Defined Contribution Savings Plans
    The Company sponsors certain defined-contribution savings plans for eligible employees. Expense recognized related to these plans was $5.5 million, $5.7 million and $7.7 million during the year ended December 31, 2021, nine months ended December 31, 2020 and for the year ended March 31, 2020, respectively. and During the year ended December 31, 2021, the Company utilized 107,113 shares of its common stock with a weighted average fair value of $51.67 per share in funding the cost. During the nine month Transition Period ended December 31, 2020, the Company utilized 156,316 shares of its common stock with a weighted average fair value of $30.38 per share in funding the cost.
Deferred Compensation Plan
    The Company has a nonqualified deferred compensation plan for certain executives and other highly compensated employees. Assets are invested primarily in mutual funds and corporate-owned life insurance contracts held in a Rabbi trust and restricted for payments to participants of the plan. The assets and liabilities are classified in Other assets and Other liabilities,
respectively, on the consolidated balance sheets. Changes in the values of the assets held by the rabbi trust and changes in the value of the deferred compensation liability are recorded in Other expense, net in the consolidated statements of operations.
    The fair values of the Company’s deferred compensation plan assets and liability 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.
Fair Value as of December 31, 2021
Quoted Prices in
Active Market
(Level 1)
 Significant Other
Observable Inputs
(Level 2)
 Significant
Unobservable
Inputs (Level 3)
 Total
Deferred compensation plan assets:       
Mutual funds (1)$0.9 $— $— $0.9 
Corporate-owned life insurance policies (2)— 14.4 —  14.4 
Total assets at fair value$0.9 $14.4 $— $15.3 
        
Deferred compensation liability at fair value (3):$16.3 $— $— $16.3 
Fair Value as of December 31, 2020
Quoted Prices in
Active Market
(Level 1)
 Significant Other
Observable Inputs
(Level 2)
 Significant
Unobservable
Inputs (Level 3)
 Total
Deferred compensation plan assets:       
Mutual funds (1)$1.0 $— $— $1.0 
Corporate-owned life insurance policies (2)— 10.7 — 10.7 
Total assets at fair value$1.0 $10.7 $— $11.7 
 
Deferred compensation liability at fair value (3):$11.9 $— $— $11.9 
______________________
(1)The Company has elected to use the fair value option for the mutual funds to better align the measurement of the assets with the measurement of the liability, which are measured using quoted prices of identical instruments in active markets and are categorized as Level 1.
(2)The corporate-owned life insurance contracts are recorded at cash surrender value, which is provided by a third party and reflects the net asset value of the underlying publicly traded mutual funds, and are categorized as Level 2.
(3)The deferred compensation liability is measured at fair value based on the quoted prices of identical instruments to the investment vehicles selected by the participants.