Income Taxes (Tables)

12 Months Ended

Mar. 31, 2016

Income Taxes [Abstract]

Schedule of components of earnings (loss) from continuing operations before income taxes

The U.S. and foreign components of earnings from continuing operations before income taxes and the provision or benefit for income taxes consisted of the following:

	Years ended March 31,
	2016			2015			2014
Components of (loss) earnings from continuing operations before income taxes:
United States	$	(15.4	)	$	31.1		$	14.1
Foreign		5.5			10.1			9.9
Total (loss) earnings from continuing operations before income taxes	$	(9.9	)	$	41.2		$	24.0
Income tax (benefit) expense:
Federal:
Current	$	0.1		$	0.4		$	(2.0	)
Deferred		(13.0	)		7.1			(95.8	)
State:
Current		0.2			-			0.2
Deferred		(2.5	)		1.1			(21.4	)
Foreign:
Current		9.6			12.7			10.0
Deferred		(3.3	)		(2.3	)		1.1
Total income tax (benefit) expense	$	(8.9	)	$	19.0		$	(107.9	)

Reconciliation of the federal statutory income tax rate to the company's effective income tax rate

Income tax expense attributable to earnings from continuing operations before income taxes differed from the amounts computed by applying the statutory U.S. federal income tax rate as a result of the following:

	Years ended March 31,
	2016			2015			2014
Statutory federal tax		35.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		11.5			2.4			2.1
Taxes on non-U.S. earnings and losses		26.4			(4.9	)		(3.8	)
Valuation allowance		(20.9	)		8.3			(471.7	)
Tax credits		20.5			(6.1	)		(7.1	)
Compensation		(3.7	)		1.0			0.4
Tax rate or law changes		1.3			1.2			(9.2	)
Uncertain tax positions, net of settlements		(4.3	)		2.2			0.4
Dividend repatriation		16.0			2.4			5.8
Other		8.1			4.6			(1.5	)
Effective tax rate		89.9	%		46.1	%		(449.6	%)

Schedule of deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that gave rise to deferred tax assets and liabilities were as follows:

	March 31,
	2016			2015
Deferred tax assets:
Accounts receivable	$	0.1		$	0.3
Inventories		3.6			3.8
Plant and equipment		4.3			0.8
Pension and employee benefits		52.6			50.5
Net operating loss, capital loss, and credit carryforwards		109.4			105.0
Other, principally accrued liabilities		6.9			6.8
Total gross deferred tax assets		176.9			167.2
Less: valuation allowance		(50.8	)		(48.0	)
Net deferred tax assets		126.1			119.2
Deferred tax liabilities:
Plant and equipment		5.5			5.3
Goodwill		0.6			0.6
Other		1.1			1.0
Total gross deferred tax liabilities		7.2			6.9
Net deferred tax asset	$	118.9		$	112.3

Reconciliation of unrecognized tax benefits

Unrecognized tax benefits were as follows:

	Years ended March 31,
	2016			2015
Beginning balance	$	5.6		$	2.1
Gross increases - tax positions in prior period		-			3.1
Gross decreases - tax positions in prior period		(0.1	)		-
Gross increases - tax positions in current period		0.4			0.4
Ending balance	$	5.9		$	5.6

Schedule of tax years subject to examination by the respective major tax jurisdictions

The following tax years remain subject to examination for the Company’s major tax jurisdictions:

Austria	Fiscal 2012 - 2015
Brazil	Calendar 2011 - 2015
Germany	Fiscal 2012 - 2015
United States	Fiscal 2013 - 2015