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Pension and Employee Benefit Plans (Tables)
 12 Months Ended
Mar. 31, 2017
Pension and Employee Benefit Plans [Abstract]  
Change in benefit obligations and plan assets as well as the funded status
Changes in benefit obligations and plan assets, as well as the funded status of the Company’s pension plans, for the fiscal years ended March 31, 2017 and 2016 were as follows:

  
2017
  
2016
 
Change in benefit obligation:
      
Benefit obligation at beginning of year
 
$
261.0
  
$
328.2
 
Service cost
  
0.6
   
0.6
 
Interest cost
  
9.8
   
11.2
 
Actuarial gain
  
(0.5
)
  
(2.8
)
Benefits paid (a)
  
(19.8
)
  
(78.1
)
Acquired obligations (b)
  
20.3
   
-
 
Effect of exchange rate changes
  
(1.6
)
  
1.9
 
Benefit obligation at end of year
 
$
269.8
  
$
261.0
 
         
Change in plan assets:
        
Fair value of plan assets at beginning of year
 
$
141.5
  
$
217.0
 
Actual return on plan assets
  
11.0
   
(5.3
)
Benefits paid (a)
  
(19.8
)
  
(78.1
)
Employer contributions
  
9.5
   
7.9
 
Acquired plan assets (b)
  
6.0
   
-
 
Fair value of plan assets at end of year
 
$
148.2
  
$
141.5
 
Funded status at end of year
 
$
(121.6
)
 
$
(119.5
)
         
Amounts recognized in the consolidated balance sheets:
        
Current liability
 
$
(2.2
)
 
$
(0.9
)
Noncurrent liability
  
(119.4
)
  
(118.6
)
  
$
(121.6
)
 
$
(119.5
)
 
 
(a)
In fiscal 2016, $65.3 million was paid from plan assets in connection with lump-sum payouts.
 
(b)
As a result of its acquisition of Luvata HTS, the Company acquired pension plans in Italy, Austria and the U.S.  See Note 2 for additional information.
Pension benefit plans
Costs for the Company’s pension plans included the following components for the fiscal years ended March 31, 2017, 2016, and 2015:

  
2017
  
2016
  
2015
 
Components of net periodic benefit cost:
         
Service cost
 
$
0.6
  
$
0.6
  
$
0.5
 
Interest cost
  
9.8
   
11.2
   
13.0
 
Expected return on plan assets
  
(12.3
)
  
(14.9
)
  
(16.7
)
Amortization of net actuarial loss
  
5.6
   
6.4
   
5.5
 
Settlements (a)
  
-
   
42.1
   
-
 
Net periodic benefit cost
 
$
3.7
  
$
45.4
  
$
2.3
 
             
Other changes in benefit obligation recognized in other comprehensive loss (income):
            
Net actuarial loss
 
$
1.0
  
$
17.5
  
$
46.4
 
Amortization of net actuarial loss (a)
  
(5.6
)
  
(48.5
)
  
(5.5
)
Total recognized in other comprehensive (income) loss
 
$
(4.6
)
 
$
(31.0
)
 
$
40.9
 
 
(a)
During fiscal 2016, in connection with lump-sum payouts to pension plan participants, the Company recorded $42.1 million of settlement losses, which were previously recorded in accumulated other comprehensive loss.
Target and plan asset allocations
The Company’s U.S. pension plan weighted-average asset allocations at the measurement dates of March 31, 2017 and 2016 were as follows:

  
Target allocation as
of March 31, 2017
  
Plan assets
 
     
2017
  
2016
 
Equity securities
  
60
%
  
58
%
  
56
%
Debt securities
  
38
%
  
38
%
  
36
%
Cash
  
2
%
  
4
%
  
4
%
Alternative assets
  
-
   
-
   
4
%
   
100
%
  
100
%
  
100
%
Estimated future benefit payments
Estimated pension benefit payments for the next ten fiscal years are as follows:

Fiscal Year
 
Estimated Pension
Benefit Payments
 
2018
 
$
17.1
 
2019
  
16.4
 
2020
  
17.0
 
2021
  
17.1
 
2022
  
17.6
 
2023-2027
  
90.4