Income Taxes (Tables)

12 Months Ended

Mar. 31, 2019

Income Taxes [Abstract]

Components of Earnings Before Income Taxes

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

	Years ended March 31,
	2019			2018			2017
Components of earnings (loss) before income taxes:
United States	$	22.4		$	2.5		$	(8.6	)
Foreign		58.4			60.8			29.4
Total earnings before income taxes	$	80.8		$	63.3		$	20.8
Income tax (benefit) provision:
Federal:
Current	$	(20.4	)	$	11.6		$	0.1
Deferred		(4.2	)		23.3			(3.8	)
State:
Current		0.7			(0.3	)		0.3
Deferred		1.9			2.0			(0.2	)
Foreign:
Current		19.0			16.1			10.1
Deferred		(2.1	)		(13.2	)		(0.6	)
Total income tax (benefit) provision	$	(5.1	)	$	39.5		$	5.9

Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Income Tax Rate

The reconciliation between the U.S. federal statutory rate and the Company’s effective tax rate was as follows:

	Years ended March 31,
	2019			2018			2017
Statutory federal tax		21.0	%		31.5	%		35.0	%
State taxes, net of federal benefit		3.6			2.9			(3.3	)
Taxes on non-U.S. earnings and losses		3.9			(3.8	)		(3.5	)
Valuation allowances		4.0			(5.6	)		1.2
Tax credits		(26.1	)		(17.3	)		(9.0	)
Compensation		(0.1	)		(0.8	)		2.9
Tax rate or law changes		(12.0	)		60.1			(2.5	)
Uncertain tax positions, net of settlements		0.4			(0.8	)		5.6
Notional interest deductions		(2.5	)		(3.2	)		(8.8	)
Dividend repatriation		1.6			0.2			7.1
Other		(0.1	)		(0.8	)		3.7
Effective tax rate		(6.3	%)		62.4	%		28.4	%

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,
	2019			2018
Deferred tax assets:
Accounts receivable	$	0.2		$	0.3
Inventories		3.4			4.1
Plant and equipment		1.8			2.3
Pension and employee benefits		32.7			36.0
Net operating and capital losses		73.5			102.5
Credit carryforwards		60.3			36.7
Other, principally accrued liabilities		10.0			9.9
Total gross deferred tax assets		181.9			191.8
Less: valuation allowances		(43.4	)		(48.9	)
Net deferred tax assets		138.5			142.9
Deferred tax liabilities:
Plant and equipment		15.1			17.6
Goodwill		4.8			5.2
Intangible assets		28.8			32.4
Other		0.9			0.7
Total  gross deferred tax liabilities		49.6			55.9
Net deferred tax assets	$	88.9		$	87.0

Reconciliation of Unrecognized Tax Benefits

Unrecognized tax benefits were as follows:

	Years ended March 31,
	2019			2018
Beginning balance	$	13.6		$	14.2
Gross increases - tax positions in prior period		1.6			0.8
Gross decreases - tax positions in prior period (a)		(0.2	)		(1.2	)
Gross increases - due to acquisition		-			1.4
Gross increases - tax positions in current period		1.1			0.5
Settlements		(0.1	)		(0.3	)
Lapse of statute of limitations		(2.2	)		(1.8	)
Ending balance	$	13.8		$	13.6

(a) Fiscal 2018 includes $1.0 million related to the reduction of the U.S. federal corporate tax rate as a result of the Tax Act.

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:

Germany	Fiscal 2011 - Fiscal 2018
Italy	Calendar 2014 - Fiscal 2018
United States	Fiscal 2016 - Fiscal 2018