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Pension and Employee Benefit Plans (Tables)
 12 Months Ended
Mar. 31, 2020
Pension and Employee Benefit Plans [Abstract]  
Changes in Benefit Obligations and Plan Assets
Changes in benefit obligations and plan assets, as well as the funded status of the Company’s global pension plans, were as follows:

  
Years ended March 31,
  
   
2020
    
2019
  
Change in benefit obligation:
            
Benefit obligation at beginning of year
  
$
258.8
    
$
273.6
  
Service cost
    
0.4
      
0.5
  
Interest cost
    
9.1
      
9.6
  
Actuarial loss
    
15.5
      
1.7
  
Benefits paid
    
(18.2
)
    
(22.8
)
Curtailment gain (a)
    
(0.3
)
    
-
  
Effect of exchange rate changes
    
(0.6
)
    
(3.8
)
Benefit obligation at end of year
  
$
264.7
    
$
258.8
  
                 
Change in plan assets:
                
Fair value of plan assets at beginning of year
  
$
155.1
    
$
157.7
  
Actual return on plan assets
    
(11.6
)
    
6.3
  
Benefits paid
    
(18.2
)
    
(22.8
)
Employer contributions
    
5.8
      
13.9
  
Fair value of plan assets at end of year
  
$
131.1
    
$
155.1
  
Funded status at end of year
  
$
(133.6
)
  
$
(103.7
)
                 
Amounts recognized in the consolidated balance sheets:
                
Current liability
  
$
(2.7
)
  
$
(2.0
)
Noncurrent liability
    
(130.9
)
    
(101.7
)
   
$
(133.6
)
  
$
(103.7
)

graphic
(a)
The $0.3 million curtailment gain, which is associated with headcount reductions in Europe within the VTS segment, will be recognized as a component of net periodic benefit cost following the completion of the headcount reductions. See Note 5 for additional information on the Company’s restructuring activities.
Pension Benefit Plans
Costs for the Company’s global pension plans included the following components:

  
Years ended March 31,
  
   
2020
    
2019
    
2018
  
Components of net periodic benefit cost:
                  
Service cost
  
$
0.4
    
$
0.5
    
$
0.5
  
Interest cost
    
9.1
      
9.6
      
9.9
  
Expected return on plan assets
    
(12.0
)
    
(12.3
)
    
(11.9
)
Amortization of net actuarial loss
    
6.0
      
5.6
      
5.6
  
Settlements (a)
    
0.2
      
0.2
      
0.3
  
Curtailment gain (a)
    
-
      
-
      
(0.3
)
Net periodic benefit cost
  
$
3.7
    
$
3.6
    
$
4.1
  
                         
Other changes in benefit obligation recognized in other comprehensive income (loss):
                        
Net actuarial loss
  
$
(38.7
)
  
$
(7.7
)
  
$
(5.8
)
Amortization of net actuarial loss
    
6.2
      
5.8
      
5.9
  
Total recognized in other comprehensive income (loss)
  
$
(32.5
)
  
$
(1.9
)
  
$
0.1
  

graphic
(a)
The settlement charges and curtailment gain resulted from activity associated with the Company’s non-U.S. pension plans.
Target and Plan Asset Allocations
Plan assets in the Company’s U.S. pension plans comprise 100 percent of the Company’s world-wide pension plan assets.  The Company’s U.S. pension plan weighted-average asset allocations at the measurement dates of March 31, 2020 and 2019 were as follows:

  
Target allocation
    
Plan assets
  
         
2020
    
2019
  
Equity securities
    
65
%
    
60
%
    
66
%
Debt securities
    
21
%
    
22
%
    
19
%
Real estate investments
    
13
%
    
16
%
    
12
%
Cash and cash equivalents
    
1
%
    
2
%
    
3
%
     
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
  
2021
  
$
17.2
  
2022
    
16.8
  
2023
    
16.7
  
2024
    
16.7
  
2025
    
16.8
  
2026-2030
    
80.6