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Retirement Benefits (Tables)
 12 Months Ended
Mar. 31, 2019
Retirement Benefits [Abstract]  
Components of Net Benefit Costs
The components of net periodic benefit cost reported in the consolidated statements of operations are as follows (in millions):
 
Year Ended
 
March 31, 2019
 
March 31, 2018
 
March 31, 2017
Pension Benefits:
 
 
 
 
 
Service cost
$
0.5

 
$
1.0

 
$
1.8

Interest cost
23.6

 
24.3

 
25.6

Expected return on plan assets
(24.8
)
 
(26.7
)
 
(27.1
)
Amortization of:
 
 
 
 
 
Prior service cost
—

 
—

 
0.1

Benefit cost (income) associated with special events:
 
 


 


Curtailment (1)
—

 
(0.3
)
 
(1.4
)
Contractual termination benefits (2)
—

 
—

 
2.2

Settlement (3)
0.6

 
—

 
—

Recognition of actuarial losses (gains)
0.7

 
(1.1
)
 
—

Net periodic benefit cost (income)
$
0.6

 
$
(2.8
)
 
$
1.2

Other Postretirement Benefits:
 
 
 
 
 
Service cost
$
—

 
$
—

 
$
0.1

Interest cost
0.8

 
1.0

 
1.1

Amortization:
 
 
 
 
 
Prior service credit
(1.5
)
 
(1.9
)
 
(2.0
)
Benefit cost associated with special events:
 
 
 
 
 
Curtailment (1)
—

 
—

 
0.4

Recognition of actuarial gains
(1.7
)
 
(1.9
)
 
(1.6
)
Net periodic benefit income
$
(2.4
)
 
$
(2.8
)
 
$
(2.0
)

______________________
(1)
During fiscal 2018 and 2017, certain active participants of a foreign pension plan were transferred out of the pension plan and placed into a defined contribution plan, resulting in a curtailment gain of $0.3 million and $1.4 million, respectively. In addition, during fiscal 2017 the Company also recognized a curtailment loss of $0.4 million associated with a postretirement benefit plan resulting from the closure of a U.S. manufacturing facility. The recognition of the non-cash net curtailment gain of $0.3 million and $1.0 million is recorded within Other expense (income), net in the consolidated statements of operations for the fiscal years ended March 31, 2018 and 2017, respectively.
(2)
(During fiscal 2017, the Company recognized incremental expense of $2.2 million of termination benefits associated with incremental benefits participants of the Company’s domestic union defined benefit plans will receive following the Company’s decision to close one of its U.S. manufacturing facilities. The contractual termination benefit is recorded within Restructuring and other similar charges in the fiscal 2017 consolidated statements of operations.
(3)
During the fourth quarter of fiscal 2019, the Company settled the benefits of a Canadian defined benefit pension plan through either a lump-sum transfer or the purchase of an annuity from an insurance company. As a result of the settlement, the Company performed a re-measurement of the plan assets and benefit obligations for the pension plan as at March 31, 2019, which resulted in the immediate recognition of a $0.6 million non-cash actuarial loss, which is recorded within Other expense (income), net in the fiscal 2019 consolidated statements of operations. There will be no impact from this event in fiscal periods following March 31, 2019.
Summary of the Plan's Status
The status of the plans is summarized as follows (in millions):
 
Pension Benefits
 
Other Postretirement Benefits
 
Year Ended March 31, 2019
 
Year Ended March 31, 2018
 
Year Ended March 31, 2019
 
Year Ended March 31, 2018
Benefit obligation at beginning of period
$
(652.5
)
 
$
(659.3
)
 
$
(21.5
)
 
$
(25.7
)
Service cost
(0.5
)
 
(1.0
)
 
—

 
—

Interest cost
(23.6
)
 
(24.3
)
 
(0.8
)
 
(1.0
)
Actuarial gains
1.7

 
7.1

 
2.5

 
2.8

Benefits paid
40.7

 
40.8

 
1.9

 
3.0

Plan participant contributions
—

 
(0.1
)
 
(0.5
)
 
(0.6
)
Acquisitions (1)
—

 
(6.3
)
 
—

 
—

Curtailments
—

 
0.3

 
—

 
—

Settlements
3.2

 
—

 
—

 
—

Translation and other adjustments
7.2

 
(9.7
)
 
1.5

 
—

Benefit obligation at end of period
$
(623.8
)
 
$
(652.5
)
 
$
(16.9
)
 
$
(21.5
)
Plan assets at the beginning of the period
$
507.4

 
$
513.0

 
$
—

 
$
—

Actual return on plan assets
15.8

 
23.6

 
—

 
—

Contributions
4.0

 
5.5

 
2.5

 
3.0

Benefits paid
(40.7
)
 
(40.8
)
 
(2.5
)
 
(3.0
)
Acquisitions (1)
—

 
2.3

 
—

 
—

Settlements
(3.4
)
 
—

 
—

 
—

Translation adjustment
(2.9
)
 
3.8

 
—

 
—

Plan assets at end of period
$
480.2

 
$
507.4

 
$
—

 
$
—

Funded status of plans
$
(143.6
)
 
$
(145.1
)
 
$
(16.9
)
 
$
(21.5
)
Net amount on Consolidated Balance Sheets consists of:
 
 
 
 
 
 
 
Non-current assets
$
0.8

 
$
0.6

 
$
—

 
$
—

Current liabilities
(1.7
)
 
(1.9
)
 
(1.6
)
 
(2.1
)
Long-term liabilities
(142.7
)
 
(143.8
)
 
(15.3
)
 
(19.4
)
Total net funded status
$
(143.6
)
 
$
(145.1
)
 
$
(16.9
)
 
$
(21.5
)
______________________
(1)
Includes the acquisition of Centa during fiscal 2018. See Note 3, Acquisitions for additional information.
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized
Amounts included in accumulated other comprehensive loss (income), net of tax, related to defined benefit plans at March 31, 2019 and 2018 consist of the following (in millions):
 
As of March 31, 2019
 
Pension
Benefits
 
Postretirement
Benefits
 
Total
Unrecognized prior service credit
$
(0.1
)
 
$
(1.4
)
 
$
(1.5
)
Unrecognized actuarial loss (gain)
52.6

 
(1.7
)
 
50.9

Accumulated other comprehensive loss (income), gross
52.5

 
(3.1
)
 
49.4

Deferred income tax (benefit) provision
(12.9
)
 
0.8

 
(12.1
)
Accumulated other comprehensive loss (income), net
$
39.6

 
$
(2.3
)
 
$
37.3


 
As of March 31, 2018
 
Pension
Benefits
 
Postretirement
Benefits
 
Total
Unrecognized prior service credit
$
(0.2
)
 
$
(1.2
)
 
$
(1.4
)
Unrecognized actuarial loss (gain)
46.2

 
(1.7
)
 
44.5

Accumulated other comprehensive loss (income), gross
46.0

 
(2.9
)
 
43.1

Deferred income tax (benefit) provision
(15.9
)
 
1.0

 
(14.9
)
Accumulated other comprehensive loss (income), net
$
30.1

 
$
(1.9
)
 
$
28.2
Schedule of Assumptions Used
 
Years Ended
 
March 31, 2018
 
March 31, 2017
Expected volatility factor
31
%
 
30
%
Weighted-average risk-free interest rate
1.45
%
 
0.86
%
Expected dividend rate
0.0
%
 
0.0
%
PSU fair value per share
$31.25
 
$27.67
The following table presents significant assumptions used to determine benefit obligations and net periodic benefit cost (income) in weighted-average percentages:
 
Pension Benefits
 
Other Postretirement Benefits
 
March 31, 2019
 
March 31, 2018
 
March 31, 2017
 
March 31, 2019
 
March 31, 2018
 
March 31, 2017
Benefit Obligations:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.7
%
 
3.7
%
 
3.9
%
 
3.9
%
 
4.0
%
 
4.0
%
Rate of compensation increase
2.9
%
 
2.9
%
 
3.0
%
 
n/a

 
n/a

 
n/a

Net Periodic Benefit Cost:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.7
%
 
3.9
%
 
3.8
%
 
4.0
%
 
4.0
%
 
3.9
%
Rate of compensation increase
2.9
%
 
3.0
%
 
3.0
%
 
n/a

 
n/a

 
n/a

Expected return on plan assets
5.1
%
 
5.3
%
 
5.3
%
 
n/a

 
n/a

 
n/a
Schedule of Allocation of Plan Assets
The following table presents the Company’s target investment allocations for the year ended March 31, 2019 and actual investment allocations at March 31, 2019 and 2018.
 
Plan Assets
 
2019
 
2018
 
Investment
Policy (1)
 
Target
Allocation (2)
 
Actual
Allocation
 
Actual
Allocation
Equity securities
20% - 30%
 
28%
 
26%
 
28%
Debt securities (including cash and cash equivalents)
55% - 80%
 
64%
 
64%
 
65%
Other
0% - 10%
 
9%
 
10%
 
7%
______________________
(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.
Schedule of Fair Value of Pension Plan Assets
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 March 31, 2019
 
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)
$
2.3

 
$
—

 
$
—

 
$
2.3

Corporate-owned life insurance policies (2)
—

 
3.7

 
—

 
3.7

Total assets at fair value
$
2.3

 
$
3.7

 
$
—

 
$
6.0

 
 

 
 

 
 

 
 

Deferred compensation liability at fair value (3):
$
6.1

 
$
—

 
$
—

 
$
6.1

 
 
 
 
 
 
 
 
 
Fair Value as of March 31, 2018
 
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)
$
1.6

 
$
—

 
$
—

 
$
1.6

Corporate-owned life insurance policies (2)
—

 
1.9

 
—

 
1.9

Total assets at fair value
$
1.6

 
$
1.9

 
$
—

 
$
3.5

 
 

 
 

 
 

 
 

Deferred compensation liability at fair value (3):
$
3.5

 
$
—

 
$
—

 
$
3.5

______________________
(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.
The fair values of the Company’s pension plan assets for both the U.S and non-U.S. plans at March 31, 2019 and 2018, 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 March 31, 2019
 
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
$
20.2

 
$
—

 
$
—

 
$
—

 
$
20.2

Investment funds
 
 
 
 
 
 
 
 
 
   Fixed income funds (2)
—

 
—

 
—

 
304.6

 
304.6

   U.S. equity funds (3)
—

 
—

 
—

 
54.3

 
54.3

   International equity funds (3)
—

 
—

 
—

 
33.4

 
33.4

   Balanced funds (3)
—

 
—

 
—

 
6.4

 
6.4

   Alternative investment funds (4)
—

 
—

 
—

 
31.4

 
31.4

Insurance contracts
—

 
—

 
29.9

 
—

 
29.9

Total
$
20.2

 
$
—

 
$
29.9

 
$
430.1

 
$
480.2

 
As of March 31, 2018
 
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
$
2.2

 
$
—

 
$
—

 
$
3.7

 
$
5.9

Investment funds
 
 
 
 
 
 
 
 
 
   Fixed income funds (2)
10.7

 
—

 
—

 
317.3

 
328.0

   U.S. equity funds (3)
2.3

 
—

 
—

 
59.6

 
61.9

   International equity funds (3)
0.3

 
—

 
—

 
35.6

 
35.9

   Balanced funds (3)
—

 
—

 
—

 
9.5

 
9.5

   Alternative investment funds (4)
—

 
—

 
—

 
36.0

 
36.0

Insurance contracts
—

 
—

 
30.2

 
—

 
30.2

Total
$
15.5

 
$
—

 
$
30.2

 
$
461.7

 
$
507.4

______________________
(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.
Summary of Changes in Fair Value, Level 3
The table below sets forth a summary of changes in the fair value of the Level 3 investments for the years ended March 31, 2019 and 2018 (in millions):
 
Insurance
Contracts
Ending balance, March 31, 2017
$
23.9

Actual return on assets:
 
Related to assets held at reporting date
3.9

Related to assets sold during the period
—

         Related to assets acquired by acquisition (1)
2.4

Purchases, sales, issuances and settlements
—

Ending balance, March 31, 2018
30.2

Actual return on assets:
 
Related to assets held at reporting date
(0.3
)
Related to assets sold during the period
—

Purchases, sales, issuances and settlements
—

Ending balance, March 31, 2019
$
29.9

______________________
(1)
Relates to the assets acquired in connection with the Company's acquisition of Centa during fiscal 2018. See Note 3, Acquisitions for additional information.
Schedule of Expected Benefit Payments
Expected benefit payments to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in millions):
Years Ending March 31:
 
Pension
Benefits
 
Other
Postretirement
Benefits
2020
 
$
45.1

 
$
1.7

2021
 
39.8

 
1.6

2022
 
39.7

 
1.5

2023
 
39.5

 
1.4

2024
 
39.8

 
1.4

2025 - 2029
 
190.2

 
5.8
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A one-percentage point change in assumed health care cost trend rates would have the following effect (in millions): 
 
One Percentage Point Increase
 
One Percentage Point Decrease
 
Years Ended March 31,
 
Years Ended March 31,
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Increase (decrease) in total of service and interest cost components
$
0.1

 
$
0.1

 
$
0.1

 
$
—

 
$
(0.1
)
 
$
(0.1
)
Increase (decrease) in postretirement benefit obligation
1.2

 
1.5

 
2.1

 
(1.0
)
 
(1.3
)
 
(1.8
)