The Company sponsors pension and other postretirement benefit plans for certain employees. Most of the Company’s employees are accumulating retirement income benefits through defined contribution plans. However, the Company sponsors frozen pension plans for certain salaried participants and ongoing pension benefits for certain employees represented by collective bargaining. These plans provide for monthly pension payments to eligible employees upon retirement. Pension benefits for salaried employees generally are based on years of frozen credited service and average earnings. Pension benefits for hourly employees generally are based on specified benefit amounts and years of service. The Company’s policy is to fund its pension obligations in conformity with the funding requirements under applicable laws and governmental regulations. Other postretirement benefits consist of retiree medical plans that cover a portion of employees in the United States that meet certain age and service requirements.

Net periodic benefit costs recorded on a quarterly basis are primarily comprised of service and interest cost, amortization of unrecognized prior service cost and the expected return on plan assets. The service cost component of net periodic benefit cost is presented within Cost of sales and Selling, general and administrative expenses in the statements of operations while the other components of net periodic benefit cost are presented within Other expense (income), net.

The Company recognizes the net actuarial gains or losses in excess of the corridor in operating results during the fourth quarter of each fiscal year (or upon any required re-measurement event). The corridor is 10% of the greater of the projected benefit obligation or the fair value of the plan assets. In connection with this accounting policy, the Company recognized a non-cash actuarial (losses) gains of $(36.6) million, $0.4 million, and $3.3 million, during the fiscal years ended March 31, 2020, 2019 and 2018, respectively. These amounts are recorded within Actuarial (loss) gain on pension and postretirement benefit obligations in the consolidated statements of operations.

During fiscal 2019, the Company offered participants in the defined benefit plan of Cambridge International Holdings Corp., which was acquired by the Company in fiscal 2017, the opportunity to receive a lump sum settlement as part of the termination process for that plan. During the first quarter of fiscal 2020, the obligations associated with the individuals that did not accept the lump sum settlement offer were transferred to an insurance company through the purchase of an annuity. The Company's cash contribution to purchase the annuity contract was $3.9 million. Following the purchase of the annuity contract, the Company has no remaining obligations to participants of this plan. The termination of this plan resulted in the recognition of $0.8 million non-cash pre-tax losses during the first quarter of fiscal 2020.


	Year Ended
	March 31, 2020		March 31, 2019		March 31, 2018
Pension Benefits:
Service cost	$	0.5	$	0.5	$	1.0
Interest cost	21.9		23.6		24.3
Expected return on plan assets	(22.5)		(24.8)		(26.7)


Benefit cost (income) associated with special events:
Curtailment (1)	—		—		(0.3)

Settlement (2)	0.8		0.6		—
Recognition of actuarial losses (gains)	35.9		0.7		(1.1)
Net periodic benefit cost (income)	$	36.6	$	0.6	$	(2.8)
Other Postretirement Benefits:
Service cost	$	—	$	—	$	—
Interest cost	0.7		0.8		1.0
Amortization:
Prior service credit	(0.3)		(1.5)		(1.9)


Recognition of actuarial gains	(0.1)		(1.7)		(1.9)
Net periodic benefit expense (income)	$	0.3	$	(2.4)	$	(2.8)

(1)During fiscal 2018, 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. The recognition of the non-cash net curtailment gain of $0.3 million is recorded within Actuarial (loss) gain on pension and postretirement benefit obligations in the consolidated statements of operations for the fiscal year ended March 31, 2018.

(2)During 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 Actuarial (loss) gain on pension and postretirement obligations in the fiscal 2019 consolidated statements of operations.

In addition, during fiscal 2019, the Company offered participants in the defined benefit plan of Cambridge International Holdings Corp., which was acquired by the Company in fiscal 2017, the opportunity to receive a lump sum settlement as part of the termination process for that plan. During fiscal 2020, the obligations associated with the individuals that did not accept the lump sum settlement offer were transferred to an insurance company through the purchase of an annuity. The Company's cash contribution to purchase the annuity contract was $3.9 million. Following the purchase of the annuity contract, the Company has no remaining obligations to participants of this plan. The termination of this plan resulted in the recognition of a $0.8 million non-cash actuarial loss, which is recorded within Actuarial (loss) gain on pension and post retirement obligations in the fiscal 2020 consolidated statements of operations.

In fiscal 2020, the recognition of $36.6 million of non-cash actuarial loss was due to the Cambridge International Holdings Corp. plan termination described above and decreases in discount rates coupled with lower than expected asset return, partially offset by decreases in life expectancy assumptions utilized within the annual remeasurement of the Company's defined benefit plans. In fiscal 2019, the recognition of $0.4 million of non-cash actuarial gains was primarily due to the foreign plan settlement described above, offset by improved demographic and claims experience associated with the Company’s other postretirement benefit plans. In fiscal 2018, the recognition of $3.3 million of non-cash actuarial gains was primarily due to the foreign pension plan change described above, as well as improved demographic and claims experience associated with the Company’s other postretirement benefit plans.


	Pension Benefits						Other Postretirement Benefits
	Year Ended March 31, 2020		Year Ended March 31, 2019		Year Ended March 31, 2020		Year Ended March 31, 2019
Benefit obligation at beginning of period	$	(623.8)	$	(652.5)	$	(16.9)	$	(21.5)
Service cost	(0.5)		(0.5)		—		—
Interest cost	(21.9)		(23.6)		(0.7)		(0.8)
Actuarial (losses) gains	(33.0)		1.7		(0.6)		2.5

Benefits paid	54.0		40.7		2.4		1.9
Plan participant contributions	—		—		(0.3)		(0.5)


Settlements	—		3.2		—		—
Translation and other adjustments	2.0		7.2		—		1.5
Benefit obligation at end of period	$	(623.2)	$	(623.8)	$	(16.1)	$	(16.9)
Plan assets at the beginning of the period	$	480.2	$	507.4	$	—	$	—
Actual return on plan assets	15.0		15.8		—		—
Contributions	6.6		4.0		2.4		2.5
Benefits paid	(54.0)		(40.7)		(2.4)		(2.5)

Settlements	—		(3.4)		—		—
Translation adjustment	(0.9)		(2.9)		—		—
Plan assets at end of period	$	446.9	$	480.2	$	—	$	—
Funded status of plans	$	(176.3)	$	(143.6)	$	(16.1)	$	(16.9)
Net amount on Consolidated Balance Sheets consists of:
Non-current assets	$	0.4	$	0.8	$	—	$	—
Current liabilities	(1.6)		(1.7)		(1.6)		(1.6)
Long-term liabilities	(175.1)		(142.7)		(14.5)		(15.3)
Total net funded status	$	(176.3)	$	(143.6)	$	(16.1)	$	(16.9)

As of March 31, 2020, the Company had pension plans with a combined projected benefit obligation of $623.2 million compared to plan assets of $446.9 million, resulting in an under-funded status of $176.3 million compared to an under-funded status of $143.6 million at March 31, 2019. The Company’s funded status declined year over year primarily due to decreases in discount rates coupled with lower-than-expected asset returns, partially offset by decreases in life expectancy assumptions. Any further changes in the assumptions underlying the Company’s pension values, including those that arise as a result of declines in equity markets and changes in interest rates, could result in increased pension obligation and pension cost which could negatively affect the Company’s consolidated financial position and results of operations in future periods.


	As of March 31, 2020
	Pension Benefits		Postretirement Benefits		Total
Unrecognized prior service credit	$	(0.1)	$	(1.1)	$	(1.2)
Unrecognized actuarial loss (gain)	56.5		(1.1)		55.4
Accumulated other comprehensive loss (income), gross	56.4		(2.2)		54.2
Deferred income tax (benefit) provision	(14.1)		0.5		(13.6)
Accumulated other comprehensive loss (income), net	$	42.3	$	(1.7)	$	40.6


	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

The Company expects to recognize 0.3 million prior service credits included in accumulated other comprehensive (loss) income for pension benefits and other postretirement benefits, respectively, as components of net periodic benefit cost during the next fiscal year.


	Pension Benefits										Other Postretirement Benefits
	March 31, 2020		March 31, 2019		March 31, 2018		March 31, 2020		March 31, 2019		March 31, 2018
Benefit Obligations:
Discount rate	3.1	%	3.7	%	3.7	%	3.3	%	3.9	%	4.0	%
Rate of compensation increase	3.0	%	2.9	%	2.9	%	n/a		n/a		n/a
Net Periodic Benefit Cost:
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
Expected return on plan assets	4.9	%	5.1	%	5.3	%	n/a		n/a		n/a

In evaluating the expected return on plan assets, consideration was given to historical long-term rates of return on plan assets and input from the Company’s pension fund consultant on asset class return expectations, long-term inflation and current market conditions. The following table presents the Company’s target investment allocations for the year ended March 31, 2020 and actual investment allocations at March 31, 2020 and 2019.


	Plan Assets
	2020							2019
	Investment Policy (1)				Target Allocation (2)	Actual Allocation	Actual Allocation
Equity securities	20%	-	30%	28%	29%	26%
Debt securities (including cash and cash equivalents)	55%	-	80%	65%	61%	64%
Other	0%	-	10%	7%	10%	10%

The Company's defined benefit pension utilizes a dynamic liability driven investment ("LDI") strategy. The objective is to more closely align the pension plan assets with its liabilities in terms of how both respond to interest rate changes. The plan assets are allocated into two investment categories: (i) LDI, comprised of high quality, investment grade fixed income securities and (ii) return seeking, comprised of traditional securities and alternative asset classes. All assets are managed externally according to guidelines established individually with investment managers and the Company's investment consultant. The Company periodically undertakes asset and liability modeling studies to determine the appropriateness of the investments. The Company intends to continuously reduce the assets allocated to the return seeking category, thereby increasing the assets allocated to the LDI category based on the overall improvement in the plan funded status. No equity securities of the Company are held in the portfolio.

The fair values of the Company’s pension plan assets for both the U.S and non-U.S. plans at March 31, 2020 and 2019, 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, 2020
	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	$	11.1	$	—	$	—	$	—	$	11.1
Investment funds
Fixed income funds (2)	—		—		—		272.4		272.4
U.S. equity funds (3)	11.7		—		—		56.2		67.9
International equity funds (3)	—		—		—		35.7		35.7
Balanced funds (3)	—		—		—		5.6		5.6
Alternative investment funds (4)	—		—		—		21.6		21.6
Insurance contracts	—		—		32.6		—		32.6
Total	$	22.8	$	—	$	32.6	$	391.5	$	446.9


	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

(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.


	Insurance Contracts







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
Actual return on assets:
Related to assets held at reporting date	2.7
Related to assets sold during the period	—
Purchases, sales, issuances and settlements	—

Ending balance, March 31, 2020	$	32.6

At March 31, 2020, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of the fair value of plan assets were $590.5 million, $585.9 million and $413.9 million, respectively.

At March 31, 2019, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of the fair value of plan assets were $591.0 million, $586.5 million and $446.8 million, respectively.

The other postretirement benefit obligation was determined using an assumed health care cost trend rate of 6.5% in fiscal 2021 grading down to 5.0% in fiscal 2026 and thereafter. The discount rate, compensation rate increase and health care cost trend rate assumptions are determined as of the measurement date.


	One Percentage Point Increase										One Percentage Point Decrease
	Years Ended March 31,										Years Ended March 31,
	2020		2019		2018		2020		2019		2018
Increase (decrease) in total of service and interest cost components	$	—	$	0.1	$	0.1	$	—	$	—	$	(0.1)
Increase (decrease) in postretirement benefit obligation	1.1		1.2		1.5		(1.0)		(1.0)		(1.3)

The Company sponsors certain defined-contribution savings plans for eligible employees. Expense recognized related to these plans was $7.7 million, $15.5 million and $15.0 million for the years ended March 31, 2020, 2019 and 2018, respectively.

The Company has a nonqualified deferred compensation plan for certain executives and other highly compensated employees. Assets are invested primarily in mutual funds and corporate-owned life insurance contracts held in a Rabbi trust and restricted for payments to participants of the plan. The assets and liabilities are classified in Other assets and Other liabilities, respectively, on the consolidated balance sheets. Changes in the values of the assets held by the rabbi trust and changes in the value of the deferred compensation liability are recorded in Other expense (income), net in the consolidated statements of operations.

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, 2020
	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)	$	1.7	$	—	$	—	$	1.7
Corporate-owned life insurance policies (2)	—		5.5		—		5.5
Total assets at fair value	$	1.7	$	5.5	$	—	$	7.2

Deferred compensation liability at fair value (3):	$	7.4	$	—	$	—	$	7.4


	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

(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.