Income Taxes (Tables)

12 Months Ended

Mar. 31, 2013

Income Taxes [Abstract]

Schedule of components of earnings (loss) from continuing operations before income taxes

The U.S. and foreign components of (loss) earnings from continuing operations before income taxes and the provision for income taxes consisted of the following:

Years ended March 31	2013			2012			2011
Components of (loss) earnings from continuing operations before income taxes:
United States	$	10.2		$	17.2		$	(27.5	)
Foreign		(23.2	)		30.7			40.3
Total (loss) earnings from continuing operations before income taxes	$	(13.0	)	$	47.9		$	12.8
Income tax expense (benefit):
Federal:
Current	$	2.6		$	-		$	(3.7	)
Deferred		(2.6	)		0.3			2.7
State:
Current		0.2			0.3			0.2
Deferred		(0.2	)		(0.2	)		(2.6	)
Foreign:
Current		6.4			8.3			12.2
Deferred		3.4			1.2			(4.3	)
Total income tax expense	$	9.8		$	9.9		$	4.5

Reconciliation of the federal statutory income tax rate to the company's effective income tax rate

Income tax expense attributable to (loss) earnings from continuing operations before income taxes differed from the amounts computed by applying the statutory U.S. federal income tax rate as a result of the following:

Years ended March 31	2013			2012			2011
Statutory federal tax		35.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		(1.3	)		(0.1	)		(19.0	)
Taxes on non-U.S. earnings and losses		(23.8	)		(5.7	)		(5.7	)
Valuation allowance		(59.3	)		2.1			84.6
Tax credits		37.0			(19.2	)		(84.3	)
Compensation		(13.0	)		3.4			11.1
Foreign tax rate changes		0.9			0.6			(4.5	)
Reserves for uncertain tax positions		(41.9	)		1.9			4.2
Brazilian interest on equity		3.2			(1.0	)		(7.4	)
Dividend repatriation		(11.4	)		4.4			23.0
Other		(0.8	)		(0.7	)		(1.8	)
Effective tax rate		(75.4	%)		20.7	%		35.2	%

Schedule of deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities were as follows:

March 31	2013			2012
Deferred tax assets:
Accounts receivable	$	0.6		$	0.5
Inventories		4.1			4.9
Plant and equipment		13.3			19.0
Pension and employee benefits		85.7			77.4
Net operating loss, capital loss and credit carry forwards		114.6			96.9
Other, principally accrued liabilities		14.2			15.3
Total gross deferred tax assets		232.5			214.0
Less: valuation allowance		(172.8	)		(146.8	)
Net deferred tax assets		59.7			67.2
Deferred tax liabilities:
Pension		34.3			31.2
Goodwill		5.0			5.4
Plant and equipment		11.7			24.2
Other		10.5			7.4
Total gross deferred tax liabilities		61.5			68.2
Net deferred tax liability	$	(1.8	)	$	(1.0	)

Reconciliation of unrecognized tax benefits

A reconciliation of unrecognized tax benefits is as follows:

	2013			2012
Balance, April 1	$	3.3		$	5.3
Gross increases - tax positions in prior period		5.6			3.6
Gross decreases - tax positions in prior period		(0.1	)		(3.8	)
Gross increases - tax positions in current period		0.6			0.5
Gross decreases - tax positions in current period		(0.4	)		(0.4	)
Settlements		-			(1.7	)
Foreign currency impact		-			(0.2	)
Balance, March 31	$	9.0		$	3.3

Schedule of 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:

Austria	Fiscal 2008 - 2012
Brazil	Fiscal 2007 - 2012
Germany	Fiscal 2006 - 2012
United States	Fiscal 2010 - 2012