Note 4: Pensions

During the three months ended September 30, 2015 and 2014, the Company contributed $1.5 million and $2.0 million, respectively, to its U.S. pension plans. During the six months ended September 30, 2015 and 2014, the Company contributed $2.8 million and $3.8 million, respectively, to its U.S. pension plans. Pension cost included the following components:

	Three months ended September 30,						Six months ended September 30,
	2015			2014			2015			2014
Service cost	$	0.2		$	0.2		$	0.3		$	0.3
Interest cost		3.1			3.2			6.1			6.5
Expected return on plan assets		(4.4	)		(4.2	)		(8.7	)		(8.4	)
Amortization of unrecognized net loss		1.8			1.4			3.6			2.8
Settlements (a)		39.2			-			39.2			-
Net periodic benefit cost	$	39.9		$	0.6		$	40.5		$	1.2

(a)

During September 2015, in an effort to reduce the size, volatility, mortality risk, and costs associated with its U.S. pension plans, the Company completed a voluntary lump-sum payout program offered to certain eligible former employees. Approximately 2,000 participants accepted the lump-sum settlement offer, and a total of $60.8 million was paid from pension plan assets, which reduced the Company’s pension obligation by the same amount. In connection with this settlement, the Company remeasured the assets and liabilities of its U.S. pension plans using a discount rate of 4.4 percent. The remeasurement resulted in a $4.1 million increase in the plans’ underfunded status and a $39.2 million non-cash charge in the second quarter of fiscal 2016, related to the accelerated recognition of unamortized actuarial losses previously recorded on the consolidated balance sheets within accumulated other comprehensive loss. The Company recorded $30.9 million and $8.3 million of the settlement loss to SG&A expenses and cost of sales, respectively, within the consolidated statement of operations.