XML 60 R46.htm IDEA: XBRL DOCUMENT v3.4.0.3
Pension and Employee Benefit Plans (Tables)
 12 Months Ended
Mar. 31, 2016
Pension and Employee Benefit Plans [Abstract]  
Change in benefit obligations and plan assets as well as the funded status
Changes in benefit obligations and plan assets, as well as the funded status of the Company’s pension plans, for the fiscal years ended March 31, 2016 and 2015 were as follows:

  
2016
 
2015
Change in benefit obligation:
      
Benefit obligation at beginning of year
 
$
328.2
  
$
295.7
 
Service cost
  
0.6
   
0.5
 
Interest cost
  
11.2
   
13.0
 
Actuarial (gain) loss
  
(2.8
)
  
40.6
 
Benefits paid (a)
  
(78.1
)
  
(14.6
)
Effect of exchange rate changes
  
1.9
   
(7.0
)
Benefit obligation at end of year
 
$
261.0
  
$
328.2
 
         
Change in plan assets:
        
Fair value of plan assets at beginning of year
 
$
217.0
  
$
213.7
 
Actual return on plan assets
  
(5.3
)
  
10.8
 
Benefits paid (a)
  
(78.1
)
  
(14.6
)
Employer contributions
  
7.9
   
7.1
 
Fair value of plan assets at end of year
 
$
141.5
  
$
217.0
 
Funded status at end of year
 
$
(119.5
)
 
$
(111.2
)
         
Amounts recognized in the consolidated balance sheets:
        
Current liability
 
$
(0.9
)
 
$
(0.8
)
Noncurrent liability
  
(118.6
)
  
(110.4
)
  
$
(119.5
)
 
$
(111.2
)
 
 (a)In fiscal 2016, $65.3 million was paid from plan assets in connection with lump-sum payouts.
Pension benefit plans
Costs for the Company’s pension plans included the following components for the fiscal years ended March 31, 2016, 2015, and 2014:

  
2016
 
2015
 
2014
Components of net periodic benefit cost:
         
Service cost
 
$
0.6
  
$
0.5
  
$
0.6
 
Interest cost
  
11.2
   
13.0
   
13.0
 
Expected return on plan assets
  
(14.9
)
  
(16.7
)
  
(15.7
)
Amortization of net actuarial loss
  
6.4
   
5.5
   
6.3
 
Settlements (a)
  
42.1
   
-
   
-
 
Net periodic benefit cost
 
$
45.4
  
$
2.3
  
$
4.2
 
             
Other changes in benefit obligation recognized in other comprehensive loss (income):
            
Net actuarial loss (gain)
 
$
17.5
  
$
46.4
  
$
(17.3
)
Amortization of net actuarial loss (a)
  
(48.5
)
  
(5.5
)
  
(6.3
)
Total recognized in other comprehensive (income) loss
 
$
(31.0
)
 
$
40.9
  
$
(23.6
)
 
 (a)During fiscal 2016, in connection with lump-sum payouts to pension plan participants, the Company recorded $42.1 million of settlement losses, which were previously recorded in accumulated other comprehensive loss.
Target and plan asset allocations
The Company’s U.S. pension plan weighted-average asset allocations at the measurement dates of March 31, 2016 and 2015 were as follows:

  
Target allocation
 
Plan assets
     
2016
 
2015
Equity securities
  
55
%
  
56
%
  
55
%
Debt securities
  
38
%
  
36
%
  
36
%
Alternative assets
  
5
%
  
4
%
  
5
%
Cash
  
2
%
  
4
%
  
4
%
   
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
 
2017
 
$
14.5
 
2018
  
15.2
 
2019
  
15.3
 
2020
  
15.8
 
2021
  
16.1
 
2022-2026
  
79.3