Pensions (Tables)

9 Months Ended

Dec. 31, 2016

Pensions [Abstract]

Components of pension cost

Pension cost included the following components:

	Three months ended December 31,						Nine months ended December 31,
	2016			2015			2016			2015
Service cost	$	0.1		$	0.1		$	0.4		$	0.4
Interest cost		2.5			2.5			7.3			8.6
Expected return on plan assets		(3.1	)		(3.1	)		(9.2	)		(11.8	)
Amortization of unrecognized net loss		1.4			1.4			4.2			5.0
Settlements (a)		-			1.1			-			40.3
Net periodic benefit cost	$	0.9		$	2.0		$	2.7		$	42.5

(a) During fiscal 2016, in an effort to reduce the size, volatility, mortality risk, and costs associated with its U.S. pension plans, the Company offered a voluntary lump-sum payout program to certain eligible former employees.  Approximately 2,000 participants accepted the lump-sum settlement offer and a total of $62.4 million was paid from pension plan assets during the nine months ended December 31, 2015, which reduced the Company’s pension obligation by the same amount.  In connection with these lump-sum payouts, the Company recorded $40.3 million of non-cash settlement losses related to the accelerated recognition of unamortized actuarial losses previously recorded on the consolidated balance sheets within accumulated other comprehensive loss.  The Company recorded $31.8 million and $8.5 million of the settlement losses as SG&A expenses and cost of sales, respectively, within the consolidated statement of operations.