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Pension and Employee Benefit Plans (Tables)
 12 Months Ended
Mar. 31, 2019
Pension and Employee Benefit Plans [Abstract]  
Change in Benefit Obligations and Plan Assets as Well as Funded Status
Changes in benefit obligations and plan assets, as well as the funded status of the Company’s global pension plans, were as follows:

  
Years ended March 31,
 
  
2019
  
2018
 
Change in benefit obligation:
      
Benefit obligation at beginning of year
 
$
273.6
  
$
269.8
 
Service cost
  
0.5
   
0.5
 
Interest cost
  
9.6
   
9.9
 
Actuarial loss
  
1.7
   
4.4
 
Benefits paid
  
(22.8
)
  
(16.9
)
Curtailment gain (a)
  
-
   
(0.3
)
Effect of exchange rate changes
  
(3.8
)
  
6.2
 
Benefit obligation at end of year
 
$
258.8
  
$
273.6
 
         
Change in plan assets:
        
Fair value of plan assets at beginning of year
 
$
157.7
  
$
148.2
 
Actual return on plan assets
  
6.3
   
10.4
 
Benefits paid
  
(22.8
)
  
(16.9
)
Employer contributions
  
13.9
   
16.0
 
Fair value of plan assets at end of year
 
$
155.1
  
$
157.7
 
Funded status at end of year
 
$
(103.7
)
 
$
(115.9
)
         
Amounts recognized in the consolidated balance sheets:
        
Current liability
 
$
(2.0
)
 
$
(6.3
)
Noncurrent liability
  
(101.7
)
  
(109.6
)
  
$
(103.7
)
 
$
(115.9
)

 (a)
During fiscal 2018, the Company recorded a pension curtailment gain associated with the closure of a manufacturing facility in Austria (CIS segment).  See Note 6 for additional information regarding the closure of this facility.
Pension Benefit Plans
Costs for the Company’s global pension plans included the following components:

  
Years ended March 31,
 
  
2019
  
2018
  
2017
 
Components of net periodic benefit cost:
         
Service cost
 
$
0.5
  
$
0.5
  
$
0.6
 
Interest cost
  
9.6
   
9.9
   
9.8
 
Expected return on plan assets
  
(12.3
)
  
(11.9
)
  
(12.3
)
Amortization of net actuarial loss
  
5.6
   
5.6
   
5.6
 
Settlements (a)
  
0.2
   
0.3
   
-
 
Curtailment gain (a)
  
-
   
(0.3
)
  
-
 
Net periodic benefit cost
 
$
3.6
  
$
4.1
  
$
3.7
 
             
Other changes in benefit obligation recognized in other comprehensive income (loss):
            
Net actuarial loss
 
$
(7.7
)
 
$
(5.8
)
 
$
(1.0
)
Amortization of net actuarial loss
  
5.8
   
5.9
   
5.6
 
Total recognized in other comprehensive income (loss)
 
$
(1.9
)
 
$
0.1
  
$
4.6
 

 (a)
The settlement charges and curtailment gain resulted from activity associated with the Company’s non-U.S. pension plans.
Target and Plan Asset Allocations
The Company’s U.S. pension plan weighted-average asset allocations were as follows:

 
 
March 31, 2019
  
March 31, 2018
 
 
 
Target allocation
  
Plan assets
  
Target allocation
  
Plan assets
 
Equity securities
  
65
%
  
66
%
  
60
%
  
58
%
Debt securities
  
21
%
  
19
%
  
38
%
  
38
%
Real estate investments
  
13
%
  
12
%
  
-
   
-
 
Cash and cash equivalents
  
1
%
  
3
%
  
2
%
  
4
%
 
  
100
%
  
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
 
2020
 
$
16.0
 
2021
  
16.0
 
2022
  
16.4
 
2023
  
16.4
 
2024
  
16.6
 
2025-2029
  
82.0