Income Taxes (Tables)

12 Months Ended

Mar. 31, 2020

Income Taxes [Abstract]

Earnings (Loss) Before Income Taxes

	Years ended March 31,
	2020			2019		2018
Components of earnings (loss) before income taxes:
United States	$	(26.1	)	$	22.4	$	2.5
Foreign		36.5			58.4		60.8
Total earnings before income taxes	$	10.4		$	80.8	$	63.3

Income Tax Provision (Benefit)

Income tax provision (benefit):
Federal:
Current	$	(3.4	)	$	(20.4	)	$	11.6
Deferred		(1.7	)		(4.2	)		23.3
State:
Current		(0.1	)		0.7			(0.3	)
Deferred		(2.3	)		1.9			2.0
Foreign:
Current		14.9			19.0			16.1
Deferred		5.0			(2.1	)		(13.2	)
Total income tax provision (benefit)	$	12.4		$	(5.1	)	$	39.5

Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate

The reconciliation between the U.S. federal statutory rate and the Company’s effective tax rate was as follows:

	Years ended March 31,
	2020			2019			2018
Statutory federal tax		21.0	%		21.0	%		31.5	%
State taxes, net of federal benefit		(12.0	)		3.6			2.9
Taxes on non-U.S. earnings and losses		32.9			3.9			(3.8	)
Valuation allowances		156.9			4.0			(5.6	)
Tax credits		(36.7	)		(26.1	)		(17.3	)
Compensation		4.0			(0.1	)		(0.8	)
Tax rate or law changes		3.6			(12.0	)		60.1
Uncertain tax positions, net of settlements		(37.9	)		0.4			(0.8	)
Notional interest deductions		(12.5	)		(2.5	)		(3.2	)
Dividends and taxable foreign inclusions		(11.0	)		1.6			0.2
Other		10.9			(0.1	)		(0.8	)
Effective tax rate		119.2	%		(6.3	%)		62.4	%

Deferred Tax Assets and Liabilities

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

	March 31,
	2020			2019
Deferred tax assets:
Accounts receivable	$	0.3		$	0.2
Inventories		4.5			3.4
Plant and equipment		4.7			1.8
Lease liabilities		15.7			-
Pension and employee benefits		45.1			32.7
Net operating and capital losses		70.2			73.5
Credit carryforwards		56.8			60.3
Other, principally accrued liabilities		8.1			10.0
Total gross deferred tax assets		205.4			181.9
Less: valuation allowances		(46.9	)		(43.4	)
Net deferred tax assets		158.5			138.5
Deferred tax liabilities:
Plant and equipment		13.1			15.1
Lease assets		15.6			-
Goodwill		4.8			4.8
Intangible assets		26.4			28.8
Other		1.9			0.9
Total  gross deferred tax liabilities		61.8			49.6
Net deferred tax assets	$	96.7		$	88.9

Unrecognized Tax Benefits

Unrecognized tax benefits were as follows:

	Years ended March 31,
	2020			2019
Beginning balance	$	13.8		$	13.6
Gross increases - tax positions in prior period		0.3			1.6
Gross decreases - tax positions in prior period		(1.0	)		(0.2	)
Gross increases - tax positions in current period		1.1			1.1
Settlements		(2.1	)		(0.1	)
Lapse of statute of limitations		(2.4	)		(2.2	)
Ending balance	$	9.7		$	13.8

Tax Years Subject to Examination

The Company files income tax returns in multiple jurisdictions and is subject to examination by taxing authorities throughout the world.  At March 31, 2020, the Company was under income tax examination in a number of jurisdictions.  The following tax years remain subject to examination for the Company’s major tax jurisdictions:

Germany	Fiscal 2011 - Fiscal 2019
Italy	Calendar 2015 - Fiscal 2019
United States	Fiscal 2017 - Fiscal 2019