Income Taxes (Tables)

12 Months Ended

Mar. 31, 2021

Income Taxes [Abstract]

Earnings (Loss) Before Income Taxes

	Years ended March 31,
	2021			2020			2019
Components of (loss) earnings before income taxes:
United States	$	(48.7	)	$	(26.1	)	$	22.4
Foreign		(70.6	)		36.5			58.4
Total (loss) earnings before income taxes	$	(119.3	)	$	10.4		$	80.8

Income Tax Provision (Benefit)

Income tax provision (benefit):
Federal:
Current	$	(0.1	)	$	(3.4	)	$	(20.4	)
Deferred		58.3			(1.7	)		(4.2	)
State:
Current		0.4			(0.1	)		0.7
Deferred		9.2			(2.3	)		1.9
Foreign:
Current		22.0			14.9			19.0
Deferred		0.4			5.0			(2.1	)
Total income tax provision (benefit)	$	90.2		$	12.4		$	(5.1	)

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,
	2021			2020			2019
Statutory federal tax		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit		0.9			(12.0	)		3.6
Taxes on non-U.S. earnings and losses		(9.1	)		32.9			3.9
Valuation allowances		(92.9	)		156.9			4.0
Tax credits		2.2			(36.7	)		(26.1	)
Compensation		(1.3	)		4.0			(0.1	)
Tax rate or law changes		(0.2	)		3.6			(12.0	)
Uncertain tax positions, net of settlements		0.1			(37.9	)		0.4
Notional interest deductions		1.3			(12.5	)		(2.5	)
Dividends and taxable foreign inclusions		3.0			(11.0	)		1.6
Other		(0.6	)		10.9			(0.1	)
Effective tax rate		(75.6	%)		119.2	%		(6.3	%)

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,
	2021			2020
Deferred tax assets:
Accounts receivable	$	0.3		$	0.3
Inventories		4.5			4.5
Plant and equipment		7.5			4.7
Lease liabilities		14.0			15.7
Pension and employee benefits		24.0			45.1
Net operating and capital losses		52.7			70.2
Credit carryforwards		51.8			56.8
Other, principally accrued liabilities		8.9			8.1
Total gross deferred tax assets		163.7			205.4
Less: valuation allowances		(90.7	)		(46.9	)
Net deferred tax assets		73.0			158.5
Deferred tax liabilities:
Plant and equipment		9.8			13.1
Lease assets		13.8			15.6
Goodwill		5.1			4.8
Intangible assets		25.1			26.4
Other		0.6			1.9
Total gross deferred tax liabilities		54.4			61.8
Net deferred tax assets	$	18.6		$	96.7

Unrecognized Tax Benefits

Unrecognized tax benefits were as follows:

	Years ended March 31,
	2021			2020
Beginning balance	$	9.7		$	13.8
Gross increases - tax positions in prior period		0.1			0.3
Gross decreases - tax positions in prior period		(0.6	)		(1.0	)
Gross increases - tax positions in current period		0.9			1.1
Settlements		-			(2.1	)
Lapse of statute of limitations		(0.5	)		(2.4	)
Ending balance	$	9.6		$	9.7

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, 2021, 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 2015 - Fiscal 2020
Italy	Fiscal 2016 - Fiscal 2020
United States	Fiscal 2017 - Fiscal 2020