Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | 15-May-14 | Sep. 28, 2013 |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'REXNORD CORPORATION | ' | ' |
Entity Central Index Key | '0001439288 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q4 | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 101,216,598 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $825.40 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $339 | $524.10 |
Receivables, net | 368.3 | 350.4 |
Inventories, net | 359.7 | 326.2 |
Other current assets | 53.8 | 46.4 |
Total current assets | 1,120.80 | 1,247.10 |
Property, plant and equipment, net | 440.9 | 410.7 |
Intangible assets, net | 592.6 | 613.5 |
Goodwill | 1,150.70 | 1,118.40 |
Insurance for asbestos claims | 36 | 35 |
Other assets | 42.5 | 49.1 |
Total assets | 3,383.50 | 3,473.80 |
Current liabilities: | ' | ' |
Current maturities of debt | 29 | 169.3 |
Trade payables | 241.1 | 208.3 |
Compensation and benefits | 61.4 | 55.6 |
Current portion of pension and postretirement benefit obligations | 5.8 | 5.7 |
Interest payable | 0 | 48.1 |
Other current liabilities | 112.2 | 121.2 |
Total current liabilities | 449.5 | 608.2 |
Long-term debt | 1,943 | 1,962.30 |
Pension and postretirement benefit obligations | 147.7 | 170.8 |
Deferred income taxes | 207.1 | 225.2 |
Reserve for asbestos claims | 36 | 35 |
Other liabilities | 38.1 | 43.8 |
Total liabilities | 2,821.40 | 3,045.30 |
Stockholders' equity: | ' | ' |
Preferred stock | 0 | 0 |
Common stock | 1 | 1 |
Additional paid-in capital | 872.7 | 784 |
Retained deficit | -281.3 | -311.5 |
Accumulated other comprehensive loss | -23.8 | -38.7 |
Treasury stock at cost | -6.3 | -6.3 |
Total Rexnord stockholders' equity | 562.3 | 428.5 |
Non-controlling interest | -0.2 | 0 |
Total stockholders' equity | 562.1 | 428.5 |
Total liabilities and stockholders' equity | $3,383.50 | $3,473.80 |
Condensed_Colsolidated_Balance
Condensed Colsolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Common stock, par value | $0.01 | ' |
Common stock, shares authorized | 200,000,000 | ' |
Common stock, shares issued | 102,055,058 | 98,108,438 |
Preferred stock, par value | $0.01 | ' |
Preferred stock, shares authorized | 10,000,000 | ' |
Preferred stock, shares issued | 0 | 0 |
Treasury stock, shares | 900,904 | 900,904 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Statement of Operations | ' | ' | ' |
Net sales | $2,082 | $2,005.10 | $1,944.20 |
Cost of sales | 1,318.40 | 1,273.70 | 1,254.10 |
Gross profit | 763.6 | 731.4 | 690.1 |
Selling, general and administrative expenses | 424.5 | 406.2 | 387.1 |
Zurn PEX loss contingency | 0 | 10.1 | 0 |
Restructuring and other similar charges | 8.7 | 8.6 | 6.8 |
Amortization of intangible assets | 50.8 | 51.1 | 50.9 |
Income from operations | 279.6 | 255.4 | 245.3 |
Non-operating expense: | ' | ' | ' |
Interest expense, net | -109.1 | -153.3 | -176.2 |
Loss on the extinguishment of debt | -133.2 | -24 | -10.7 |
Loss on divestiture | 0 | 0 | -6.4 |
Other expense, net | -15.1 | -2.9 | -7.1 |
Income from continuing operations before income taxes | 22.2 | 75.2 | 44.9 |
(Benefit) provision for income taxes | -7.4 | 20.3 | 9.4 |
Net income from continuing operations | 29.6 | 54.9 | 35.5 |
Loss from discontinued operations, net of tax | 0 | -4.8 | -5.6 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 29.6 | 50.1 | 29.9 |
Net Income (Loss) Attributable to Noncontrolling Interest | -0.6 | 0 | 0 |
Net income | $30.20 | $50.10 | $29.90 |
Earnings Per Share | ' | ' | ' |
Net income per share from continuing operations, basic | $0.30 | $0.57 | $0.53 |
Net income per share from continuing operations, diluted | $0.29 | $0.55 | $0.50 |
Net (loss) income per share from discontinued operations, basic | $0 | ($0.05) | ($0.08) |
Net (loss) income per share from discontinued operations, diluted | $0 | ($0.05) | ($0.08) |
Net income per share, basic | $0.31 | $0.52 | $0.45 |
Net income per share, diluted | $0.30 | $0.50 | $0.42 |
Weighted Average Number of Shares Outstanding, Basic | 98,105 | 95,972 | 66,751 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 3,213 | 3,894 | 5,314 |
Weighted Average Number of Shares Outstanding, Diluted | 101,318 | 99,866 | 72,065 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Net income | $30.20 | $50.10 | $29.90 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation adjustments | 7.1 | -14.3 | 0.2 |
Unrealized loss on interest rate derivatives, net of tax | -1.7 | 0 | 4.8 |
Change in pension and other postretirement defined benefit plans, net of tax | 9.5 | -13.1 | -32.3 |
Other comprehensive income (loss), net of tax | 14.9 | -27.4 | -27.3 |
Net Income (Loss) Attributable to Noncontrolling Interest | -0.6 | 0 | 0 |
Total comprehensive income | $44.50 | $22.70 | $2.60 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Operating activities | ' | ' | ' |
Net income | $30.20 | $50.10 | $29.90 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 29.6 | 50.1 | 29.9 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | ' |
Depreciation | 57.7 | 61.3 | 63.1 |
Amortization of intangible assets | 50.8 | 51.1 | 50.9 |
Amortization of deferred financing costs | 2.6 | 3.9 | 7.8 |
Loss (gain) on dispositions of property, plant and equipment | 2.3 | -3.6 | 1.2 |
Non-cash loss on divestiture | 0 | 0 | 4.5 |
Non-cash restructuring charges | 0 | 0 | 4.6 |
Deferred income taxes | -24.9 | -15.4 | -22.2 |
Other non-cash (credits) charges | -0.1 | 7.3 | 14.8 |
Loss on extinguishment of debt | -133.2 | -24 | -10.7 |
Stock-based compensation expense | 7 | 7.1 | 3.7 |
Changes in operating assets and liabilities: | ' | ' | ' |
Receivables | -11.3 | -20.3 | -33.8 |
Inventories | -11.3 | -12.8 | -3.4 |
Other assets | -6.8 | 7.5 | -10.7 |
Accounts payable | 26 | -4.3 | 22.3 |
Accruals and other | -64 | -11.4 | -4.1 |
Cash provided by operating activities | 190.8 | 144.5 | 139.3 |
Investing activities | ' | ' | ' |
Expenditures for property, plant and equipment | -52.2 | -60.1 | -58.5 |
Acquisitions, net of cash acquired | -112 | -21 | -256.8 |
Loan receivable for financing under New Market Tax Credit incentive program | 0 | -9.7 | -17.9 |
Proceeds from dispositions of property, plant and equipment | 0.4 | 6.7 | 5.6 |
Proceeds from divestiture, net of cash | 0 | 2.3 | 3.4 |
Cash used for investing activities | -163.8 | -81.8 | -324.2 |
Financing activities | ' | ' | ' |
Proceeds from borrowings of long-term debt | 1,935.10 | 15.4 | 960.6 |
Repayments of long-term debt | -1,948.40 | -313.2 | -762 |
Proceeds from borrowings of short-term debt | 13.5 | 12.6 | 10.7 |
Repayments of short-term debt | -165.6 | -8.2 | -105 |
Payment of deferred financing fees | -17.1 | -2 | -13.2 |
Payment of tender premium | -109.9 | -17.6 | 0 |
Proceeds from issuance of common stock, net of direct offering costs | 73.8 | 458.3 | 2.1 |
Proceeds from exercise of stock options | 2.1 | 2.3 | 0 |
Proceeds from Noncontrolling Interests | 0.4 | 0 | 0 |
Excess tax benefit on exercise of stock options | 5.8 | 18.1 | 0 |
Cash (used for) provided by financing activities | -210.3 | 165.7 | 93.2 |
Effect of exchange rate changes on cash and cash equivalents | -1.8 | -2.3 | -1.3 |
(Decrease) increase in cash and cash equivalents | -185.1 | 226.1 | -93 |
Cash and cash equivalents at beginning of period | 524.1 | 298 | ' |
Cash and cash equivalents at end of period | $339 | $524.10 | $298 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders Equity (USD $) | Total | Common Stock | Preferred Stock | Additional Paid-In Capital | Retained (Deficit) Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Non-controlling interest (1) |
In Millions, unless otherwise specified | Rate | |||||||
Beginning stockholders' equity (deficit) at Mar. 31, 2011 | ($88.20) | $0.70 | $0 | $292.80 | ($391.50) | $16.10 | ($6.30) | $0 |
Total stockholders' equity | -80.8 | 0.7 | 0 | 298.6 | -361.6 | -11.3 | -6.3 | -0.9 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 29.9 | 0 | 0 | 0 | 29.9 | 0 | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 29.9 | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | 0.2 | 0 | 0 | 0 | 0 | 0.1 | 0 | 0.1 |
Unrealized gain (loss) on interest rate derivatives | 4.8 | 0 | 0 | 0 | 0 | 4.8 | 0 | 0 |
Tax on unrealized (gain) loss on interest rate derivatives | -3.1 | ' | ' | ' | ' | ' | ' | ' |
Change in pension and other post retirement defined benefit plans | -32.3 | 0 | 0 | 0 | 0 | -32.3 | 0 | 0 |
Tax on change in pension and other post retirement defined benefit plans | 19.5 | ' | ' | ' | ' | ' | ' | ' |
Total comprehensive income (loss), net of tax | 2.6 | 0 | 0 | 0 | 29.9 | -27.4 | 0 | 0.1 |
Stock-based compensation expense | 3.7 | 0 | 0 | 3.7 | 0 | 0 | 0 | 0 |
Noncontrolling interest from business combination | -1 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
Issuance of common stock, net of direct offering costs | 2.1 | 0 | 0 | 2.1 | 0 | 0 | 0 | 0 |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% | ' | ' | ' | ' | ' | ' | ' |
Ending stockholders' equity (deficit) at Mar. 31, 2012 | -80.8 | 0.7 | 0 | 298.6 | -361.6 | -11.3 | -6.3 | -0.9 |
Total stockholders' equity | 428.5 | 1 | 0 | 784 | -311.5 | -38.7 | -6.3 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 50.1 | 0 | 0 | 0 | 50.1 | 0 | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 50.1 | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | -14.3 | 0 | 0 | 0 | 0 | -14.3 | 0 | 0 |
Change in pension and other post retirement defined benefit plans | -13.1 | 0 | 0 | 0 | 0 | -13.1 | 0 | 0 |
Tax on change in pension and other post retirement defined benefit plans | 6.9 | ' | ' | ' | ' | ' | ' | ' |
Total comprehensive income (loss), net of tax | 22.7 | 0 | 0 | 0 | 50.1 | -27.4 | 0 | 0 |
Stock-based compensation expense | 7.1 | 0 | 0 | 7.1 | 0 | 0 | 0 | 0 |
Tax benefit on stock option exercises | 18.1 | 0 | 0 | 18.1 | 0 | 0 | 0 | 0 |
Exercise of stock options, net of shares surrendered | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 |
Noncontrolling interest from business combination | 1.1 | 0 | 0 | 0.2 | 0 | 0 | 0 | 0.9 |
Issuance of common stock, net of direct offering costs | 458.3 | 0.3 | 0 | 458 | 0 | 0 | 0 | 0 |
Ending stockholders' equity (deficit) at Mar. 31, 2013 | 428.5 | 1 | 0 | 784 | -311.5 | -38.7 | -6.3 | 0 |
Total stockholders' equity | 562.1 | 1 | 0 | 872.7 | -281.3 | -23.8 | -6.3 | -0.2 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 30.2 | 0 | 0 | 0 | 30.2 | 0 | 0 | -0.6 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 29.6 | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | 7.1 | 0 | 0 | 0 | 0 | 7.1 | 0 | 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -1.7 | 0 | 0 | 0 | 0 | -1.7 | 0 | 0 |
Tax on unrealized (gain) loss on interest rate derivatives | 1 | ' | ' | ' | ' | ' | ' | ' |
Change in pension and other post retirement defined benefit plans | 9.5 | 0 | 0 | 0 | 0 | 9.5 | 0 | 0 |
Tax on change in pension and other post retirement defined benefit plans | -4.9 | ' | ' | ' | ' | ' | ' | ' |
Total comprehensive income (loss), net of tax | 44.5 | 0 | 0 | 0 | 30.2 | 14.9 | 0 | -0.6 |
Stock-based compensation expense | 7 | 0 | 0 | 7 | 0 | 0 | 0 | 0 |
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 0.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0.4 |
Tax benefit on stock option exercises | 5.8 | 0 | 0 | 5.8 | 0 | 0 | 0 | 0 |
Exercise of stock options, net of shares surrendered | 2.1 | 0 | 0 | 2.1 | 0 | 0 | 0 | 0 |
Issuance of common stock, net of direct offering costs | 73.8 | 0 | 0 | 73.8 | 0 | 0 | 0 | 0 |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | ' | ' | ' | ' | ' | ' | ' |
Ending stockholders' equity (deficit) at Mar. 31, 2014 | $562.10 | $1 | $0 | $872.70 | ($281.30) | ($23.80) | ($6.30) | ($0.20) |
Basis_of_Presentation_and_Desc
Basis of Presentation and Description of Business | 12 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation and Description of Business [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
Basis of Presentation and Description of Business | |
The consolidated financial statements included herein have been prepared by Rexnord Corporation (“Rexnord” or the "Company"), in accordance with accounting principles generally accepted in the United States ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the consolidated financial statements include all adjustments necessary for a fair presentation of the financial position and the results of operations for the periods presented. | |
The Company | |
Rexnord is a growth-oriented, multi-platform industrial company with what it believes are leading market shares and highly trusted brands that serve a diverse array of global end-markets. The Company's heritage of innovation and specification have allowed it to provide highly engineered, mission critical solutions to customers for decades and affords it the privilege of having long-term, valued relationships with market leaders. The Process & Motion Control platform designs, manufactures, markets and services specified, highly-engineered mechanical components used within complex systems where our customers' reliability requirements and cost of failure or downtime is extremely high. The Process & Motion Control product portfolio includes gears, couplings, industrial bearings, aerospace bearings and seals, FlatTop™ chain, engineered chain and conveying equipment. The Water Management platform designs, procures, manufactures and markets products that provide and enhance water quality, safety, flow control and conservation. The Water Management product portfolio includes professional grade specification drainage products, flush valves and faucet products, backflow prevention pressure release valves, and PEX piping used primarily in non-residential construction end-markets and engineered valves and gates for the water and wastewater treatment market. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Basis of Presentation and Significant Accounting Policies [Abstract] | ' | |||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |||||||||||
Significant Accounting Policies | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||||||
Revenue Recognition | ||||||||||||
Net sales are recorded upon transfer of title and risk of product loss to the customer. Net sales relating to any particular shipment are based upon the amount invoiced for the delivered goods less estimated future rebate payments and sales returns which are based upon the Company’s historical experience. Revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. The value of returned goods during the years ended March 31, 2014, 2013 and 2012 was approximately 1.0% or less of net sales. Other than a standard product warranty, there are no post-shipment obligations. | ||||||||||||
The Company classifies shipping and handling fees billed to customers as net sales and the corresponding costs are classified as cost of sales in the consolidated statements of operations. | ||||||||||||
Share Based Payments | ||||||||||||
The Company accounts for share based payments in accordance with Accounting Standards Codification ("ASC") 718, Accounting for Stock Compensation ("ASC 718"). ASC 718 requires compensation costs related to share-based payment transactions to be recognized in the financial statements. Generally, compensation cost is measured based on the grant-date fair value of the equity instruments issued. Compensation cost is recognized over the requisite service period, generally as the awards vest. See further discussion of the Company’s stock option plans in Note 15. | ||||||||||||
Per Share Data | ||||||||||||
Basic net income (loss) per share from continuing and discontinued operations is computed by dividing net income from continuing operations and loss from discontinued operations, respectively, by the corresponding weighted average number of common shares outstanding for the period. Diluted net income per share from continuing and discontinued operations is computed based on the weighted average number of common shares outstanding increased by the number of incremental shares that would have been outstanding if the potential dilutive shares were issued through the exercise of outstanding stock options to purchase common shares, except when the effect would be anti-dilutive. The computation for diluted net income per share for the fiscal year ended March 31, 2014, 2013 and 2012 excludes 1,278,316, 2,924,547 and 431,459 shares due to their anti-dilutive effects, respectively. | ||||||||||||
Receivables | ||||||||||||
Receivables are stated net of allowances for doubtful accounts of $6.4 million at March 31, 2014 and $7.7 million at March 31, 2013. The Company evaluates the collectability of its receivables and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances and historical write-off experience. Credit is extended to customers based upon an evaluation of their financial position. Generally, advance payment is not required. Credit losses are provided for in the consolidated financial statements and consistently have been within management’s expectations. | ||||||||||||
Significant Customers | ||||||||||||
The Company’s largest customer accounted for 8.6%, 7.9% and 7.4% of consolidated net sales for the years ended March 31, 2014, 2013 and 2012, respectively. Receivables related to this Process & Motion Control industrial distributor at March 31, 2014 and 2013 were $9.8 million and $13.9 million, respectively. | ||||||||||||
Inventories | ||||||||||||
Inventories are comprised of material, direct labor and manufacturing overhead, and are stated at the lower of cost or market. Market is determined based on estimated net realizable values. Approximately 50% of the Company’s total inventories as of both March 31, 2014 and 2013 were valued using the “last-in, first-out” (LIFO) method. All remaining inventories are valued using the “first-in, first-out” (FIFO) method. | ||||||||||||
Property, Plant and Equipment | ||||||||||||
Property, plant and equipment are stated at cost. Depreciation is provided using the straight-line method over 10 to 30 years for buildings and improvements, 5 to 10 years for machinery and equipment and 3 to 5 years for computer hardware and software. Maintenance and repair costs are expensed as incurred. | ||||||||||||
Goodwill and Intangible Assets | ||||||||||||
Intangible assets consist of acquired trademarks and tradenames, customer relationships (including distribution network), patents and non-compete intangibles. The customer relationships, patents, and certain tradenames are being amortized using the straight-line method over their estimated useful lives of 1 to 20 years, 2 to 15 years, and 5 to 10 years, respectively. Goodwill, trademarks and certain tradenames have indefinite lives and are not amortized but are tested annually for impairment using a discounted cash flow and market value approach analysis. | ||||||||||||
Impairment of Long-Lived Assets | ||||||||||||
The carrying value of long-lived assets, including amortizable intangible assets and tangible fixed assets, are evaluated for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment of amortizable intangible assets and tangible fixed assets is generally determined by comparing projected undiscounted cash flows to be generated by the asset, or group of assets, to its carrying value. If impairment is identified, a loss is recorded equal to the excess of the asset's net book value over its fair value, and the cost basis is adjusted. Determination of the fair value requires various estimates including internal cash flow estimates generated from the asset, quoted market prices and appraisals as appropriate to determine fair value. Actual results could vary from these estimates. | ||||||||||||
Deferred Financing Costs | ||||||||||||
Other assets at March 31, 2014 and 2013, include deferred financing costs of $12.1 million and $18.5 million, respectively, net of accumulated amortization of $4.7 million and $6.7 million, respectively. These costs were incurred to obtain long-term financing and are being amortized using the effective interest method over the term of the related debt. See Note 11 for further information on the Company's long-term financing. | ||||||||||||
Product Warranty | ||||||||||||
The Company offers warranties on the sales of certain of its products and records an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims. The following table presents changes in the Company’s product warranty liability during each of the periods presented (in millions): | ||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | ||||||||||
Balance at beginning of period | $ | 8.8 | $ | 8.7 | $ | 8.6 | ||||||
Acquired obligations | 0.2 | — | 1.1 | |||||||||
Charged to operations | 3.8 | 4.4 | 1.6 | |||||||||
Claims settled | (4.2 | ) | (4.3 | ) | (2.6 | ) | ||||||
Balance at end of period | $ | 8.6 | $ | 8.8 | $ | 8.7 | ||||||
Income Taxes | ||||||||||||
The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes (“ASC 740”). Deferred income taxes are provided for future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, net operating losses, tax credits and other applicable carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be actually paid or recovered. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of continuing operations in the period that includes the date of enactment. | ||||||||||||
The Company regularly reviews its deferred tax assets for recoverability and provides a valuation allowance against its deferred tax assets if, based upon consideration of all positive and negative evidence, the Company determines that it is more-likely-than-not that a portion or all of the deferred tax assets will ultimately not be realized in future tax periods. Such positive and negative evidence would include review of historical earnings and losses, anticipated future earnings, the time period over which the temporary differences and carryforwards are anticipated to reverse and implementation of feasible, prudent tax planning strategies. | ||||||||||||
The Company is subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in determining the Company's worldwide provision for income taxes and recording the related deferred tax assets and liabilities. In the ordinary course of the Company's business, there is inherent uncertainty in quantifying the ultimate tax outcome of all of the numerous transactions and required calculations relating to the Company's tax positions. Accruals for unrecognized tax benefits are provided for in accordance with the requirements of ASC 740. An unrecognized tax benefit represents the difference between the recognition of benefits related to uncertain tax positions for income tax reporting purposes and financial reporting purposes. The Company has established a reserve for interest and penalties, as applicable, for uncertain tax positions and it is recorded as a component of the overall income tax provision. | ||||||||||||
The Company is subject to periodic income tax examinations by domestic and foreign income tax authorities. Although the outcome of income tax examinations is always uncertain, the Company believes that it has appropriate support for the positions taken on its income tax returns and has adequately provided for potential income tax assessments. Nonetheless, the amounts ultimately settled relating to issues raised by the taxing authorities may differ materially from the amounts accrued for each year. | ||||||||||||
See Note 17 for more information on income taxes. | ||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
At March 31, 2014, accumulated other comprehensive loss consisted of $7.8 million of foreign currency translation gains, $1.7 million, after tax, of unrealized loss on interest rate derivatives, and $29.9 million, after tax, of unrecognized actuarial losses and unrecognized prior services costs, net of tax. At March 31, 2013, accumulated other comprehensive loss consisted of $0.7 million of foreign currency translation gains and $39.4 million of unrecognized actuarial losses and unrecognized prior services costs, net of tax. | ||||||||||||
Derivative Financial Instruments | ||||||||||||
The Company is exposed to certain financial risks relating to fluctuations in foreign currency exchange rates and interest rates. The Company selectively uses foreign currency forward contracts and interest rate swap contracts to manage its foreign currency and interest rate risks. All hedging transactions are authorized and executed pursuant to defined policies and procedures which prohibit the use of financial instruments for speculative purposes. | ||||||||||||
The Company accounts for derivative instruments based on ASC 815, Accounting for Derivative Instruments and Hedging Activities (“ASC 815”). ASC 815 requires companies to recognize all of its derivative instruments as either assets or liabilities in the balance sheet at fair value. Fair value is defined under ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. See more information as it relates to applying fair value to derivative instruments at Note 13. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative instrument has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. As of March 31, 2014, the Company had forward-starting interest rate swaps on its variable rate term debt that are designated and qualify as hedging instruments. For the derivative instruments designated and qualifying as effective hedging instruments under ASC 815, the changes in the fair value of the effective portion of the instrument are recognized in accumulated other comprehensive income (loss) whereas any changes in the fair value of a derivative instrument that is not designated or does not qualify as an effective hedge are recorded in other non-operating income (expense). See Note 12 for further information regarding the classification and accounting for the Company’s derivative financial instruments. | ||||||||||||
Financial Instrument Counterparties | ||||||||||||
The Company is exposed to credit losses in the event of non-performance by counterparties to its financial instruments. The Company anticipates, however, that counterparties will be able to fully satisfy their obligations under these instruments. The Company places cash and temporary investments and foreign currency and interest rate swap contracts with various high-quality financial institutions. Although the Company does not obtain collateral or other security to support these financial instruments, it does periodically evaluate the credit-worthiness of each of its counterparties. | ||||||||||||
Foreign Currency Translation | ||||||||||||
Assets and liabilities of subsidiaries operating outside of the United States with a functional currency other than the U.S. dollar are translated into U.S. dollars using exchange rates at the end of the respective period. Revenues and expenses of such entities are translated at average exchange rates in effect during the respective period. Foreign currency translation adjustments are included as a component of accumulated other comprehensive loss. Currency transaction losses are included in other expense, net in the consolidated statements of operations and totaled $3.9 million, $6.8 million and $5.2 million for the years ended March 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Advertising Costs | ||||||||||||
Advertising costs are charged to selling, general and administrative expenses as incurred and amounted to $9.6 million, $10.0 million, and $10.2 million for the years ended March 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Research, Development and Engineering Costs | ||||||||||||
Research, development and engineering costs are charged to selling, general and administrative expenses as incurred for the years ended March 31, 2014, 2013 and 2012 amounted to the following (in millions): | ||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | ||||||||||
Research and development costs | $ | 13 | $ | 13.7 | $ | 15.4 | ||||||
Engineering costs | 28.4 | 24.3 | 22.4 | |||||||||
Total | $ | 41.4 | $ | 38 | $ | 37.8 | ||||||
Concentrations of Credit Risk | ||||||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and temporary investments, forward currency contracts and trade accounts receivable. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents. | ||||||||||||
Recent Accounting Pronouncements | ||||||||||||
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”), which generally requires an unrecognized tax benefit, or portion of an unrecognized tax benefit, be presented as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. However, if an applicable deferred tax asset is not available or a company does not expect to use the applicable deferred tax asset, the unrecognized tax benefit should be presented as a liability in the financial statements and should not be combined with an unrelated deferred tax asset. This guidance is effective for unrecognized tax benefits that exist at the effective date for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted. The Company elected early adoption and implemented this guidance in the second quarter of fiscal 2014 resulting in an increase in the presentation of our noncurrent deferred income tax liability and a reduction in the presentation of our unrecognized tax benefits (within other liabilities) in the amount of $7.0 million and $6.3 million at March 31, 2014 and March 31, 2013, respectively. | ||||||||||||
In February 2013, the FASB issued another update to ASC No. 220, Presentation of Comprehensive Income, which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, certain significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. This guidance is effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2012. This guidance was implemented in the first quarter of fiscal year 2014 and did not have a material impact on the Company's results of operations, financial position or cash flows. | ||||||||||||
In March 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"), which changes the criteria for reporting discontinued operations. ASU 2014-08 allows only disposals representing a strategic shift in operations to be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations, as well as pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. This guidance is effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2014. As this guidance is a prospective change will be adopted in the first quarter of fiscal year 2016, adoption of this standard is not expected to have a material impact on the Company's results of operations, financial position or cash flows. |
Acquisitions_Divestitures
Acquisitions & Divestitures | 12 Months Ended |
Mar. 31, 2014 | |
Acquisitions [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
Acquisitions and Divestitures | |
Fiscal Year 2014 | |
On December 16, 2013, the Company acquired Precision Gear Holdings, LLC (“PGH”) for a total cash purchase price of $77.1 million, net of cash acquired and excluding transaction costs. PGH has two operating subsidiaries, Merit Gear LLC (“Merit Gear”), located in Antigo, Wisconsin, and Precision Gear LLC (“Precision Gear”), located in Twinsburg, Ohio. Merit Gear is a build-to-print manufacturer of high-quality gearing and specialized gearboxes primarily for the North American oil and gas market, along with other diversified industrial markets. Precision Gear is a leading manufacturer of highly specialized gears primarily serving the aerospace market, along with various other industrial markets. This acquisition was complementary to the Company's existing Process & Motion Control product portfolio. | |
On August 30, 2013, the Company acquired certain assets of L.W. Gemmell ("LWG") for a total cash purchase price of $8.2 million, excluding transactions costs. LWG, based in Australia, is a distributor of non-residential plumbing products. A portion of LWG's historical sales were from existing Rexnord Water Management product lines. As such, the acquisition provided the Company with additional product offerings and the opportunity to expand its international presence through a more direct ownership structure. | |
On August 21, 2013, the Company acquired certain assets of Micro Precision Gear Technology Limited ("Micro Precision") for a total cash purchase price of $22.2 million, excluding transactions costs. Micro Precision, based in the United Kingdom, is a built-to-print manufacturer of specialty gears and electric motor components primarily sold to the aerospace market. This acquisition expanded the Company's existing Process & Motion Control product offerings and its presence in Europe. | |
On April 26, 2013, the Company acquired Klamflex Pipe Couplings Ltd. ("Klamflex") for a total cash purchase price of $4.5 million, net of cash acquired and excluding transaction costs. Klamflex, based in South Africa, is a manufacturer of pipe couplings, flange adapters, dismantling joints and repair clamps. This acquisition broadened the product portfolio of the Company's existing Water Management platform and expanded the Company's global presence. | |
The Company's results of operations include the acquired operations subsequent to the respective acquisition dates included above. The acquisitions of PGH, LWG, Micro Precision and Klamflex were not material to the Company’s consolidated financial statements, either individually or in the aggregate. Pro-forma results of operations and certain other U.S. GAAP disclosures related to the acquisitions during the fiscal year ended March 31, 2014 have not been presented because they are not significant to the Company's consolidated statements of operations and financial position, either individually or in the aggregate. | |
The fiscal year 2014 acquisitions were accounted for as business combinations and recorded by allocating the purchase price of the acquisitions to the fair value of the assets acquired and liabilities assumed at the acquisition date. The excess of the acquisition purchase price over the fair value assigned to the assets acquired and liabilities assumed was recorded as goodwill. The aggregate purchase price allocation of these acquisitions resulted in goodwill of $24.9 million ($22.8 million of tax deductible goodwill), other intangible assets of $25.1 million, property, plant and equipment of $36.7 million and other net assets of $25.3 million. The purchase price allocation for all acquisitions is preliminary and subject to valuation adjustments that will be completed within the one year period following each acquisition date. | |
During fiscal 2014, the Company also established a new French sales office in its Water Management platform to expand its European water and wastewater market presence via a joint venture between the Company and six external sales associates. The Company contributed an immaterial amount of capital to the joint venture. As the Company has a 51% ownership stake and is deemed to have significant control over the new legal entity, the financial statements of the new joint venture have been wholly consolidated in accordance with ASC 810, Consolidations. The remaining 49% of the joint venture that is not owned by the Company has been presented as a non-controlling interest throughout the consolidated financial statements. | |
Fiscal Year 2013 | |
On December 13, 2012, the Company acquired Cline Acquisition Corp. ("Cline") for a total cash purchase price of $19.6 million, net of cash acquired and excluding transaction costs. Cline, based in Taylors, South Carolina, is a service business specializing in the manufacturing, repair and refurbishment of drive shafts, clutches and brakes. This acquisition was a product line extension of the Company's existing Process & Motion Control service offerings and expanded its presence in the southeast region of the U.S. As a result of this transaction, the Company acquired $21.8 million of intangible assets consisting of $12.2 million of goodwill (which is not deductible for tax purposes) and $9.6 million of all other intangible assets based on the Company's final purchase price allocation. | |
During the third quarter of fiscal 2013, the Company completed the acquisition of a remaining minority interest in VAG-Valves India Private Limited and the acquisition of an independently owned VAG Holding GmbH (“VAG”) sales office in the United Kingdom for a cash purchase price of $1.4 million, net of cash acquired and excluding transactions costs. | |
The Company's fiscal 2013 results of operations include the acquired operations subsequent to the respective acquisition dates included above. The acquisitions of Cline, VAG-Valves India Private Limited and the VAG sales office were not material to the Company’s consolidated financial statements, either individually or in the aggregate. | |
Fiscal Year 2012 | |
On October 10, 2011, the Company acquired VAG for a total cash purchase price of $238.6 million, net of cash acquired and excluding transaction costs. VAG is a global leader in engineered valve solutions across a broad range of applications, including water distribution, wastewater treatment, dams and hydropower generation, as well as various other industrial applications. This acquisition further expanded the Company's Water Management platform. As a result of this transaction, the Company acquired $138.3 million of intangible assets consisting of $82.6 million of goodwill (which is not deductible for tax purposes) and $55.7 million of all other intangible assets. | |
On April 2, 2011, the Company acquired Autogard Holdings Limited and affiliates (“Autogard”) for a total cash purchase price of $18.2 million, net of cash acquired. Autogard is a European-based manufacturer of torque limiters and couplings. The acquisition further expanded the Company’s global Process & Motion Control product portfolio. As a result of this transaction, the Company acquired $17.0 million of intangible assets consisting of $9.1 million of goodwill (which is not deductible for tax purposes) and $7.9 million of all other intangible assets. | |
The Company's fiscal 2012 results of operations include the acquired operations subsequent to the respective acquisition dates included above. The acquisitions of VAG and Autogard were not material to the Company’s consolidated financial statements, either individually or in the aggregate. | |
On July 19, 2011, the Company sold substantially all of the net assets of a non-material, underperforming product line within the Process & Motion Control segment based in Germany for a total sale price of $4.5 million. The Company recorded a pre-tax loss on divestiture of $6.4 million during fiscal 2012. The Company's financial position and results of operations exclude the divested entity subsequent to July 19, 2011. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended |
Mar. 31, 2014 | |
Discontinued Operations [Abstract] | ' |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' |
Discontinued Operations | |
During fiscal 2013, the Company completed the sale of a non-core engineered chain business located in Shanghai, China within the Process & Motion Control platform for a total sale price of $2.5 million. The Company recorded a pre-tax loss on disposal of approximately $0.5 million during fiscal 2013. The Company has no continuing involvement in the business subsequent to the sale. | |
The results of operations of the business for the years ended March 31, 2013 and 2012 are presented on the Statements of Operations as loss from discontinued operations, net of tax. |
Restructuring_and_Other_Simila
Restructuring and Other Similar Costs | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Restructuring and Other Similar Costs Disclosure [Abstract] | ' | ||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||||||||||
Restructuring and Other Exit Costs | |||||||||||||||||
During fiscal 2014, the Company executed various restructuring actions. These initiatives were implemented to reduce operating costs while also modifying the Company's footprint to reflect changes in the markets it serves, the impact of acquisitions on its overall manufacturing capacity and the refinement of its overall product portfolio. These restructuring actions primarily resulted in workforce reductions, lease termination costs, and other facility rationalization costs. The Company recorded restructuring charges of $8.7 million during fiscal 2014. Management expects to continue executing initiatives to optimize its operating margin and manufacturing footprint as well as select product-line rationalizations. As such, the Company expects further expenses related to workforce reduction, lease termination, and other facility rationalization costs. The Company's restructuring plans are preliminary and related expenses are not yet estimateable. | |||||||||||||||||
During fiscal 2013 and fiscal 2012, the Company executed various restructuring actions initiated in fiscal 2012 to reduce operating costs and complete the consolidation of certain North American water and waste water treatment facilities. The Company recorded restructuring charges of $8.6 million and $6.8 million during the years ended March 31, 2013 and 2012, respectively. | |||||||||||||||||
The following table summarizes the Company's restructuring costs incurred during the years ended March 31, 2014, 2013, and 2012 by classification of operating segment (in millions): | |||||||||||||||||
Year Ended March 31, 2014 | |||||||||||||||||
Process & Motion Control | Water Management | Corporate | Consolidated | ||||||||||||||
Severance costs | $ | 3.6 | $ | 2 | $ | 0.8 | $ | 6.4 | |||||||||
Lease termination and other costs | 1.6 | 0.7 | — | 2.3 | |||||||||||||
Total restructuring and other similar costs | $ | 5.2 | $ | 2.7 | $ | 0.8 | $ | 8.7 | |||||||||
Year Ended March 31, 2013 | |||||||||||||||||
Process & Motion Control | Water Management | Corporate | Consolidated | ||||||||||||||
Severance costs | $ | 5.3 | $ | 1.5 | $ | — | $ | 6.8 | |||||||||
Lease termination and other costs | 1.1 | 0.7 | — | 1.8 | |||||||||||||
Total restructuring and other similar costs | $ | 6.4 | $ | 2.2 | $ | — | $ | 8.6 | |||||||||
Year Ended March 31, 2012 | |||||||||||||||||
Process & Motion Control | Water Management | Corporate | Consolidated | ||||||||||||||
Severance costs | $ | 0.8 | $ | 2.6 | $ | 0.9 | $ | 4.3 | |||||||||
Lease termination and other costs | — | 2.5 | — | 2.5 | |||||||||||||
Total restructuring and other similar costs | $ | 0.8 | $ | 5.1 | $ | 0.9 | $ | 6.8 | |||||||||
Restructuring Costs To-date (Period from April 1, 2011 to March 31, 2014) | |||||||||||||||||
Process & Motion Control | Water Management | Corporate | Consolidated | ||||||||||||||
Severance costs | $ | 9.7 | $ | 6.1 | $ | 1.7 | $ | 17.5 | |||||||||
Lease termination and other costs | 2.7 | 3.9 | — | 6.6 | |||||||||||||
Total restructuring and other similar costs | $ | 12.4 | $ | 10 | $ | 1.7 | $ | 24.1 | |||||||||
The following table summarizes the activity in the Company's accrual for restructuring costs for the fiscal years ended March 31, 2014 and 2013 (in millions): | |||||||||||||||||
Severance Costs | Lease Termination and Other Costs | Total | |||||||||||||||
Accrued Restructuring Costs, March 31, 2012 | $ | 1.9 | $ | 0.6 | $ | 2.5 | |||||||||||
Charges | 6.8 | 1.8 | 8.6 | ||||||||||||||
Cash payments | (5.0 | ) | (2.3 | ) | (7.3 | ) | |||||||||||
Accrued Restructuring Costs, March 31, 2013 (1) | 3.7 | 0.1 | 3.8 | ||||||||||||||
Charges | 6.4 | 2.3 | 8.7 | ||||||||||||||
Cash payments | (6.4 | ) | (2.0 | ) | (8.4 | ) | |||||||||||
Accrued Restructuring Costs, March 31, 2014 (1) | $ | 3.7 | $ | 0.4 | $ | 4.1 | |||||||||||
-1 | Accrued restructuring costs are included in other current liabilities in the consolidated balance sheets. |
Recovery_Under_Continued_Dumpi
Recovery Under Continued Dumping and Sudsidy Offset Act | 12 Months Ended |
Mar. 31, 2014 | |
Other Income and Expenses [Abstract] | ' |
RecoveryUnderContinuedDumpingAndSubsidyOffsetActDisclosureTextblock [Text Block] | ' |
Recovery Under Continued Dumping and Subsidy Offset Act (“CDSOA”) | |
The Company, as a producer of ball bearing products in the U.S., participated in the distribution of monies collected by Customs and Border Protection (“CBP”) from anti-dumping cases under the CDSOA. Through its participation the Company provided relevant information to CBP regarding historical manufacturing, personnel and development costs for previous calendar years. In February 2006, U.S. legislation was enacted that ended CDSOA distributions to U.S. manufacturers for imports covered by anti-dumping duty orders entering the U.S. after September 30, 2007. Because monies were collected by CBP until September 30, 2007 and for prior year entries, the Company has received periodic recoveries. In connection with this legislation, the Company recorded $2.4 million of income in fiscal 2012. | |
In connection with this program, beginning in 2006, CBP began to withhold amounts that would have otherwise been distributed as a result of pending litigation challenging past and future distributions and the administrative operation of the law. During fiscal 2013, CBP began to distribute these withheld funds to domestic producers. In connection with the distribution of these withheld funds, the Company recorded $16.6 million of income during fiscal 2013. The Company did not receive any distributions in fiscal 2014. CDSOA recoveries are included in "Other expense, net" on the consolidated statements of operations for each respective fiscal year. As a result of still pending litigation, the Company cannot reasonably estimate the amount of CDSOA payments, if any, that it may receive in future years and/or whether it will be required to repay any previously received distributions. |
Inventories
Inventories | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
Inventories | ||||||||
The major classes of inventories are summarized as follows (in millions): | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Finished goods | $ | 227.4 | $ | 203 | ||||
Work in progress | 72.4 | 73.5 | ||||||
Raw materials | 58 | 43 | ||||||
Inventories at First-in, First-Out ("FIFO") cost | 357.8 | 319.5 | ||||||
Adjustment to state inventories at Last-in, First-Out ("LIFO") cost | 1.9 | 6.7 | ||||||
$ | 359.7 | $ | 326.2 | |||||
Property_Plant_Equipment
Property Plant & Equipment | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment is summarized as follows (in millions): | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 33.8 | $ | 33.5 | ||||
Buildings and improvements | 224.3 | 212.8 | ||||||
Machinery and equipment | 411.5 | 359.8 | ||||||
Hardware and software | 62.6 | 69.1 | ||||||
Construction in-progress | 24.6 | 21.9 | ||||||
756.8 | 697.1 | |||||||
Less accumulated depreciation | (315.9 | ) | (286.4 | ) | ||||
$ | 440.9 | $ | 410.7 | |||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||||||||||||||
The changes in the net carrying value of goodwill and identifiable intangible assets for the years ended March 31, 2014 and 2013 by operating segment, are presented below (in millions): | |||||||||||||||||||||||||||||
Amortizable Intangible Assets | |||||||||||||||||||||||||||||
Goodwill | Indefinite Lived Intangible Assets | Trade-Names | Customer Relationships | Patents | Non-Compete | Total Identifiable Intangible Assets Excluding Goodwill | |||||||||||||||||||||||
Process & Motion Control | |||||||||||||||||||||||||||||
Net carrying amount as of March 31, 2012 | $ | 865.3 | $ | 192.3 | $ | — | $ | 125.6 | $ | 6 | $ | — | $ | 323.9 | |||||||||||||||
Acquisitions | 12.2 | 1.9 | — | 7.7 | — | — | 9.6 | ||||||||||||||||||||||
Amortization | — | — | — | (28.2 | ) | (1.1 | ) | — | (29.3 | ) | |||||||||||||||||||
Currency translation adjustment | (0.4 | ) | (0.3 | ) | — | (0.2 | ) | — | — | (0.5 | ) | ||||||||||||||||||
Net carrying amount as of March 31, 2013 | $ | 877.1 | $ | 193.9 | $ | — | $ | 104.9 | $ | 4.9 | $ | — | $ | 303.7 | |||||||||||||||
Acquisitions | 21.9 | 2.7 | 2 | 18.3 | — | — | 23 | ||||||||||||||||||||||
Purchase price allocation adjustments | 1.1 | — | — | — | — | — | — | ||||||||||||||||||||||
Amortization | — | — | (0.1 | ) | (29.3 | ) | (1.2 | ) | — | (30.6 | ) | ||||||||||||||||||
Currency translation adjustment | 3.9 | 1 | — | 0.5 | — | — | 1.5 | ||||||||||||||||||||||
Net carrying amount as of March 31, 2014 | $ | 904 | $ | 197.6 | $ | 1.9 | $ | 94.4 | $ | 3.7 | $ | — | $ | 297.6 | |||||||||||||||
Water Management | |||||||||||||||||||||||||||||
Net carrying amount as of March 31, 2012 | $ | 249.4 | $ | 135 | $ | — | $ | 177.6 | $ | 10.5 | $ | 0.1 | $ | 323.2 | |||||||||||||||
Acquisitions | 0.4 | — | — | — | — | — | — | ||||||||||||||||||||||
Purchase price allocation adjustments | (5.5 | ) | 3.9 | — | 5.8 | 0.2 | — | 9.9 | |||||||||||||||||||||
Amortization | — | — | — | (20.0 | ) | (1.7 | ) | (0.1 | ) | (21.8 | ) | ||||||||||||||||||
Currency translation adjustment | (3.0 | ) | (0.8 | ) | — | (0.6 | ) | (0.1 | ) | — | (1.5 | ) | |||||||||||||||||
Net carrying amount as of March 31, 2013 | $ | 241.3 | $ | 138.1 | $ | — | $ | 162.8 | $ | 8.9 | $ | — | $ | 309.8 | |||||||||||||||
Acquisitions | 3 | 1.2 | — | 0.9 | — | — | 2.1 | ||||||||||||||||||||||
Amortization | — | — | — | (18.4 | ) | (1.8 | ) | — | (20.2 | ) | |||||||||||||||||||
Currency translation adjustment | 2.4 | 1.5 | — | 1.7 | 0.1 | — | 3.3 | ||||||||||||||||||||||
Net carrying amount as of March 31, 2014 | $ | 246.7 | $ | 140.8 | $ | — | $ | 147 | $ | 7.2 | $ | — | $ | 295 | |||||||||||||||
Consolidated | |||||||||||||||||||||||||||||
Net carrying amount as of March 31, 2012 | $ | 1,114.70 | $ | 327.3 | $ | — | $ | 303.2 | $ | 16.5 | $ | 0.1 | $ | 647.1 | |||||||||||||||
Acquisitions | 12.6 | 1.9 | — | 7.7 | — | — | 9.6 | ||||||||||||||||||||||
Purchase price allocation adjustments | (5.5 | ) | 3.9 | — | 5.8 | 0.2 | — | 9.9 | |||||||||||||||||||||
Amortization | — | — | — | (48.2 | ) | (2.8 | ) | (0.1 | ) | (51.1 | ) | ||||||||||||||||||
Currency translation adjustment | (3.4 | ) | (1.1 | ) | — | (0.8 | ) | (0.1 | ) | — | (2.0 | ) | |||||||||||||||||
Net carrying amount as of March 31, 2013 | $ | 1,118.40 | $ | 332 | $ | — | $ | 267.7 | $ | 13.8 | $ | — | $ | 613.5 | |||||||||||||||
Acquisitions | 24.9 | 3.9 | 2 | 19.2 | — | — | 25.1 | ||||||||||||||||||||||
Purchase price allocation adjustments | 1.1 | — | — | — | — | — | — | ||||||||||||||||||||||
Amortization | — | — | (0.1 | ) | (47.7 | ) | (3.0 | ) | — | (50.8 | ) | ||||||||||||||||||
Currency translation adjustment | 6.3 | 2.5 | — | 2.2 | 0.1 | — | 4.8 | ||||||||||||||||||||||
Net carrying amount as of March 31, 2014 | $ | 1,150.70 | $ | 338.4 | $ | 1.9 | $ | 241.4 | $ | 10.9 | $ | — | $ | 592.6 | |||||||||||||||
The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of March 31, 2014 and March 31, 2013 are as follows (in millions): | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Weighted Average Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||||||
Patents | 10 years | $ | 38.7 | $ | (27.8 | ) | $ | 10.9 | |||||||||||||||||||||
Customer relationships (including distribution network) | 12 years | 584.3 | (342.9 | ) | 241.4 | ||||||||||||||||||||||||
Tradenames | 7 years | 2 | (0.1 | ) | 1.9 | ||||||||||||||||||||||||
Intangible assets not subject to amortization - trademarks and tradenames | 338.4 | — | 338.4 | ||||||||||||||||||||||||||
$ | 963.4 | $ | (370.8 | ) | $ | 592.6 | |||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||
Weighted Average Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||||||
Patents | 10 years | $ | 38.6 | $ | (24.8 | ) | $ | 13.8 | |||||||||||||||||||||
Customer relationships (including distribution network) | 12 years | 562.9 | (295.2 | ) | 267.7 | ||||||||||||||||||||||||
Intangible assets not subject to amortization - trademarks and tradenames | 332 | — | 332 | ||||||||||||||||||||||||||
$ | 933.5 | $ | (320.0 | ) | $ | 613.5 | |||||||||||||||||||||||
Intangible asset amortization expense totaled $50.8 million, $51.1 million and $50.9 million for the years ended March 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
The Company expects to recognize amortization expense on the intangible assets subject to amortization of $52.0 million in fiscal years 2015 and 2016, $32.9 million in fiscal year 2017, $22.4 million in fiscal year 2018, and $22.2 million in fiscal year 2019. | |||||||||||||||||||||||||||||
During the third quarter of fiscal 2014, the Company completed the testing of indefinite lived intangible assets (tradenames) and goodwill for impairment in accordance with ASC 350, Intangibles-Goodwill and Other. The fair value of the Company's indefinite lived intangible assets and reporting units were primarily estimated using an income valuation model (discounted cash flow) and market approach (guideline public company comparables), which indicated that the fair value of the Company's indefinite lived intangible assets and reporting units exceeded their carrying value; therefore, no impairment was present. Total cumulative goodwill impairment charges recorded in historical periods were $319.3 million at March 31, 2014 and March 31, 2013, all of which were incurred in fiscal 2009. |
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other Current Liabilities [Text Block] | ' | |||||||
Other Current Liabilities | ||||||||
Other current liabilities are summarized as follows (in millions): | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Customer advances | $ | 8.1 | $ | 19 | ||||
Sales rebates | 22.7 | 16.2 | ||||||
Commissions | 7.9 | 7.5 | ||||||
Restructuring and other similar charges (1) | 4.1 | 3.8 | ||||||
Product warranty (2) | 8.6 | 8.8 | ||||||
Risk management (3) | 9.1 | 9.3 | ||||||
Legal and environmental | 4.5 | 14.8 | ||||||
Deferred income taxes | 10.9 | 11.2 | ||||||
Taxes, other than income taxes | 9.5 | 9 | ||||||
Income taxes payable | 11.2 | 7.5 | ||||||
Other | 15.6 | 14.1 | ||||||
$ | 112.2 | $ | 121.2 | |||||
____________________ | ||||||||
-1 | See more information related to the restructuring obligations balance within Note 5. | |||||||
-2 | See more information related to the product warranty obligations balance within Note 2. | |||||||
-3 | Includes projected liabilities related to losses arising from automobile, general and product liability claims. |
Long_Term_Debt
Long Term Debt | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Long term Debt [Text Block] | ' | |||||||||||||||
Long-Term Debt | ||||||||||||||||
Long-term debt is summarized as follows (in millions): | ||||||||||||||||
March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
8.50% Senior notes due 2018 | $ | — | $ | 1,145.00 | ||||||||||||
Term loans (1) | 1,921.90 | 934.7 | ||||||||||||||
8.875% Senior notes due 2016 | 1.3 | 2 | ||||||||||||||
Other (2) | 48.8 | 49.9 | ||||||||||||||
Total | 1,972.00 | 2,131.60 | ||||||||||||||
Less current maturities | 29 | 169.3 | ||||||||||||||
Long-term debt | $ | 1,943.00 | $ | 1,962.30 | ||||||||||||
____________________ | ||||||||||||||||
-1 | Includes an unamortized original issue discount of $18.3 million and $3.5 million at March 31, 2014 and March 31, 2013, respectively. | |||||||||||||||
-2 | Includes financing related to the Company's participation in the New Market Tax Credit incentive program of $37.4 million as of March 31, 2014 and 2013. | |||||||||||||||
Refinancing of Term Loan and Extinguishment of 8.50% Senior Notes due 2018 | ||||||||||||||||
On August 21, 2013, the Company entered into a Third Amended and Restated First Lien Credit Agreement (the “Third Restated Credit Agreement”), which amended and restated in its entirety the Second Amended and Restated Credit Agreement, dated as of March 15, 2012, as amended (the "Former Credit Agreement"). The Third Restated Credit Agreement provides for loans consisting of a new term loan in the aggregate principal amount of $1,950.0 million (the “New Term Loan”) and a revolving credit facility of up to $265.0 million. | ||||||||||||||||
The proceeds from the New Term Loan were $1,930.5 million, net of a $19.5 million original issue discount, and were used to (i) repay in full the $786.2 million aggregate principal amount of existing term loans then-outstanding under the Former Credit Agreement, together with accrued interest thereon, (ii) retire (through a cash tender offer and redemption) all of the 8.50% Notes and (iii) pay related fees and expenses. Upon the redemption, the indenture governing the 8.50% Notes was discharged in accordance with its terms. See "Senior Secured Credit Facility" below for more information regarding the Third Restated Credit Agreement. | ||||||||||||||||
The Company accounted for the above transactions in accordance with ASC 470-50, Debt Modifications and Extinguishments (“ASC 470-50”). Upon finalizing the accounting for these transactions, the Company recognized a $129.2 million loss on the debt extinguishment, which was comprised of a bond tender premium paid to holders as a result of the tender offer and redemption, as well as a non-cash write-off of deferred financing fees and net original issue discount associated with the extinguished debt. Additionally, the Company capitalized approximately $10.8 million of third party transaction costs on the New Term Loans, which will be amortized over the life of the New Term Loan as interest expense using the effective interest method. Below is a summary of the transaction costs and other offering expenses recorded along with their corresponding pre-tax financial statement impact (in millions): | ||||||||||||||||
Financial Statement Impact | ||||||||||||||||
Balance Sheet -Debit (Credit) | Statement of Operations | |||||||||||||||
Deferred Financing Costs (1) | Original Issue Discount (2) | Expense (3) | Total | |||||||||||||
Cash transaction costs: | ||||||||||||||||
Third party transaction costs | $ | 10.8 | $ | — | $ | 5.3 | $ | 16.1 | ||||||||
Bond tender premiums (paid to holders) | — | — | 109.9 | 109.9 | ||||||||||||
Total cash transaction costs | 10.8 | — | 115.2 | $ | 126 | |||||||||||
Non-cash write-off of unamortized amounts: | ||||||||||||||||
Deferred financing costs | (12.4 | ) | — | 12.4 | ||||||||||||
Net original issue discount | — | 17.9 | 1.6 | |||||||||||||
Net financial statement impact | $ | (1.6 | ) | $ | 17.9 | $ | 129.2 | |||||||||
(1) Recorded as a component of other assets within the consolidated balance sheet. | ||||||||||||||||
(2) Recorded as a reduction in the face value of long-term debt within the consolidated balance sheet. | ||||||||||||||||
(3) Recorded as a component of other non-operating expense within the consolidated statement of operations. | ||||||||||||||||
Senior Secured Credit Facility | ||||||||||||||||
During the second quarter of fiscal 2014, the Company entered into the Third Restated Credit Agreement. The senior secured credit facilities under the Third Restated Credit Agreement are funded by a syndicate of banks and other financial institutions and provide for loans of up to $2,215.0 million, consisting of (i) a $1,950.0 million term loan facility with a maturity date of August 21, 2020; and (ii) a $265.0 million revolving credit facility with a maturity date of March 15, 2017; under the revolving credit facility, the Company has borrowing capacity available for letters of credit and for borrowings on a same-day notice, referred to as swingline loans. | ||||||||||||||||
As of March 31, 2014, the Company's outstanding borrowings under the term loan facility were $1,921.9 million (net of $18.3 million unamortized original issue discount). At March 31, 2014, the borrowings under the Third Restated Credit Agreement had an effective and average interest rate of 4.00%, determined as the LIBO rate (subject to a 1% floor) plus an applicable margin of 3.00%. The interest rates for the term loan facility are subject to a leverage-based pricing grid. As of March 31, 2014, interest rates under the Third Restated Credit Agreement for the term loan facility were at the Company's option of either "(a)" or "(b)" as further described here: (a) in the case of alternative base rate ("ABR") borrowings, 2.00% (subject to a first lien leverage ratio) plus a base rate determined by reference to the highest of (1) the federal funds effective rate plus 0.50%, (2) the prime rate determined from time to time by Credit Suisse AG, the administrative agent under the Third Restated Credit Agreement and (3) the LIBO rate in effect for a one-month period plus 1.00%; or (b) in the case of Eurocurrency borrowings, 3.00% (subject to a first lien leverage ratio) plus a Eurocurrency rate (subject to a 1% LIBOR floor). In the event the Company's first lien leverage ratio is less than 3.25x to 1.0, its applicable margin on both ABR and Eurocurrency term loan borrowings would decrease by twenty-five (25) basis points. | ||||||||||||||||
For revolving commitments, the Company's applicable margin above the base rate (as described above) is 3.00% in the case of ABR borrowings and 4.00% in the case of Eurocurrency borrowings, subject to a first lien leverage test. In the event the Company's first lien leverage ratio is less than 1.5x to 1.0, its applicable margin on both ABR and Eurocurrency borrowings would decrease by twenty-five (25) basis points. The Company's actual first lien leverage ratio was 3.98x to 1.0 as of March 31, 2014. | ||||||||||||||||
As of March 31, 2014, in addition to paying interest on outstanding principal under the senior secured credit facilities, the Company is subject to a commitment fee to the lenders under the revolving credit facility with respect to the unutilized commitments thereunder at a rate equal to 0.500% per annum. | ||||||||||||||||
As of March 31, 2014, the remaining mandatory principal payments prior to maturity on the term loan facilities were $121.8 million. Principal payments of $4.9 million are scheduled to be made at the end of each calendar quarter until June 30, 2020. | ||||||||||||||||
All amounts outstanding under the revolving credit facility will be due and payable in full, and the commitments thereunder will terminate, on March 15, 2017. No amounts were borrowed under the revolving credit facility at March 31, 2014 or March 31, 2013; however, $29.1 million and $40.1 million of the revolving credit facility was considered utilized in connection with outstanding letters of credit at March 31, 2014 and March 31, 2013, respectively. | ||||||||||||||||
The Third Restated Credit Agreement, among other things: (i) allows for one or more future issuances of secured notes, which may include, in each case, indebtedness secured on a pari passu basis with the obligations under the senior secured credit facilities, so long as, in each case, among other things, an agreed amount of the net cash proceeds from any such issuance are used to prepay term loans under the senior secured credit facilities at par; (ii) subject to the requirement to make such offers on a pro rata basis to all lenders and certain other restrictions, allows the Company to agree with individual lenders to extend the maturity date of any of the loans and/or commitments provided by such lenders and to otherwise modify the terms of the loans and/or commitments provided by such lenders (including, without limitation, increasing the interest rate or fees payable in respect of such loans and/or commitments and/or modifying the amortization schedule in respect of such loans); and (iii) allows for one or more future issuances of additional secured notes, which may include, in each case, indebtedness secured on a pari passu basis with the obligations under the senior secured credit facilities, in an amount not to exceed the amount of incremental facility availability under the senior secured credit facilities. | ||||||||||||||||
The Third Restated Credit Agreement also contains a number of typical covenants that, among other things, constrain, subject to certain fully-negotiated exceptions, the Company's ability, and the ability of the Company's subsidiaries, to: sell assets; incur additional indebtedness; repay other indebtedness; pay dividends and distributions, repurchase its capital stock, or make payments, redemptions or repurchases in respect to certain indebtedness; create liens on assets; make investments, loans, guarantees or advances; make certain acquisitions; engage in certain mergers or consolidations; enter into sale-and-leaseback transactions; engage in certain transactions with affiliates; amend certain material agreements governing its indebtedness; make capital expenditures; enter into hedging agreements; amend its organizational documents; change the business conducted by it and its subsidiaries; and enter into agreements that restrict dividends from subsidiaries. In addition, payment of borrowings under the Third Restated Credit Agreement may be accelerated upon an event of default. Events of default include, among others, the failure to pay principal and interest when due, a material breach of a representation or warranty, covenant defaults, certain non-payments or defaults under other material indebtedness, events of bankruptcy and a change of control. As of March 31, 2014, the Company was in compliance with all applicable covenants under its senior secured credit facilities, including compliance with a maximum permitted first lien leverage ratio (the Company's sole financial maintenance covenant under its revolver) of 7.75x to 1.00. | ||||||||||||||||
Partial Prepayment of Old Term Loan | ||||||||||||||||
During fiscal 2014, the Company entered into an Incremental Assumption Agreement relating to the Former Credit Agreement, subsequently superseded by the Third Restated Credit Agreement described above, which reduced the then-applicable margin on the term loan facility by seventy-five (75) basis points. In connection with the Incremental Assumption Agreement, the Company made a $150.0 million prepayment on the term loan facility, which was classified within current maturities of debt on the balance sheet at March 31, 2013. The Company also recognized a related pre-tax loss of $4.0 million related to the portion of debt that was considered modified in accordance with ASC 470-50, which was comprised of $0.8 million of fees paid to lenders and a non-cash write-off of $2.4 million of deferred financing costs and $0.8 million of original issue discount, respectively. | ||||||||||||||||
Senior Notes and Former Senior Subordinated Notes | ||||||||||||||||
Outstanding Tranche of Notes | ||||||||||||||||
During the fiscal 2014, the Company purchased $0.7 million of outstanding principal of its 8.875% senior notes due 2016 (the "8.875% Notes") from an individual holder. At March 31, 2014 and 2013, the Company had outstanding $1.3 million and $2.0 million, respectively, in principal of the 8.875% Notes. The indenture governing the 8.875% Notes does not contain any material restrictive covenants and permits optional redemption of the notes by the Company on terms specified therein. | ||||||||||||||||
Former Tranches of Notes | ||||||||||||||||
During fiscal 2013, the Company completed a full redemption of all $300.0 million principal amount of its then-outstanding 11.75% senior subordinated notes due 2016 (the "11.75% Notes") for $325.0 million in cash, which included $7.4 million of accrued interest and $17.6 million of early redemption premiums. The Company recognized related pre-tax expense of $21.1 million, which was comprised of a $17.6 million early redemption premiums and a $3.5 million non-cash write-off of unamortized deferred financing costs associated with the 11.75% Notes. Upon the redemption, the indenture governing the 11.75% Notes was discharged in accordance with its terms. | ||||||||||||||||
Other Subsidiary Debt | ||||||||||||||||
During the fiscal 2013 and fiscal 2012, the Company received $4.3 million and $5.5 million, respectively, in net proceeds from financing agreements related to facility modernization projects at two North American manufacturing facilities. These financing agreements were structured with unrelated third party financial institutions (the "Investor") and their wholly-owned community development entities in connection with the Company's participation in transactions qualified under the federal New Market Tax Credit program, pursuant to Section 45D of the Internal Revenue Code of 1986, as amended. Through its participation in this program, the Company has secured low interest financing and the potential for future debt forgiveness related to eligible capital projects. Upon closing of these transactions, the Company provided an aggregate of $27.6 million to the Investor, in the form of loans receivable, with a term of thirty years, bearing an interest rate of approximately 2.0% per annum. As collateral for these loans, the Company has granted a security interest in the assets acquired with the loan proceeds. No earlier than December 2018, and upon meeting certain conditions, both the Investor and the Company have the ability to trigger forgiveness of the net debt which could result in a net non-operating gain of up to $9.8 million, excluding applicable transaction costs. To the extent the loans payable are not forgiven, the Company would be required to repay the full amount of the outstanding $37.4 million principal balance and would concurrently receive a loan repayment of $27.6 million on the aforementioned loans receivable, resulting in a net $9.8 million use of liquidity. | ||||||||||||||||
At March 31, 2014 and March 31, 2013, the aggregate loans of $37.4 million are recorded in Long-Term Debt on the consolidated balance sheets and the aggregate loans receivable of $27.6 million are recorded in Other Assets on the consolidated balance sheets. The Company incurred $0.7 million of debt issuance costs related to the above transactions, which are being amortized over the life of the agreements. | ||||||||||||||||
At March 31, 2014 and March 31, 2013, various wholly-owned subsidiaries had additional debt of $48.8 million and $49.9 million, respectively, comprised primarily of loans payable as a result of the New Market Tax Credit financing agreements referenced above as well as borrowings at various foreign subsidiaries and capital lease obligations. | ||||||||||||||||
Accounts Receivable Securitization Program | ||||||||||||||||
In fiscal 2012, the Company entered into a five-year Amended and Restated Receivables Funding and Administration Agreement (the “RFAA”) by and among Rexnord Funding LLC (“Funding,” a wholly-owned bankruptcy-remote special purpose subsidiary), the financial institutions from time to time party thereto, and General Electric Capital Corporation, as a lender, a swing line lender and administrative agent (“GECC”). The RFAA is the principal operative agreement under which certain subsidiaries continuously sell substantially all of their domestic trade accounts receivable to Funding for cash and subordinated notes (the “Program”). Funding in turn may obtain revolving loans and letters of credit from GECC under the RFAA. The maximum borrowing amount under the RFAA is $100.0 million, subject to certain eligibility requirements related to the amount and type of receivables owned by Funding; the RFAA also contains an “accordion” provision pursuant to which Funding can request that the facility be increased by $75.0 million. All of the receivables purchased by Funding are pledged as collateral for revolving loans and letters of credit obtained from GECC under the RFAA. | ||||||||||||||||
The Program does not qualify for sale accounting under ASC 860, Transfers and Servicing (“ASC 860”), and as such, any borrowings are accounted for as secured borrowings on the consolidated balance sheet. Financing costs associated with the Program are recorded within “Interest expense, net” in the consolidated statement of operations if revolving loans or letters of credit are obtained under the RFAA. | ||||||||||||||||
Borrowings under the RFAA bear interest at a rate equal to LIBOR plus 2.25%. Outstanding borrowings mature on May 20, 2016. In addition, a non-use fee of 0.50% is applied to the unutilized portion of the $100.0 million commitment. These rates are per annum and the fees are paid to GECC on a monthly basis. | ||||||||||||||||
At March 31, 2014, the Company's available borrowing capacity under the Program was $100.0 million, based on the current accounts receivables balance subject to the Program. There were no borrowings outstanding under the Program as of March 31, 2014 and 2013. Additionally, the Program requires compliance with certain covenants and performance ratios contained in the RFAA. As of March 31, 2014, Funding was in compliance with all applicable covenants and performance ratios. | ||||||||||||||||
Future Debt Maturities | ||||||||||||||||
Future maturities of debt as of March 31, 2014 were as follows (in millions): | ||||||||||||||||
Years ending March 31: | ||||||||||||||||
2015 | $ | 29 | ||||||||||||||
2016 | 20 | |||||||||||||||
2017 | 21.3 | |||||||||||||||
2018 | 19.5 | |||||||||||||||
2019 | 19.5 | |||||||||||||||
Thereafter (1) | 1,881.00 | |||||||||||||||
$ | 1,990.30 | |||||||||||||||
-1 | Excludes the unamortized original issue discount of $18.3 million at March 31, 2014 from the term loan facility. | |||||||||||||||
Cash interest paid for the fiscal years ended March 31, 2014, 2013 and 2012 was $151.1 million, $149.4 million, and $171.5 million, respectively. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||
Derivative Financial Instruments | |||||||||||||||
The Company is exposed to certain financial risks relating to fluctuations in foreign currency exchange rates and interest rates. The Company currently selectively uses foreign currency forward exchange contracts and interest rate swap contracts to manage its foreign currency and interest rate risks. All hedging transactions are authorized and executed pursuant to defined policies and procedures that prohibit the use of financial instruments for speculative purposes. | |||||||||||||||
Foreign Exchange Contracts | |||||||||||||||
The Company periodically enters into foreign currency forward contracts to mitigate the foreign currency volatility relative to certain intercompany and external cash flows expected to occur. These foreign currency forward contracts were not accounted for as effective cash flow hedges in accordance with ASC 815 and as such were marked to market through earnings. See the amounts recorded on the consolidated balance sheets and recognized within the consolidated statements of operations related to the Company's foreign currency forward contracts within the tables below. | |||||||||||||||
Interest Rate Swaps | |||||||||||||||
During the fiscal 2014, the Company entered into three forward-starting interest rate swaps to hedge the variability in future cash flows associated with a portion of the Company’s variable rate term loans. The forward-starting interest rate swaps convert $650.0 million of the Company’s variable-rate term loans to a weighted average fixed interest rate of 2.50% plus the applicable margin (inclusive of a 1% LIBOR floor). All of the interest rate swaps become effective beginning on September 28, 2015 with a maturity of September 27, 2018. These interest rate derivatives have been designated as effective cash flow hedges in accordance with ASC 815. The fair values of these interest rate derivatives are recorded on the Company's consolidated balance sheets with the corresponding offset recorded as a component of accumulated other comprehensive loss, net of tax. | |||||||||||||||
The Company's derivatives are measured at fair value in accordance with ASC 820. See Note 13 Fair Value Measurements for more information as it relates to the fair value measurement of the Company's derivative financial instruments. | |||||||||||||||
The following tables indicate the location and the fair value of the Company's derivative instruments within the consolidated balance sheets. | |||||||||||||||
Fair value of derivatives designated as hedging instruments under ASC 815 (in millions): | |||||||||||||||
Liability Derivatives | |||||||||||||||
March 31, 2014 | March 31, 2013 | Balance Sheet Classification | |||||||||||||
Interest rate swaps | $ | 2.7 | $ | — | Other liabilities | ||||||||||
Fair value of derivatives not designated as hedging instruments under ASC 815 (in millions): | |||||||||||||||
Asset Derivatives | |||||||||||||||
March 31, 2014 | March 31, 2013 | Balance Sheet Classification | |||||||||||||
Foreign currency forward contracts | $ | 0.1 | $ | 0.3 | Other current assets | ||||||||||
Liability Derivatives | |||||||||||||||
Foreign currency forward contracts | $ | — | $ | 0.1 | Other current liabilities | ||||||||||
The following tables indicate the location and the amount of losses and gains associated with the Company's derivative instruments, net of tax, within the consolidated balance sheets (for qualifying ASC 815 instruments) and recognized within the consolidated statements of operations. The information is segregated between designated, qualifying ASC 815 hedging instruments and non-qualifying, non-designated hedging instruments (in millions). As of March 31, 2014, there was no ineffectiveness on the Company's designated hedging instruments. | |||||||||||||||
Amount of loss recognized in accumulated other comprehensive loss on derivatives | |||||||||||||||
Derivative instruments designated as cash flow hedging relationships under ASC 815 | |||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||
Interest rate swaps | $ | 1.7 | $ | — | |||||||||||
Derivative instruments designated as cash flow hedging relationships under ASC 815 | Location of loss reclassified from accumulated OCI into income | Amount of loss reclassified from accumulated OCI into income | |||||||||||||
Year Ended | |||||||||||||||
March 31, 2014 | March 31, 2013 | March 31, 2012 | |||||||||||||
Interest rate swaps | Interest expense, net | $ | — | $ | — | $ | (5.8 | ) | |||||||
Loss on the extinguishment of debt | — | — | (3.2 | ) | |||||||||||
Total | $ | — | $ | — | $ | (9.0 | ) | ||||||||
Amount recognized in other expense, net | |||||||||||||||
Derivative instruments not designated as hedging instruments under ASC 815 | Location of gain recognized in income on derivatives | Year Ended | |||||||||||||
March 31, 2014 | March 31, 2013 | March 31, 2012 | |||||||||||||
Foreign currency forward contracts | Other income, net | $ | 0.4 | $ | 0.5 | $ | 0.5 | ||||||||
Due to the forward-starting nature of the interest rate swaps, the Company does not expect to reclassify any amount within accumulated other comprehensive loss into earnings as interest expense during the next twelve months. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. ASC 820 also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed assumptions about the assumptions a market participant would use. | |||||||||||||||||
In accordance with ASC 820, fair value measurements are classified under the following hierarchy: | |||||||||||||||||
• | Level 1- Quoted prices for identical instruments in active markets. | ||||||||||||||||
• | Level 2- Quoted prices for similar instruments; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable. | ||||||||||||||||
• | Level 3- Model-derived valuations in which one or more inputs or value-drivers are both significant to the fair value measurement and unobservable. | ||||||||||||||||
If applicable, the Company uses quoted market prices in active markets to determine fair value, and therefore classifies such measurements within Level 1. In some cases where market prices are not available, the Company makes use of observable market based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed models that use, where possible, current market-based parameters. These measurements are classified within Level 3 if they use significant unobservable inputs. | |||||||||||||||||
Foreign Currency Forward Contracts and Interest Rate Swaps | |||||||||||||||||
The Company transacts in foreign currency forward contracts and interest rate swaps, which are impacted by ASC 820. The fair value of foreign currency forward contracts is based on a pricing model that utilizes the differential between the contract price and the market-based forward rate as applied to fixed future deliveries of currency at pre-designated settlement dates. The fair value of interest rate swaps is based on pricing models. These models use discounted cash flows that utilize the appropriate market-based forward swap curves and interest rates. | |||||||||||||||||
The Company endeavors to utilize the best available information in measuring fair value. As required by ASC 820, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company has determined that its foreign currency forward contracts and interest rate swaps reside within Level 2 of the fair value hierarchy. There were no transfers of assets between levels during the years ended March 31, 2014 and March 31, 2013. The following table provides a summary of the Company's assets and liabilities that were recognized at fair value on a recurring basis as of March 31, 2014 and March 31, 2013 (in millions): | |||||||||||||||||
Fair Value as of March 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Total assets at fair value | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Liabilities: | |||||||||||||||||
Interest rate swaps | $ | — | $ | 2.7 | $ | — | $ | 2.7 | |||||||||
Total liabilities at fair value | $ | — | $ | 2.7 | $ | — | $ | 2.7 | |||||||||
Fair Value as of March 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | 0.3 | $ | — | $ | 0.3 | |||||||||
Total assets at fair value | $ | — | $ | 0.3 | $ | — | $ | 0.3 | |||||||||
Liabilities: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Total liabilities at fair value | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Fair Value of Non-Derivative Financial Instruments | |||||||||||||||||
The carrying amounts of cash, receivables, payables and accrued liabilities approximated fair value at March 31, 2014 and March 31, 2013 due to the short-term nature of those instruments. The carrying value of long-term debt recognized within the consolidated balance sheets as of March 31, 2014 and March 31, 2013 was approximately $1,972.0 million and $2,131.6 million, respectively, whereas the fair value of long-term debt as of March 31, 2014 and March 31, 2013 was approximately $1,995.1 million and $2,254.1 million, respectively. The fair value is based on quoted market prices for the same issues. |
Leases
Leases | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Leases [Abstract] | ' | |||
Leases of Lessee Disclosure [Text Block] | ' | |||
Leases | ||||
The Company leases manufacturing and warehouse facilities and data processing and other equipment under non-cancelable operating leases which expire at various dates primarily through 2024. Rent expense under operating leases totaled $17.0 million, $16.0 million and $14.8 million for the fiscal years ended March 31, 2014, 2013 and 2012, respectively. | ||||
Future minimum rental payments for operating leases with initial terms in excess of one year as of March 31, 2014 are as follows (in millions): | ||||
Years ending March 31: | ||||
2015 | $ | 15.9 | ||
2016 | 12.5 | |||
2017 | 9.4 | |||
2018 | 7.6 | |||
2019 | 6.4 | |||
Thereafter | 7.7 | |||
$ | 59.5 | |||
Stock_Options
Stock Options | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Stock Options [Abstract] | ' | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||
Stock Options | |||||||||||||||||||||
ASC 718 requires compensation costs related to share-based payment transactions to be recognized in the financial statements. Generally, compensation cost is measured based on the grant-date fair value of the equity instruments issued. Compensation cost is recognized over the requisite service period, generally as the awards vest. | |||||||||||||||||||||
In fiscal 2007, the Board of Directors adopted, and stockholders approved, the 2006 Stock Option Plan (the “2006 Option Plan”). The maximum number of shares of the Company's common stock that may be issued or transferred pursuant to options under the 2006 Option Plan equals 11,239,290 shares. Following the consummation of the Company's initial public offering ("IPO") in April 2012, all outstanding unvested options under the 2006 Option Plan, including that portion of options that was scheduled to vest with respect to fiscal 2012 Company performance, were amended to vest solely based on continued employment with the Company over the 5 year vesting period. No further options are being granted under the 2006 Option Plan. | |||||||||||||||||||||
In fiscal 2012, the Board of Directors adopted, and stockholders approved, the Rexnord Corporation 2012 Performance Incentive Plan (the "2012 Incentive Plan", and together with the 2006 Option Plan, the "Option Plans"), which operates as a successor plan to the 2006 Option Plan. The 2012 Incentive Plan is intended to provide performance incentives to the Company's officers, employees, directors and certain others by permitting grants of equity awards and performance-based cash awards to such persons, to encourage them to maximize Rexnord's performance and create value for Rexnord's stockholders, but broadens the types of awards that had been permitted by the 2006 Option Plan. The options under the 2012 Incentive Plan have a maximum term of ten years after the grant date with 50% of the options vesting three years after the grant date and the remaining 50% vesting five years after the grant date, with the exception of options granted to directors of the Company, which vest ratably over three years. | |||||||||||||||||||||
The 2012 Incentive Plan permits the grant of awards that may deliver up to an aggregate of 8,350,000 shares of common stock further subject to limits on the number of shares that may be delivered pursuant to incentive stock options and on the shares that may be delivered on the awards to any individual in a single year, within the meaning of Section 162(m) of the Internal Revenue Code. The 2012 Incentive Plan is administered by the Compensation Committee. | |||||||||||||||||||||
The fair value of each option granted under the Option Plans was estimated on the date of grant using the Black-Scholes valuation model that uses the following weighted-average assumptions: | |||||||||||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | |||||||||||||||||||
Expected option term (in years) | 7.5 | 7.5 | 7.5 | ||||||||||||||||||
Expected volatility factor | 35 | % | 34 | % | 34 | % | |||||||||||||||
Weighted-average risk free interest rate | 1.57 | % | 1.71 | % | 1.64 | % | |||||||||||||||
Expected dividend rate | 0 | % | 0 | % | 0 | % | |||||||||||||||
Options granted under the Option Plans have a term of ten years. Management’s estimate of the option term for options granted under the Option Plans is 7.5 years based on the midpoint between when the options vest and when they expire. The Company uses the simplified method to determine the expected term, as management does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term due to the limited period of time its common stock shares has been publicly traded. The Company’s expected volatility assumptions are based on the expected volatilities of publicly-traded companies within the Company’s industry. The weighted average risk free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant. Management also assumes expected dividends of zero. The weighted-average grant date fair value of options granted under the Option Plans during fiscal 2014, 2013 and 2012 was $8.06, $8.22 and $7.46, respectively. The total fair value of options vested during fiscal 2014, 2013 and 2012 was $1.8 million, $2.2 million and $9.0 million, respectively. | |||||||||||||||||||||
During fiscal 2014, 2013 and 2012, the Company recorded $7.0 million, $7.1 million and $3.7 million of stock-based compensation, respectively (the related tax benefit on these amounts was $2.5 million for fiscal 2014, $2.5 million for fiscal 2013, and $1.4 million for fiscal 2012). During fiscal 2014, 2013 and 2012, the Company also recorded $5.8 million, $18.1 million and $0.0 million, respectively, of an excess tax benefit related to stock options exercised during the fiscal year. As of March 31, 2014, there was $15.4 million of total unrecognized compensation cost related to non-vested stock options granted under the Option Plans. That cost is expected to be recognized over a weighted-average period of 3.4 years. | |||||||||||||||||||||
Other information relative to stock options and the changes period over period are as follows: | |||||||||||||||||||||
Year-Ended March 31, 2014 | Year-Ended March 31, 2013 | Year-Ended March 31, 2012 | |||||||||||||||||||
Shares | Weighted Avg. Exercise Price | Shares | Weighted Avg. Exercise Price | Shares | Weighted Avg. Exercise Price | ||||||||||||||||
Number of shares under options: | |||||||||||||||||||||
Outstanding at beginning of period | 9,450,197 | $ | 9.85 | 10,874,371 | $ | 5.27 | 10,700,275 | $ | 4.74 | ||||||||||||
Granted | 978,849 | 19.82 | 2,626,157 | 20.56 | 431,459 | 18.74 | |||||||||||||||
Exercised (1) | (1,154,011 | ) | 5.91 | (3,746,740 | ) | 3.77 | (5,465 | ) | 4.8 | ||||||||||||
Canceled/Forfeited | (622,201 | ) | 19.91 | (303,591 | ) | 13.58 | (251,898 | ) | 5.39 | ||||||||||||
Outstanding at end of period (2) | 8,652,834 | $ | 10.79 | 9,450,197 | $ | 9.85 | 10,874,371 | $ | 5.27 | ||||||||||||
Exercisable at end of period (3) | 5,225,236 | $ | 5.46 | 5,879,052 | $ | 5.3 | 8,949,922 | $ | 4.49 | ||||||||||||
______________________ | |||||||||||||||||||||
-1 | The total intrinsic value of options exercised during fiscal 2014, 2013 and 2012 was $18.7 million, $56.1 million and $0.1 million, respectively. | ||||||||||||||||||||
-2 | The weighted average remaining contractual life of options outstanding is 5.5 years at March 31, 2014, 6.1 years at March 31, 2013 and 5.7 years at March 31, 2012. The aggregate intrinsic value of options outstanding at March 31, 2014 is $157.4 million. | ||||||||||||||||||||
-3 | The weighted average remaining contractual life of options exercisable is 3.7 years at March 31, 2014, 4.6 years at March 31, 2013 and 5.0 years at March 31, 2012. The aggregate intrinsic value of options exercisable at March 31, 2014 is $122.9 million. | ||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||
Average Grant | |||||||||||||||||||||
Date Fair Value | |||||||||||||||||||||
Non-vested options at March 31, 2013 | 3,571,145 | $ | 6.99 | ||||||||||||||||||
Granted | 978,849 | 8.06 | |||||||||||||||||||
Vested | (505,357 | ) | 3.53 | ||||||||||||||||||
Canceled/Forfeited | (617,039 | ) | 8.02 | ||||||||||||||||||
Non-vested options at March 31, 2014 | 3,427,598 | $ | 7.62 | ||||||||||||||||||
Retirement_Benefits
Retirement Benefits | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |||||||||||||||||||||||
Retirement Benefits | ||||||||||||||||||||||||
The Company sponsors pension and other postretirement benefit plans for certain employees. Most of the Company’s employees are accumulating retirement income benefits through defined contribution plans. However, the Company does sponsor frozen pension plans for its salaried participants and ongoing pension benefits for certain employees represented by collective bargaining. These plans provide for monthly pension payments to eligible employees upon retirement. Pension benefits for salaried employees generally are based on years of frozen credited service and average earnings. Pension benefits for hourly employees generally are based on specified benefit amounts and years of service. The Company’s policy is to fund its pension obligations in conformity with the funding requirements under applicable laws and governmental regulations. Other postretirement benefits consist of retiree medical plans that cover a portion of employees in the United States that meet certain age and service requirements. | ||||||||||||||||||||||||
The corridor is 10% of the higher of the pension benefit obligation or the fair value of the plan assets. The Company recognizes the net actuarial gains or losses in excess of 10% of the higher of the pension benefit obligation or the fair value of the plan assets in operating results during the fourth quarter of each fiscal year (or upon any required re-measurement event). Net periodic benefit costs recorded on a quarterly basis are primarily comprised of service and interest cost, amortization of unrecognized prior service cost and the expected return on plan assets. | ||||||||||||||||||||||||
The components of net periodic benefit cost reported in the consolidated statements of operations are as follows (in millions): | ||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | March 31, 2012 | ||||||||||||||||||||||
Pension Benefits: | ||||||||||||||||||||||||
Service cost | $ | 1.8 | $ | 1.9 | $ | 1.9 | ||||||||||||||||||
Interest cost | 30.1 | 31.6 | 33.6 | |||||||||||||||||||||
Expected return on plan assets | (30.5 | ) | (31.9 | ) | (33.1 | ) | ||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Prior service cost | 0.2 | 0.6 | 0.3 | |||||||||||||||||||||
Curtailment loss | — | 0.2 | — | |||||||||||||||||||||
Recognition of actuarial losses | 2.7 | 7.2 | 7.5 | |||||||||||||||||||||
Net periodic benefit cost | $ | 4.3 | $ | 9.6 | $ | 10.2 | ||||||||||||||||||
Other Postretirement Benefits: | ||||||||||||||||||||||||
Service cost | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||||||||||||
Interest cost | 1.2 | 1.5 | 1.8 | |||||||||||||||||||||
Amortization: | ||||||||||||||||||||||||
Prior service credit | (1.9 | ) | (2.0 | ) | (2.0 | ) | ||||||||||||||||||
Recognition of actuarial (gains) losses | — | (1.7 | ) | 1.6 | ||||||||||||||||||||
Net periodic benefit cost | $ | (0.6 | ) | $ | (2.1 | ) | $ | 1.5 | ||||||||||||||||
The status of the plans are summarized as follows (in millions): | ||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2014 | Year Ended March 31, 2013 | |||||||||||||||||||||
Benefit obligation at beginning of period | $ | (720.6 | ) | $ | (679.0 | ) | $ | (33.6 | ) | $ | (37.0 | ) | ||||||||||||
Service cost | (1.8 | ) | (1.9 | ) | (0.1 | ) | (0.1 | ) | ||||||||||||||||
Interest cost | (30.1 | ) | (31.6 | ) | (1.2 | ) | (1.5 | ) | ||||||||||||||||
Actuarial (losses) gains | 18.2 | (50.5 | ) | 0.4 | 1.8 | |||||||||||||||||||
Plan amendments | 0.2 | 0.4 | — | — | ||||||||||||||||||||
Benefits paid | 38.5 | 40.1 | 4.1 | 4.2 | ||||||||||||||||||||
Plan participant contributions | (0.4 | ) | (0.3 | ) | (0.8 | ) | (1.0 | ) | ||||||||||||||||
Acquisitions | — | (1.2 | ) | — | — | |||||||||||||||||||
Curtailment | — | 1.1 | — | — | ||||||||||||||||||||
Translation adjustment | (4.0 | ) | 2.3 | — | — | |||||||||||||||||||
Benefit obligation at end of period | $ | (700.0 | ) | $ | (720.6 | ) | $ | (31.2 | ) | $ | (33.6 | ) | ||||||||||||
Plan assets at the beginning of the period | $ | 577.7 | $ | 549.2 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 25.6 | 54.7 | — | — | ||||||||||||||||||||
Contributions | 12.8 | 13.3 | 4.1 | 4.2 | ||||||||||||||||||||
Benefits paid | (38.5 | ) | (40.1 | ) | (4.1 | ) | (4.2 | ) | ||||||||||||||||
Acquisitions | — | 1.1 | — | — | ||||||||||||||||||||
Translation adjustment | 0.1 | (0.5 | ) | — | — | |||||||||||||||||||
Plan assets at end of period | $ | 577.7 | $ | 577.7 | $ | — | $ | — | ||||||||||||||||
Funded status of plans | $ | (122.3 | ) | $ | (142.9 | ) | $ | (31.2 | ) | $ | (33.6 | ) | ||||||||||||
Net amount on Consolidated Balance Sheets consists of: | ||||||||||||||||||||||||
Current liabilities | $ | (3.0 | ) | $ | (2.9 | ) | $ | (2.8 | ) | $ | (2.8 | ) | ||||||||||||
Long-term liabilities | (119.3 | ) | (140.0 | ) | (28.4 | ) | (30.8 | ) | ||||||||||||||||
Total net funded status | $ | (122.3 | ) | $ | (142.9 | ) | $ | (31.2 | ) | $ | (33.6 | ) | ||||||||||||
As of March 31, 2014, the Company had pension plans with a combined projected benefit obligation of $700.0 million compared to plan assets of $577.7 million, resulting in an under-funded status of $122.3 million compared to an under-funded status of $142.9 million at March 31, 2013. The Company’s funded status has improved year-over-year primarily as a result of the increase interest rates in fiscal 2014. Any further changes in the assumptions underlying the Company’s pension values, including those that arise as a result of declines in equity markets and changes in interest rates, could result in increased pension obligation and pension cost which could negatively affect the Company’s consolidated financial position and results of operations in future periods. | ||||||||||||||||||||||||
Amounts included in accumulated other comprehensive loss (income), net of tax, related to defined benefit plans at March 31, 2014 consist of the following (in millions): | ||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Pension | Postretirement | Total | ||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Unrecognized prior service cost (credit) | $ | 0.5 | $ | (9.1 | ) | $ | (8.6 | ) | ||||||||||||||||
Unrecognized actuarial loss | 54.9 | 0.4 | 55.3 | |||||||||||||||||||||
Accumulated other comprehensive loss (income), gross | 55.4 | (8.7 | ) | 46.7 | ||||||||||||||||||||
Deferred income tax (benefit) provision | (19.7 | ) | 2.9 | (16.8 | ) | |||||||||||||||||||
Accumulated other comprehensive loss (income), net | $ | 35.7 | $ | (5.8 | ) | $ | 29.9 | |||||||||||||||||
As of March 31, 2013 | ||||||||||||||||||||||||
Pension | Postretirement | Total | ||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Unrecognized prior service cost (credit) | $ | 1 | $ | (11.1 | ) | $ | (10.1 | ) | ||||||||||||||||
Unrecognized actuarial loss | 70.4 | 0.8 | 71.2 | |||||||||||||||||||||
Accumulated other comprehensive loss (income), gross | 71.4 | (10.3 | ) | 61.1 | ||||||||||||||||||||
Deferred income tax (benefit) provision | (25.2 | ) | 3.5 | (21.7 | ) | |||||||||||||||||||
Accumulated other comprehensive loss (income), net | $ | 46.2 | $ | (6.8 | ) | $ | 39.4 | |||||||||||||||||
The amounts in accumulated other comprehensive (loss) income expected to be recognized as components of net periodic benefit cost during the next year are: prior service cost (credit) of $0.2 million and $(2.0) million for pension benefits and other postretirement benefits, respectively. | ||||||||||||||||||||||||
The following table presents significant assumptions used to determine benefit obligations and net periodic benefit cost (income) in weighted-average percentages: | ||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | March 31, 2012 | March 31, 2014 | March 31, 2013 | March 31, 2012 | |||||||||||||||||||
Benefit Obligations: | ||||||||||||||||||||||||
Discount rate | 4.54 | % | 4.25 | % | 4.83 | % | 4.3 | % | 3.8 | % | 4.4 | % | ||||||||||||
Rate of compensation increase | 3.41 | % | 3.42 | % | 3.4 | % | n/a | n/a | n/a | |||||||||||||||
Net Periodic Benefit Cost: | ||||||||||||||||||||||||
Discount rate | 4.25 | % | 4.83 | % | 5.75 | % | 3.8 | % | 4.4 | % | 5.4 | % | ||||||||||||
Rate of compensation increase | 3.42 | % | 3.4 | % | 3.4 | % | n/a | n/a | n/a | |||||||||||||||
Expected return on plan assets | 5.48 | % | 6 | % | 6.58 | % | n/a | n/a | n/a | |||||||||||||||
In evaluating the expected return on plan assets, consideration was given to historical long-term rates of return on plan assets and input from the Company’s pension fund consultant on asset class return expectations, long-term inflation and current market conditions. | ||||||||||||||||||||||||
The following table presents the Company’s target investment allocations for the year ended March 31, 2014 and actual investment allocations at March 31, 2014 and 2013. | ||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Investment | Target | Actual | Actual | |||||||||||||||||||||
Policy (1) | Allocation (2) | Allocation | Allocation | |||||||||||||||||||||
Equity securities | 20 - 30% | 29 | % | 30 | % | 30 | % | |||||||||||||||||
Debt securities (including cash and cash equivalents) | 55 - 80% | 68 | % | 67 | % | 67 | % | |||||||||||||||||
Other | 0 - 10% | 3 | % | 3 | % | 3 | % | |||||||||||||||||
-1 | The investment policy allocation represents the guidelines of the Company's principal U.S. pension plans based on the changes in the plans funded status. | |||||||||||||||||||||||
-2 | The target allocations represent the weighted average target allocations for the Company's principal U.S. pension plans. | |||||||||||||||||||||||
The Company's defined benefit pension investment strategy is evolving from an objective of maximizing asset returns toward a dynamic liability driven investment (“LDI”) strategy as the funded status improves. The objective is to more closely align the pension plan assets with its liabilities in terms of how both respond to interest rate changes. The plan assets are allocated into two investment categories: (i) LDI, comprised of high quality, investment grade fixed income securities and (ii) return seeking, comprised of traditional securities and alternative asset classes. All assets are managed externally according to guidelines established individually with investment managers and the Company's investment consultant. The Company periodically undertakes asset and liability modeling studies to determine the appropriateness of the investments. The Company intends to continuously reduce the assets allocated to the return seeking category, thereby increasing the assets allocated to the LDI category based on the overall improvement in the plan funded status. No equity securities of the Company are held in the portfolio. | ||||||||||||||||||||||||
The fair values of the Company’s pension plan assets for both the U.S and non-U.S. plans at March 31, 2014 and 2013, by asset category were as follows (in millions). For information on the fair value hierarchy and the inputs used to measure fair value, see Note 13 Fair Value Measurements. Certain prior year amounts have been reclassified to conform to the fiscal 2014 presentation. | ||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||||||
Active Market | Observable Inputs | Unobservable | ||||||||||||||||||||||
(Level 1) | (Level 2) | Inputs (Level 3) | ||||||||||||||||||||||
Cash and cash equivalents | $ | 5.8 | $ | 3 | $ | — | $ | 8.8 | ||||||||||||||||
Investment funds | ||||||||||||||||||||||||
Fixed income funds (1) | — | 374.4 | — | 374.4 | ||||||||||||||||||||
U.S. equity funds (2) | — | 74.4 | — | 74.4 | ||||||||||||||||||||
International equity funds (2) | — | 39.8 | — | 39.8 | ||||||||||||||||||||
Balanced funds (2) | — | 10.2 | — | 10.2 | ||||||||||||||||||||
Alternative investment funds (3) | — | — | 53.6 | 53.6 | ||||||||||||||||||||
Insurance contracts | — | — | 16.5 | 16.5 | ||||||||||||||||||||
Total | $ | 5.8 | $ | 501.8 | $ | 70.1 | $ | 577.7 | ||||||||||||||||
As of March 31, 2013 | ||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||||||
Active Market | Observable Inputs | Unobservable | ||||||||||||||||||||||
(Level 1) | (Level 2) | Inputs (Level 3) | ||||||||||||||||||||||
Cash and cash equivalents | $ | 1.2 | $ | 4.1 | $ | — | $ | 5.3 | ||||||||||||||||
Investment funds | ||||||||||||||||||||||||
Fixed income funds (1) | — | 380.7 | — | 380.7 | ||||||||||||||||||||
US equity funds (2) | — | 77.6 | — | 77.6 | ||||||||||||||||||||
International equity funds (2) | — | 39.9 | — | 39.9 | ||||||||||||||||||||
Balanced funds (2) | — | 9.9 | — | 9.9 | ||||||||||||||||||||
Alternative investment funds (3) | — | — | 52 | 52 | ||||||||||||||||||||
Insurance contracts | — | — | 12.3 | 12.3 | ||||||||||||||||||||
Total | $ | 1.2 | $ | 512.2 | $ | 64.3 | $ | 577.7 | ||||||||||||||||
-1 | The Company's fixed income mutual and commingled funds primarily include investments in U.S. government securities and corporate bonds. The commingled funds also include an insignificant portion of investments in asset-backed securities or partnerships. The mutual and commingled funds are valued using quoted market prices of the underlying investments. | |||||||||||||||||||||||
-2 | The Company's equity mutual and commingled funds primarily include investments in U.S. and international common stock. The balanced mutual and commingled funds invest in a combination of fixed income and equity securities. The mutual and commingled funds are valued using quoted market prices of the underlying securities. | |||||||||||||||||||||||
-3 | The Company's alternative investments include venture capital and partnership investments. Alternative investments are valued using the net asset value, which reflects the plan's share of the fair value of the investments. | |||||||||||||||||||||||
The table below sets forth a summary of changes in the fair value of the Level 3 investments for the years ended March 31, 2014 and 2013 (in millions): | ||||||||||||||||||||||||
Alternative | Insurance | Total | ||||||||||||||||||||||
Investments | Contracts | |||||||||||||||||||||||
Beginning balance, March 31, 2012 | $ | 54.8 | $ | 8.8 | $ | 63.6 | ||||||||||||||||||
Actual return on assets: | ||||||||||||||||||||||||
Related to assets held at reporting date | (0.6 | ) | 3.5 | 2.9 | ||||||||||||||||||||
Related to assets sold during the period | 1.8 | — | 1.8 | |||||||||||||||||||||
Purchases, sales, issuances and settlements | (4.0 | ) | — | (4.0 | ) | |||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||||||||||||||
Ending balance, March 31, 2013 | 52 | 12.3 | 64.3 | |||||||||||||||||||||
Actual return on assets: | ||||||||||||||||||||||||
Related to assets held at reporting date | 2.4 | 4.2 | 6.6 | |||||||||||||||||||||
Related to assets sold during the period | 0.1 | — | 0.1 | |||||||||||||||||||||
Purchases, sales, issuances and settlements | (0.9 | ) | — | (0.9 | ) | |||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||||||||||||||
Ending balance, March 31, 2014 | $ | 53.6 | $ | 16.5 | $ | 70.1 | ||||||||||||||||||
During fiscal 2015, the Company expects to contribute approximately $9.4 million to its defined benefit plans and $2.8 million to its other postretirement benefit plans. | ||||||||||||||||||||||||
Expected benefit payments to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in millions): | ||||||||||||||||||||||||
Year Ending March 31: | Pension | Other | ||||||||||||||||||||||
Benefits | Postretirement | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
2015 | $ | 40.1 | $ | 2.8 | ||||||||||||||||||||
2016 | 40.7 | 2.9 | ||||||||||||||||||||||
2017 | 41.4 | 2.9 | ||||||||||||||||||||||
2018 | 42 | 2.9 | ||||||||||||||||||||||
2019 | 42.6 | 2.8 | ||||||||||||||||||||||
2020-2024 | 219.3 | 11.7 | ||||||||||||||||||||||
Pension Plans That Are Not Fully Funded | ||||||||||||||||||||||||
At March 31, 2014, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of the fair value of plan assets were $695.8 million, $687.2 million and $573.5 million, respectively. | ||||||||||||||||||||||||
At March 31, 2013, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of the fair value of plan assets were $720.6 million, $710.5 million and $577.7 million, respectively. | ||||||||||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||||||||||
The other postretirement benefit obligation was determined using an assumed health care cost trend rate of 7.5% in fiscal 2014 grading down to 5.0% in fiscal 2019 and thereafter. The discount rate, compensation rate increase and health care cost trend rate assumptions are determined as of the measurement date. | ||||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on amounts reported for the retiree medical plans. A one-percentage point change in assumed health care cost trend rates would have the following effect (in millions): | ||||||||||||||||||||||||
One Percentage Point Increase | One Percentage Point Decrease | |||||||||||||||||||||||
Year Ended March 31, | Year Ended March 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Increase (decrease) in total of service and interest cost components | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.1 | ) | |||||||||
Increase (decrease) in postretirement benefit obligation | 2.4 | 2.7 | 2.7 | (2.1 | ) | (2.3 | ) | (2.4 | ) | |||||||||||||||
Multi-Employer and Government-sponsored Plans | ||||||||||||||||||||||||
The Company participates in certain multi-employer and government-sponsored plans for eligible employees. Expense related to these plans was $0.3 million in each of the years ended March 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Defined Contribution Savings Plans | ||||||||||||||||||||||||
The Company sponsors certain defined-contribution savings plans for eligible employees. Expense related to these plans was $15.6 million, $14.2 million, and $11.0 million for the years ended March 31, 2014, 2013 and 2012, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Tax Disclosure [Text Block] | ' | |||||||||||
Income Taxes | ||||||||||||
The provision for income taxes consists of amounts for taxes currently payable and amounts for tax items deferred to future periods, as well as adjustments relating to the Company's determination of uncertain tax positions, including interest and penalties. The Company recognizes deferred tax assets and liabilities based on the future tax consequences attributable to tax net operating loss ("NOL") carryforwards, tax credit carryforwards and differences between the financial statement carrying amounts and the tax bases of applicable assets and liabilities. Deferred tax assets are regularly reviewed for recoverability and valuation allowances are established based on historical losses, projected future taxable income and the expected timing of the reversals of existing temporary differences. As a result of this review, we have established a partial valuation allowance against our deferred tax assets relating to certain foreign and state net operating loss carryforwards as well as our foreign tax credit carryforwards. | ||||||||||||
Income Tax (Benefit) Provision | ||||||||||||
The components of the (benefit) provision for income taxes are as follows (in millions): | ||||||||||||
Year ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
United States | $ | 0.8 | $ | 0.1 | $ | 1.1 | ||||||
Non-United States | 14.2 | 16.9 | 16.7 | |||||||||
State and local | 2 | 1 | 1.6 | |||||||||
Total current | 17 | 18 | 19.4 | |||||||||
Deferred: | ||||||||||||
United States | (6.0 | ) | 10.3 | (0.7 | ) | |||||||
Non-United States | (16.4 | ) | (7.0 | ) | (6.4 | ) | ||||||
State and local | (2.0 | ) | (1.0 | ) | (2.9 | ) | ||||||
Total deferred | (24.4 | ) | 2.3 | (10.0 | ) | |||||||
(Benefit) provision for income taxes | $ | (7.4 | ) | $ | 20.3 | $ | 9.4 | |||||
The (benefit) provision for income taxes differs from the United States statutory income tax rate due to the following items (in millions): | ||||||||||||
Year ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Provision for income taxes at U.S. federal statutory income tax rate | $ | 7.8 | $ | 26.3 | $ | 15.7 | ||||||
State and local income taxes, net of federal benefit | (0.8 | ) | 3 | 0.9 | ||||||||
Net effects of foreign rate differential | (3.6 | ) | (5.4 | ) | (1.9 | ) | ||||||
Net effects of foreign related operations | 5.5 | (4.2 | ) | (4.3 | ) | |||||||
Net effect to deferred taxes for changes in tax rates | 0.6 | (0.1 | ) | (1.2 | ) | |||||||
Unrecognized tax benefits, net of federal benefit | (4.7 | ) | 0.2 | (0.8 | ) | |||||||
Change in valuation allowance | (11.5 | ) | — | (0.9 | ) | |||||||
Capitalized transaction costs | — | 0.2 | 1.3 | |||||||||
Other | (0.7 | ) | 0.3 | 0.6 | ||||||||
(Benefit) provision for income taxes | $ | (7.4 | ) | $ | 20.3 | $ | 9.4 | |||||
The (benefit) provision for income taxes was calculated based upon the following components of income (loss) before income taxes (in millions): | ||||||||||||
Year ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
United States | $ | (18.0 | ) | $ | 38.5 | $ | 21.3 | |||||
Non-United States | 40.2 | 36.7 | 23.6 | |||||||||
Income before income taxes | $ | 22.2 | $ | 75.2 | $ | 44.9 | ||||||
Deferred Income Tax Assets and Liabilities | ||||||||||||
Deferred income taxes consist of the tax effects of the following temporary differences (in millions): | ||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Compensation and retirement benefits | $ | 76.5 | $ | 82.5 | ||||||||
US federal and state tax operating loss carryforwards | 63.1 | 63.9 | ||||||||||
Foreign tax credit carryforwards | 46.8 | 50.5 | ||||||||||
Foreign net operating loss carryforwards | 17.2 | 15.6 | ||||||||||
Other | 7.4 | 20.2 | ||||||||||
Total deferred tax assets before valuation allowance | 211 | 232.7 | ||||||||||
Valuation allowance | (54.4 | ) | (73.1 | ) | ||||||||
Total deferred tax assets | 156.6 | 159.6 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | 45.6 | 46.3 | ||||||||||
Inventories | 31.8 | 34.6 | ||||||||||
Intangible assets and goodwill | 222.7 | 236.7 | ||||||||||
Cancellation of indebtedness | 74.5 | 78.4 | ||||||||||
Total deferred tax liabilities | 374.6 | 396 | ||||||||||
Net deferred tax liabilities | $ | 218 | $ | 236.4 | ||||||||
These deferred tax assets and liabilities are classified in the consolidated balance sheets based on the balance sheet classification of the related assets and liabilities. | ||||||||||||
Management has reviewed its deferred tax assets and has analyzed the uncertainty with respect to ultimately realizing the related tax benefits associated with such assets. Based upon this analysis, management has determined that a valuation allowance should be established for deferred tax assets relating to certain foreign and state NOL carryforwards, as well as foreign tax credit carryforwards. Significant factors considered by management in this determination included the historical operating results of the Company as well as anticipated reversals of future taxable temporary differences. A valuation allowance was recorded at March 31, 2014 and 2013 for deferred tax assets related to state NOL carryforwards, foreign NOL carryforwards and foreign tax credit carryforwards for which utilization is uncertain. The significant reduction in the valuation allowance presented above was generally due to a change in management's view that the realization of certain foreign NOL and foreign tax credit carryforwards (previously having a valuation allowance recorded) is now deemed more-likely-than-not as well as write-offs of certain deferred tax assets as a result of the carryforward period expiring prior to utilization. The carryforward period for the foreign tax credit is ten years. The carryforward period for the U.S. federal NOL carryforward is twenty years. The carryforward periods for the state NOLs range from five to twenty years. Certain foreign NOL carryforwards are subject to a five-year expiration period, and the carryforward period for the remaining foreign NOLs is indefinite. | ||||||||||||
As of March 31, 2014, the Company had approximately $114.8 million of federal NOL carryforwards expiring over various years ending through March 31, 2031. No valuation allowance was recorded against the related federal NOL deferred tax asset. In addition, the Company had approximately $566.0 million of state NOL carryforwards at March 31, 2014, expiring over various years ending through March 31, 2034. The Company has a valuation allowance of $19.9 million recorded against the related deferred tax asset. Lastly, at March 31, 2014, the Company had approximately $86.9 million of foreign NOL carryforwards in which the majority of these losses can be carried forward indefinitely. There exists a valuation allowance of $6.4 million against these NOL carryforwards as well as other related deferred tax assets. | ||||||||||||
No provision has been made for United States income taxes related to approximately $141.4 million of undistributed earnings of foreign subsidiaries that are considered to be permanently reinvested. Due to existing net operating loss and foreign tax credit carryforwards, no income tax liability would generally result if such earnings were repatriated to the U.S., other than potential out-of-pocket withholding taxes of approximately $3.9 million. | ||||||||||||
Net cash paid for income taxes to governmental tax authorities for the years ended March 31, 2014, 2013 and 2012 was $13.6 million, $16.7 million and $17.5 million, respectively. | ||||||||||||
Liability for Unrecognized Tax Benefits | ||||||||||||
The Company's total liability for unrecognized tax benefits as of March 31, 2014 and March 31, 2013 was $23.6 million and $27.5 million, respectively. | ||||||||||||
The following table represents a reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, for the fiscal years ended March 31, 2014 and March 31, 2013 (in millions): | ||||||||||||
Year Ended March 31, | ||||||||||||
2014 | 2013 | |||||||||||
Balance at beginning of period | $ | 24 | $ | 29.6 | ||||||||
Additions based on tax positions related to the current year | 2.5 | — | ||||||||||
Additions for tax positions of prior years | — | — | ||||||||||
Reductions for tax positions of prior years | — | — | ||||||||||
Settlements | (0.8 | ) | (5.0 | ) | ||||||||
Reductions due to lapse of applicable statute of limitations | (4.7 | ) | (0.8 | ) | ||||||||
Cumulative translation adjustment | (0.1 | ) | 0.2 | |||||||||
Balance at end of period | $ | 20.9 | $ | 24 | ||||||||
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. As of March 31, 2014 and March 31, 2013, the total amount of unrecognized tax benefits includes $9.9 million and $10.5 million of gross accrued interest and penalties, respectively. The amount of interest and penalties recorded as income tax (benefit) expense during the fiscal years ended March 31, 2014, 2013 and 2012 was $(0.6) million, $0.9 million, and $0.8 million, respectively. | ||||||||||||
During the second quarter of fiscal 2013, the Company completed an examination of its German corporate income and trade tax returns relating to VAG's German operations for the tax periods ended December 31, 2006 through December 31, 2010. The majority of the settlement amount noted in the table above was a result of the completion of this examination. The Company paid approximately $0.4 million upon the conclusion of this examination; however, this amount was subsequently reimbursed by the prior owners in accordance with an existing tax indemnity agreement. In addition, as the Company was still within the one-year window from the acquisition date of VAG, the additional decrease in unrecognized net income tax benefits resulting from this settlement was treated as a reduction to goodwill versus a reduction to income tax expense. | ||||||||||||
The Company conducts business in multiple locations within and outside the U.S. Consequently, the Company is subject to periodic income tax examinations by domestic and foreign income tax authorities. Currently, the Company is undergoing routine, periodic income tax examinations in both domestic and foreign jurisdictions. During the first quarter ended June 29, 2013, the Company completed an examination of its Italian corporate income tax returns for the years ended March 31, 2008 through March 31, 2011. Similarly, during the second quarter ended September 28, 2013, the Company completed an examination of certain German subsidiaries' corporate income and trade tax returns for the tax years ended March 31, 2006 through March 31, 2010. The Company paid approximately $0.7 million and $0.4 million upon the conclusion of the Italian and German examinations, respectively. However, these amounts did not have a negative financial statement impact to the Company as the amounts were either previously reserved as an unrecognized tax benefit or appropriately accounted for as a deferred tax item. It appears reasonably possible that the amounts of unrecognized income tax benefits could change in the next twelve months as a result of such examinations; however, any potential payments of income tax, interest and penalties are not expected to be significant to the Company's consolidated financial statements. With certain exceptions, the Company is no longer subject to U.S. federal income tax examinations for tax years ending prior to March 31, 2011, state and local income tax examinations for years ending prior to fiscal 2010 or significant foreign income tax examinations for years ending prior to fiscal 2009. With respect to the Company's U.S. federal NOL carryforward, the short tax period from July 21, 2006 to March 31, 2007 (due to the change in control when Apollo Management, L.P. acquired the Company) and the tax years ended March 31, 2008, 2009 and 2010 are open under statutes of limitations; whereby, the Internal Revenue Service may not adjust the income tax liability for these years, but may reduce the NOL carryforward and any other tax attribute carryforwards to future, open tax years. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Mar. 31, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions Disclosure [Text Block] | ' | |
Related Party Transactions | ||
Management Services Fee | ||
From 2006 to 2012, the Company had a management services agreement with an affiliate of Apollo for advisory and consulting services related to corporate management, finance, product strategy, investment, acquisitions and other matters relating to our business. Under the terms of the agreement, the Company incurred $3.0 million of costs in the year ended March 31, 2012, plus out-of-pocket expenses. Upon the consummation of the Company's IPO in fiscal 2012, the Company and Apollo and its affiliates terminated the management consulting agreement, and in connection with the termination Apollo and its affiliates have received $15.0 million (plus $0.7 million of unreimbursed expenses) from the Company. Such payment was negotiated as a reduced amount in lieu of the one-time termination fee of $20.1 million that Apollo otherwise would be entitled to receive under the management consulting agreement, corresponding to the present value of the aggregate annual fees that would have been payable during the remainder of the term of the agreement (assuming a twelve-year term from the date of the amended agreement). No other costs or fees were incurred under the agreement in fiscal 2014 and 2013. | ||
Consulting Services | ||
From 2006 to 2012, the Company had a management consulting agreement (the “Cypress Agreement”) with Mr. George Sherman, the Chairman of the Board, and two entities then-controlled by Mr. Sherman, Cypress Group, LLC and Cypress Industrial Holdings, LLC (collectively, “Cypress”). The Cypress Agreement provided that Mr. Sherman had a right to serve as our Non-Executive Chairman of the Board. The Cypress Agreement was terminated as of November 2012 as a consequence of the IPO and Cypress Industrial Holdings, LLC's then-pending dissolution. During fiscal 2014, 2013 and 2012, Mr. Sherman did not receive consulting fees under the Cypress Agreement; he did, however, receive fees in fiscal 2014, 2013 and 2012 for serving on Rexnord's board of directors, including $250,000 annually for serving as Chairman of the Board. | ||
During the year ended March 31, 2012, the Company paid fees of approximately $0.2 million for consulting services provided by Next Level Partners, L.L.C. (“NLP”), an entity that is controlled by certain of the Company's minority stockholders. NLP provided consulting services to the Company related primarily to lean manufacturing processes, consolidation and integration of operations, strategic planning and recruitment of managers and executives. During fiscal 2014 and 2013, no fees were paid to NLP. | ||
Stockholders' Agreements | ||
In connection with Apollo's acquisition of the Company in 2006, the Company entered into two separate stockholders' agreements one with Rexnord Acquisition Holdings I, LLC, Rexnord Acquisition Holdings II, LLC (together with Rexnord Acquisition Holdings I, LLC, the “Apollo Holders”) and certain other of our stockholders, and the other with the Apollo Holders, George M. Sherman and Cypress (collectively, the “Stockholders' Agreements”). All terms of the Stockholders' Agreements terminated upon the consummation of the Company's IPO with the exception of the registration rights provisions described below. | ||
Under the terms of the Stockholders' Agreements, the Company has agreed to register shares of its common stock owned by affiliates of the Apollo Holders and by Mr. Sherman, as well as bear related expenses of offerings by them, under the following circumstances: | ||
• | Demand Registration Rights. At any time upon the written request from the Apollo Holders, the Company will use its best efforts to register as soon as possible, but in any event within 90 days, the Company's restricted shares specified in such request for resale under the Securities Act, subject to customary cutbacks. The Apollo Holders have the right to make two such written requests in any 12-month period. The Company may defer a demand registration by up to 90 days if its board of directors determines it would be materially adverse to it to file a registration statement. | |
• | Piggyback Rights. If at any time the Company proposes to register restricted shares under the Securities Act (other than on Form S-4 or Form S-8), prompt written notice of its intention shall be given to each stockholder. If within 15 days of delivery of such notice, stockholders elect to include in such registration statement any restricted shares such person holds, the Company will use its best efforts to register all such restricted shares. The Company will also include all such restricted shares in any demand registration or registration on Form S-3, subject to customary cutbacks. | |
• | Registrations on Form S-3. The Apollo Holders may request in writing an unlimited number of demand registrations on Form S-3 of its restricted shares. At any time upon the written request from the Apollo Holders, prompt written notice of the proposed registration shall be given to each stockholder. Within 15 days of delivery of such notice, the stockholders may elect to include in such registration statement any restricted shares such person holds, subject to customary cutbacks. Twice in fiscal 2014, the Apollo Holders made a request for demand registration on Form S-3 with respect to its shares; consequently, the Company filed two shelf registration statements on Form S-3 related to the offer and sale of the shares of Company securities, including the common stock held by the Apollo Holders and by Mr. Sherman (and affiliates). | |
• | Holdback. In consideration of the foregoing registration rights, each stockholder has agreed not to transfer any restricted shares without the Company's prior written consent for a period not to begin more than 10 days prior to the effectiveness of the registration statement pursuant to which any Company public offering shall be made and not to exceed 90 days following the consummation of any future public offering. | |
Pursuant to the Stockholders’ Agreements, the Company was required to pay all of the offering expenses (other than underwriters’ discounts and commissions on the shares of common stock sold by the Apollo Holders or Mr. Sherman and affiliate entities) related to the two registration statements filed in fiscal 2014. The offering expenses (excluding such underwriters’ discounts and commissions) paid by the Company on behalf of the selling stockholders were $1.0 million and $0.4 million for the offerings completed in the first quarter and fourth quarter of fiscal 2014, respectively. | ||
Nominating Agreement | ||
On April 3, 2012, the Company entered into an agreement with Apollo pursuant to which Apollo has the right, at any time until Apollo no longer beneficially owns at least 33 1/3% of the Company's outstanding common stock, to designate three directors to the Company's board of directors. In addition, under the Company's bylaws, until such time as Apollo no longer beneficially owns at least 33 1/3% of the Company's outstanding common stock, certain important matters require the approval of a majority of the directors designated by Apollo voting on such matters. | ||
Debt Transactions and Purchases of Debt Securities | ||
From time to time, Apollo and the Company's directors and executive officers have purchased debt securities from, or financed borrowings involving, the Company, or otherwise purchased the Company's debt securities. The following paragraphs describe any such transactions that occurred during fiscal 2014, 2013 and 2012. | ||
During fiscal 2014 and 2013, no debt securities were purchased by Apollo or the Company's directors and executive officers. During fiscal 2012, Mr. Sherman, the Company's Chairman and a director, purchased approximately $0.1 million of the Company's then-outstanding senior notes due 2018, which he subsequently sold to a third party on the open market in fiscal 2014. | ||
In fiscal 2013, the Company redeemed $300.0 million in aggregate principal amount of its then-outstanding 11.75% Notes, and paid early redemption premiums of $17.6 million and $7.4 million of accrued interest. Certain of the Company's affiliates, including Messrs. Sherman, Adams and Jeyarajah were holders of the 11.75% Notes at the redemption date and, therefore, received payments of principal, as well as accrued interest and prepayment premiums, in respect of such indebtedness upon the redemption in the following amounts: $2.6 million, $0.3 million and $0.3 million, respectively. | ||
Other | ||
Apollo Global Securities, LLC, which was one of the underwriters in each of the two fiscal 2014 securities offerings, is an affiliate of Apollo. Apollo Global Securities, LLC received (on a pro rata basis) discounts and commissions of approximately $0.1 million related to the sale of securities by Rexnord as part of the February 2014 offering. The underwriters’ discounts and commissions related to the shares sold by Apollo or Mr. Sherman and affiliated entities in the two fiscal 2014 offerings were paid by them and not by the Company. | ||
Apollo Global Securities, LLC served as a joint lead arranger and joint bookrunner in the refinancing of our credit facilities in August 2013, and in connection with that transaction, received a structuring/arrangement fee from the Company of $0.6 million. | ||
One of the underwriters in the Company's IPO (Apollo Global Securities, LLC) is an affiliate of Apollo, and an affiliate of another underwriter in the IPO (Morgan Joseph TriArtisan LLC) is owned by an affiliate of Apollo. In fiscal 2013, those underwriters received customary discounts and commissions out of the Company's IPO proceeds in pro rata proportion to the other underwriters as follows: Apollo Global Securities LLC received $1.4 million and Morgan Joseph TriArtisan LLC received $0.3 million. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |
Mar. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies Disclosure [Text Block] | ' | |
Commitments and Contingencies | ||
The Company's subsidiaries are involved in various unresolved legal actions, administrative proceedings and claims in the ordinary course of business involving, among other things, product liability, commercial, employment, workers' compensation, intellectual property claims and environmental matters. The Company establishes accruals in a manner that is consistent with accounting principles generally accepted in the United States for costs associated with such matters when liability is probable and those costs are capable of being reasonably estimated. Although it is not possible to predict with certainty the outcome of these unresolved legal actions or the range of possible loss or recovery, based upon current information, management believes the eventual outcome of these unresolved legal actions, either individually or in the aggregate, will not have a material adverse effect on the financial position, results of operations or cash flows of the Company. | ||
In connection with the Carlyle acquisition in November 2002, Invensys plc ("Invensys") has provided the Company with indemnification against certain contingent liabilities, including certain pre-closing environmental liabilities. The Company believes that, pursuant to such indemnity obligations, Invensys is obligated to defend and indemnify the Company with respect to the matters described below relating to the Ellsworth Industrial Park Site and to various asbestos claims. The indemnity obligations relating to the matters described below are subject, together with indemnity obligations relating to other matters, to an overall dollar cap equal to the purchase price, which is an amount in excess of $900 million. The following paragraphs summarize the most significant actions and proceedings: | ||
• | In 2002, Rexnord Industries, LLC (“Rexnord Industries”) was named as a potentially responsible party (“PRP”), together with at least ten other companies, at the Ellsworth Industrial Park Site, Downers Grove, DuPage County, Illinois (the “Site”), by the United States Environmental Protection Agency (“USEPA”), and the Illinois Environmental Protection Agency (“IEPA”). Rexnord Industries' Downers Grove property is situated within the Ellsworth Industrial Complex. The USEPA and IEPA allege there have been one or more releases or threatened releases of chlorinated solvents and other hazardous substances, pollutants or contaminants, allegedly including but not limited to a release or threatened release on or from the Company's property, at the Site. The relief sought by the USEPA and IEPA includes further investigation and potential remediation of the Site and reimbursement of USEPA's past costs. Rexnord Industries' allocated share of past and future costs related to the Site, including for investigation and/or remediation, could be significant. All previously pending property damage and personal injury lawsuits against the Company related to the Site have been settled or dismissed. Pursuant to its indemnity obligation, Invensys continues to defend the Company in known matters related to the Site and has paid 100% of the costs to date. | |
• | Multiple lawsuits (with approximately 1,000 claimants) are pending in state or federal court in numerous jurisdictions relating to alleged personal injuries due to the alleged presence of asbestos in certain brakes and clutches previously manufactured by the Company's Stearns division and/or its predecessor owners. Invensys and FMC, prior owners of the Stearns business, have paid 100% of the costs to date related to the Stearns lawsuits. Similarly, the Company's Prager subsidiary is a defendant in two pending multi-defendant lawsuits relating to alleged personal injuries due to the alleged presence of asbestos in a product allegedly manufactured by Prager. Additionally, there are numerous individuals who have filed asbestos related claims against Prager; however, these claims are currently on the Texas Multi-district Litigation inactive docket. The ultimate outcome of these asbestos matters cannot presently be determined. To date, the Company's insurance providers have paid 100% of the costs related to the Prager asbestos matters. The Company believes that the combination of its insurance coverage and the Invensys indemnity obligations will cover any future costs of these matters. | |
In connection with the acquisition of The Falk Corporation (“Falk”), Hamilton Sundstrand has provided the Company with indemnification against certain products-related asbestos exposure liabilities. The Company believes that, pursuant to such indemnity obligations, Hamilton Sundstrand is obligated to defend and indemnify the Company with respect to the asbestos claims described below, and that, with respect to these claims, such indemnity obligations are not subject to any time or dollar limitations. | ||
The following paragraph summarizes the most significant actions and proceedings for which Hamilton | ||
Sundstrand has accepted responsibility: | ||
• | Falk, through its successor entity, is a defendant in multiple lawsuits pending in state or federal court in numerous jurisdictions relating to alleged personal injuries due to the alleged presence of asbestos in certain clutches and drives previously manufactured by Falk. There are approximately 100 claimants in these suits. The ultimate outcome of these lawsuits cannot presently be determined. Hamilton Sundstrand is defending the Company in these lawsuits pursuant to its indemnity obligations and has paid 100% of the costs to date. | |
Certain Water Management subsidiaries are also subject to asbestos litigation. As of March 31, 2014, Zurn and numerous other unrelated companies were defendants in approximately 7,000 asbestos related lawsuits representing approximately 26,000 claims. Plaintiffs' claims allege personal injuries caused by exposure to asbestos used primarily in industrial boilers formerly manufactured by a segment of Zurn. Zurn did not manufacture asbestos or asbestos components. Instead, Zurn purchased them from suppliers. These claims are being handled pursuant to a defense strategy funded by insurers. | ||
As of March 31, 2014, the Company estimates the potential liability for the asbestos-related claims described above as well as the claims expected to be filed in the next ten years to be approximately $36.0 million of which Zurn expects its insurance carriers to pay approximately $29.0 million in the next ten years on such claims, with the balance of the estimated liability being paid in subsequent years. The $36.0 million was developed based on an actuarial study and represents the projected indemnity payout for claims filed in the next ten years. However, there are inherent uncertainties involved in estimating the number of future asbestos claims, future settlement costs, and the effectiveness of defense strategies and settlement initiatives. As a result, actual liability could differ from the estimate described herein. Further, while this current asbestos liability is based on an estimate of claims through the next ten years, such liability may continue beyond that time frame, and such liability could be substantial. | ||
Management estimates that its available insurance to cover this potential asbestos liability as of March 31, 2014, is approximately $251.2 million, and believes that all current claims are covered by insurance. However, principally as a result of the past insolvency of certain of the Company's insurance carriers, certain coverage gaps will exist if and after the Company's other carriers have paid the first $175.2 million of aggregate liabilities. | ||
As of March 31, 2014, the Company had a recorded receivable from its insurance carriers of $36.0 million, which corresponds to the amount of this potential asbestos liability that is covered by available insurance and is currently determined to be probable of recovery. However, there is no assurance that $251.2 million of insurance coverage will ultimately be available or that this asbestos liability will not ultimately exceed $251.2 million. Factors that could cause a decrease in the amount of available coverage include: changes in law governing the policies, potential disputes with the carriers regarding the scope of coverage, and insolvencies of one or more of the Company's carriers. | ||
The Company's subsidiaries, Zurn PEX, Inc. and Zurn Industries, LLC ("Zurn Industries") were named as defendants in a number of individual and class action lawsuits in various United States courts. The plaintiffs in these suits claimed damages due to the alleged failure or anticipated failure of Zurn brass fittings on the PEX plumbing systems in homes and other structures. | ||
In July 2012, the Company reached an agreement in principle to settle the liability underlying this litigation. The settlement is designed to resolve, on a national basis, the Company's overall exposure for both known and unknown claims related to the alleged failure or anticipated failure of Zurn brass fittings on PEX plumbing systems, subject to the right of eligible class members to opt-out of the settlement and pursue their claims independently. The settlement received final court approval in February 2013, and utilizes a seven year claims fund, which is capped at $20 million, and is funded in installments over the seven year period based on claim activity and minimum funding criteria. The settlement also covers class action plaintiffs' attorneys' fees and expenses totaling $8.5 million, which were paid in the first quarter of fiscal 2014. | ||
Historically, the Company's insurance carrier had funded the Company's defense in the above referenced proceedings. The Company, however, reached a settlement agreement with its insurer, whereby the insurer paid the Company a lump sum in exchange for a release of future exposure related to this liability. | ||
The Company has recorded an accrual related to this brass fittings liability, which takes into account, in pertinent part, the insurance carrier contribution, as well as exposure from the claims fund, opt-outs and the waiver of future insurance coverage. | ||
In January 2010, Sloan Valve Company (“Sloan”) filed a complaint against the Company’s subsidiary, Zurn Industries, for patent infringement in the United States District Court for the Northern District of Illinois. The complaint alleges, among other things, that Zurn Industries’ manual dual flush valve infringes Sloan’s patent for its “Flush Valve Handle Assembly Providing Dual Mode Operation” and seeks an unspecified amount of damages, including a request for treble damages and attorneys’ fees related to Sloan’s allegation of willful infringement. Trial for this matter is currently scheduled for September 2014. While the Company intends to continue vigorously defending itself in this action, it may be subject to liability beyond the accruals that have been recorded to date. |
Common_Stock_Public_Offerings
Common Stock Public Offerings | 12 Months Ended |
Mar. 31, 2014 | |
IPO, Debt redepmtion, and termination of management agreement [Abstract] | ' |
Unusual or Infrequent Items Disclosure [Text Block] | ' |
Common stock public offerings | |
Fiscal 2014 Common Stock Offering | |
On February 5, 2014, the Company closed a public offering of shares of its common stock. As part of that offering, the Company sold 3,000,000 shares of common stock, at a public offering price of $25.75 per share for aggregate offering proceeds of $73.8 million, net of underwriting discounts and commissions and other direct costs of the offering. | |
Fiscal 2013 Initial Public Offering | |
On April 3, 2012, the Company closed the IPO of its common stock. In connection with the IPO, the Company registered its common stock with the SEC and subsequently offered and sold 27,236,842 shares of common stock, at a public offering price of $18.00 per share for aggregate offering proceeds of $458.3 million, net of $28.2 million of underwriting discounts and commissions and other direct costs of the offering. |
Business_Segment_Information
Business Segment Information | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||||||||||
Business Segment Information | ||||||||||||||||||||||||
The results of operations are reported in two business segments, consisting of the Process & Motion Control platform and the Water Management platform. The Process & Motion Control platform designs, manufactures, markets and services specified, highly engineered mechanical components used within complex systems where our customers' reliability requirements and cost of failure or downtime is extremely high. The Process & Motion Control product portfolio includes gears, couplings, industrial bearings, aerospace bearings and seals, FlatTop™ chain, engineered chain and conveying equipment. This segment serves a diverse group of end markets, including mining, general industrial applications, cement and aggregates, agriculture, forest and wood products, petrochemical, energy, food & beverage, aerospace and wind energy. The Water Management platform designs, procures, manufactures and markets products that provide and enhance water quality, safety, flow control and conservation. The Water Management product portfolio includes professional grade specification drainage products, flush valves and faucet products, backflow prevention pressure release valves and PEX piping used in non-residential construction end-markets and engineered valves and gates for the water and wastewater treatment market. The financial information of the Company's segments is regularly evaluated by the chief operating decision maker in determining resource allocation and assessing performance. Management evaluates the performance of each business segment based on its operating results. The same accounting policies are used throughout the organization (see Note 2). | ||||||||||||||||||||||||
Business Segment Information: | ||||||||||||||||||||||||
(in Millions) | ||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | March 31, 2012 | ||||||||||||||||||||||
Net sales | ||||||||||||||||||||||||
Process & Motion Control | $ | 1,285.90 | $ | 1,266.10 | $ | 1,310.70 | ||||||||||||||||||
Water Management | 796.1 | 739 | 633.5 | |||||||||||||||||||||
Consolidated | $ | 2,082.00 | $ | 2,005.10 | $ | 1,944.20 | ||||||||||||||||||
Income (loss) from operations | ||||||||||||||||||||||||
Process & Motion Control | $ | 244.9 | $ | 232.2 | $ | 233.8 | ||||||||||||||||||
Water Management | 72.2 | 67.9 | 51.2 | |||||||||||||||||||||
Corporate | (37.5 | ) | (44.7 | ) | (39.7 | ) | ||||||||||||||||||
Consolidated | $ | 279.6 | $ | 255.4 | $ | 245.3 | ||||||||||||||||||
Non-operating expense: | ||||||||||||||||||||||||
Interest expense, net | $ | (109.1 | ) | $ | (153.3 | ) | $ | (176.2 | ) | |||||||||||||||
Loss on the extinguishment of debt | (133.2 | ) | (24.0 | ) | (10.7 | ) | ||||||||||||||||||
Loss on divestiture | — | — | (6.4 | ) | ||||||||||||||||||||
Other expense, net | (15.1 | ) | (2.9 | ) | (7.1 | ) | ||||||||||||||||||
Income from continuing operations before income taxes | 22.2 | 75.2 | 44.9 | |||||||||||||||||||||
(Benefit) provision for income taxes | (7.4 | ) | 20.3 | 9.4 | ||||||||||||||||||||
Net income from continuing operations | $ | 29.6 | $ | 54.9 | $ | 35.5 | ||||||||||||||||||
Loss from discontinued operations, net of tax | — | (4.8 | ) | (5.6 | ) | |||||||||||||||||||
Net income | 29.6 | 50.1 | 29.9 | |||||||||||||||||||||
Non-controlling interest loss | (0.6 | ) | — | — | ||||||||||||||||||||
Net income attributable to Rexnord | $ | 30.2 | $ | 50.1 | $ | 29.9 | ||||||||||||||||||
Restructuring and other similar costs (included in income from operations) | ||||||||||||||||||||||||
Process & Motion Control | $ | 5.2 | $ | 6.4 | $ | 0.8 | ||||||||||||||||||
Water Management | 2.7 | 2.2 | 5.1 | |||||||||||||||||||||
Corporate | 0.8 | — | 0.9 | |||||||||||||||||||||
Consolidated | $ | 8.7 | $ | 8.6 | $ | 6.8 | ||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||||
Process & Motion Control | $ | 71.3 | $ | 71.3 | $ | 80.2 | ||||||||||||||||||
Water Management | 37.2 | 41.1 | 33.8 | |||||||||||||||||||||
Consolidated | $ | 108.5 | $ | 112.4 | $ | 114 | ||||||||||||||||||
Capital Expenditures | ||||||||||||||||||||||||
Process & Motion Control | $ | 39.4 | $ | 39.6 | $ | 41.5 | ||||||||||||||||||
Water Management | 12.8 | 20.5 | 17 | |||||||||||||||||||||
Consolidated | $ | 52.2 | $ | 60.1 | $ | 58.5 | ||||||||||||||||||
March 31, 2014 | March 31, 2013 | March 31, 2012 | ||||||||||||||||||||||
Total Assets | ||||||||||||||||||||||||
Process & Motion Control | $ | 2,251.70 | $ | 2,426.20 | $ | 2,203.80 | ||||||||||||||||||
Water Management | 1,039.00 | 1,012.50 | 1,044.20 | |||||||||||||||||||||
Corporate | 92.8 | 35.1 | 42.9 | |||||||||||||||||||||
Consolidated | $ | 3,383.50 | $ | 3,473.80 | $ | 3,290.90 | ||||||||||||||||||
Net sales to third parties and long-lived assets by geographic region are as follows (in millions): | ||||||||||||||||||||||||
Net Sales | Long-lived Assets | |||||||||||||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | March 31, 2014 | March 31, 2013 | March 31, 2012 | |||||||||||||||||||
United States | $ | 1,376.40 | $ | 1,335.00 | $ | 1,326.40 | $ | 293.3 | $ | 266.3 | $ | 267.3 | ||||||||||||
Europe | 409.1 | 379.5 | 339.2 | 98.6 | 93.1 | 103 | ||||||||||||||||||
Rest of World | 296.5 | 290.6 | 278.6 | 49 | 51.3 | 48.9 | ||||||||||||||||||
$ | 2,082.00 | $ | 2,005.10 | $ | 1,944.20 | $ | 440.9 | $ | 410.7 | $ | 419.2 | |||||||||||||
Net sales to third parties are attributed to the geographic regions based on the country in which the shipment originates. Amounts attributed to the geographic regions for long-lived assets are based on the location of the entity that holds such assets. In accordance with ASC 280, Segment Reporting, long-lived assets includes movable assets and excludes net intangible assets and goodwill. |
Quarterly_Results_of_Operation
Quarterly Results of Operations | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||
Quarterly Results of Operations (unaudited) | |||||||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||
Fiscal 2014 | |||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||||
Net sales | $ | 508.7 | $ | 514.5 | $ | 489.1 | $ | 569.7 | $ | 2,082.00 | |||||||||||
Gross profit | 181.9 | 191.8 | 181.2 | 208.7 | 763.6 | ||||||||||||||||
Net income (loss) from continuing operations | 13.6 | (52.5 | ) | 28.6 | 39.9 | 29.6 | |||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | — | — | ||||||||||||||||
Net income (loss) | 13.6 | (52.5 | ) | 28.6 | 39.9 | 29.6 | |||||||||||||||
Non-controlling interest loss | (0.2 | ) | (0.2 | ) | (0.1 | ) | (0.1 | ) | (0.6 | ) | |||||||||||
Net income (loss) attributable to Rexnord | 13.8 | (52.3 | ) | 28.7 | 40 | 30.2 | |||||||||||||||
Net income (loss) per share from continuing operations: | |||||||||||||||||||||
Basic | $ | 0.14 | $ | (0.54 | ) | $ | 0.29 | $ | 0.4 | $ | 0.3 | ||||||||||
Diluted | $ | 0.14 | $ | (0.54 | ) | $ | 0.28 | $ | 0.39 | $ | 0.29 | ||||||||||
Net income (loss) per share attributable to Rexnord: | |||||||||||||||||||||
Basic | $ | 0.14 | $ | (0.54 | ) | $ | 0.29 | $ | 0.4 | $ | 0.31 | ||||||||||
Diluted | $ | 0.14 | $ | (0.54 | ) | $ | 0.28 | $ | 0.39 | $ | 0.3 | ||||||||||
Fiscal 2013 | |||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||||
Net sales | $ | 493.6 | $ | 499.5 | $ | 471.7 | $ | 540.3 | $ | 2,005.10 | |||||||||||
Gross profit | 178.7 | 186.6 | 167.9 | 198.2 | 731.4 | ||||||||||||||||
Net (loss) income from continuing operations | (0.7 | ) | 20.3 | 11.4 | 23.9 | 54.9 | |||||||||||||||
Loss from discontinued operations, net of tax | (1.5 | ) | (1.1 | ) | (2.2 | ) | — | (4.8 | ) | ||||||||||||
Net (loss) income | (2.2 | ) | 19.2 | 9.2 | 23.9 | 50.1 | |||||||||||||||
Net (loss) income attributable to Rexnord | (2.2 | ) | 19.2 | 9.2 | 23.9 | 50.1 | |||||||||||||||
Net (loss) income per share from continuing operations: | |||||||||||||||||||||
Basic | $ | — | $ | 0.21 | $ | 0.12 | $ | 0.25 | $ | 0.57 | |||||||||||
Diluted | $ | — | $ | 0.2 | $ | 0.11 | $ | 0.24 | $ | 0.55 | |||||||||||
Loss per share from discontinued operations: | |||||||||||||||||||||
Basic | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | — | $ | (0.05 | ) | |||||||
Diluted | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | — | $ | (0.05 | ) | |||||||
Net (loss) income per share attributable to Rexnord: | |||||||||||||||||||||
Basic | $ | (0.02 | ) | $ | 0.2 | $ | 0.1 | $ | 0.25 | $ | 0.52 | ||||||||||
Diluted | $ | (0.02 | ) | $ | 0.19 | $ | 0.09 | $ | 0.24 | $ | 0.5 | ||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Events | |
Green Turtle Acquisition | |
On April 15, 2014, the Company acquired Green Turtle Technologies Ltd., Green Turtle Americas Ltd. and Filamat Composites Inc. (collectively "Green Turtle") for a total cash purchase price of $27.7 million, excluding transaction costs and net of cash acquired. Green Turtle, based in Toronto, Ontario, and Charlotte, North Carolina, is a manufacturer of branded fiberglass oil and grease separators and traps. This acquisition broadens the product portfolio of the Company's existing Water Management platform. The Company's fiscal 2015 financial position and results from operations will include Green Turtle subsequent to April 15, 2014. This acquisition is not expected to have a material impact on the Company's consolidated financial statements. | |
Mill Products Strategic Review | |
On May 15, 2014, the Company's Board of Directors approved a plan to assess the potential exit of a non-core product-line that manufactures ring gears and pinions (“Mill Products”) utilized in mining sector crushing machinery applications. The exit plan includes the exploration of various strategic alternatives which could include the possible sale of the entire business or the sale of individual net assets. The exploration of strategic alternatives is expected to be completed by the end of fiscal 2015. Given the preliminary stage of this analysis, the range of potential outcomes from the resulting exit of this business are not yet determinable. |
Significant_Accounting_Policie1
Significant Accounting Policies Level 2 (Policies) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Basis of Presentation and Significant Accounting Policies [Abstract] | ' | |||||||||||
Research and Development Expense, Policy [Policy Text Block] | ' | |||||||||||
Research, Development and Engineering Costs | ||||||||||||
Research, development and engineering costs are charged to selling, general and administrative expenses as incurred for the years ended March 31, 2014, 2013 and 2012 amounted to the following (in millions): | ||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | ||||||||||
Research and development costs | $ | 13 | $ | 13.7 | $ | 15.4 | ||||||
Engineering costs | 28.4 | 24.3 | 22.4 | |||||||||
Total | $ | 41.4 | $ | 38 | $ | 37.8 | ||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | |||||||||||
Concentrations of Credit Risk | ||||||||||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and temporary investments, forward currency contracts and trade accounts receivable. | ||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||||||
Cash and Cash Equivalents | ||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents. | ||||||||||||
Advertising Costs, Policy [Policy Text Block] | ' | |||||||||||
Advertising Costs | ||||||||||||
Advertising costs are charged to selling, general and administrative expenses as incurred and amounted to $9.6 million, $10.0 million, and $10.2 million for the years ended March 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Standard Product Warranty, Policy [Policy Text Block] | ' | |||||||||||
Product Warranty | ||||||||||||
The Company offers warranties on the sales of certain of its products and records an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims. The following table presents changes in the Company’s product warranty liability during each of the periods presented (in millions): | ||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | ||||||||||
Balance at beginning of period | $ | 8.8 | $ | 8.7 | $ | 8.6 | ||||||
Acquired obligations | 0.2 | — | 1.1 | |||||||||
Charged to operations | 3.8 | 4.4 | 1.6 | |||||||||
Claims settled | (4.2 | ) | (4.3 | ) | (2.6 | ) | ||||||
Balance at end of period | $ | 8.6 | $ | 8.8 | $ | 8.7 | ||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||||||
Income Taxes | ||||||||||||
The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes (“ASC 740”). Deferred income taxes are provided for future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, net operating losses, tax credits and other applicable carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be actually paid or recovered. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of continuing operations in the period that includes the date of enactment. | ||||||||||||
The Company regularly reviews its deferred tax assets for recoverability and provides a valuation allowance against its deferred tax assets if, based upon consideration of all positive and negative evidence, the Company determines that it is more-likely-than-not that a portion or all of the deferred tax assets will ultimately not be realized in future tax periods. Such positive and negative evidence would include review of historical earnings and losses, anticipated future earnings, the time period over which the temporary differences and carryforwards are anticipated to reverse and implementation of feasible, prudent tax planning strategies. | ||||||||||||
The Company is subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in determining the Company's worldwide provision for income taxes and recording the related deferred tax assets and liabilities. In the ordinary course of the Company's business, there is inherent uncertainty in quantifying the ultimate tax outcome of all of the numerous transactions and required calculations relating to the Company's tax positions. Accruals for unrecognized tax benefits are provided for in accordance with the requirements of ASC 740. An unrecognized tax benefit represents the difference between the recognition of benefits related to uncertain tax positions for income tax reporting purposes and financial reporting purposes. The Company has established a reserve for interest and penalties, as applicable, for uncertain tax positions and it is recorded as a component of the overall income tax provision. | ||||||||||||
The Company is subject to periodic income tax examinations by domestic and foreign income tax authorities. Although the outcome of income tax examinations is always uncertain, the Company believes that it has appropriate support for the positions taken on its income tax returns and has adequately provided for potential income tax assessments. Nonetheless, the amounts ultimately settled relating to issues raised by the taxing authorities may differ materially from the amounts accrued for each year. | ||||||||||||
See Note 17 for more information on income taxes. | ||||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | |||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
At March 31, 2014, accumulated other comprehensive loss consisted of $7.8 million of foreign currency translation gains, $1.7 million, after tax, of unrealized loss on interest rate derivatives, and $29.9 million, after tax, of unrecognized actuarial losses and unrecognized prior services costs, net of tax. At March 31, 2013, accumulated other comprehensive loss consisted of $0.7 million of foreign currency translation gains and $39.4 million of unrecognized actuarial losses and unrecognized prior services costs, net of tax. | ||||||||||||
Derivatives, Policy [Policy Text Block] | ' | |||||||||||
Derivative Financial Instruments | ||||||||||||
The Company is exposed to certain financial risks relating to fluctuations in foreign currency exchange rates and interest rates. The Company selectively uses foreign currency forward contracts and interest rate swap contracts to manage its foreign currency and interest rate risks. All hedging transactions are authorized and executed pursuant to defined policies and procedures which prohibit the use of financial instruments for speculative purposes. | ||||||||||||
The Company accounts for derivative instruments based on ASC 815, Accounting for Derivative Instruments and Hedging Activities (“ASC 815”). ASC 815 requires companies to recognize all of its derivative instruments as either assets or liabilities in the balance sheet at fair value. Fair value is defined under ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. See more information as it relates to applying fair value to derivative instruments at Note 13. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative instrument has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. As of March 31, 2014, the Company had forward-starting interest rate swaps on its variable rate term debt that are designated and qualify as hedging instruments. For the derivative instruments designated and qualifying as effective hedging instruments under ASC 815, the changes in the fair value of the effective portion of the instrument are recognized in accumulated other comprehensive income (loss) whereas any changes in the fair value of a derivative instrument that is not designated or does not qualify as an effective hedge are recorded in other non-operating income (expense). See Note 12 for further information regarding the classification and accounting for the Company’s derivative financial instruments. | ||||||||||||
Financial Instrument Counterparties | ||||||||||||
The Company is exposed to credit losses in the event of non-performance by counterparties to its financial instruments. The Company anticipates, however, that counterparties will be able to fully satisfy their obligations under these instruments. The Company places cash and temporary investments and foreign currency and interest rate swap contracts with various high-quality financial institutions. Although the Company does not obtain collateral or other security to support these financial instruments, it does periodically evaluate the credit-worthiness of each of its counterparties. | ||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | |||||||||||
Foreign Currency Translation | ||||||||||||
Assets and liabilities of subsidiaries operating outside of the United States with a functional currency other than the U.S. dollar are translated into U.S. dollars using exchange rates at the end of the respective period. Revenues and expenses of such entities are translated at average exchange rates in effect during the respective period. Foreign currency translation adjustments are included as a component of accumulated other comprehensive loss. Currency transaction losses are included in other expense, net in the consolidated statements of operations and totaled $3.9 million, $6.8 million and $5.2 million for the years ended March 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |||||||||||
Impairment of Long-Lived Assets | ||||||||||||
The carrying value of long-lived assets, including amortizable intangible assets and tangible fixed assets, are evaluated for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment of amortizable intangible assets and tangible fixed assets is generally determined by comparing projected undiscounted cash flows to be generated by the asset, or group of assets, to its carrying value. If impairment is identified, a loss is recorded equal to the excess of the asset's net book value over its fair value, and the cost basis is adjusted. Determination of the fair value requires various estimates including internal cash flow estimates generated from the asset, quoted market prices and appraisals as appropriate to determine fair value. Actual results could vary from these estimates | ||||||||||||
Deferred Charges, Policy [Policy Text Block] | ' | |||||||||||
Deferred Financing Costs | ||||||||||||
Other assets at March 31, 2014 and 2013, include deferred financing costs of $12.1 million and $18.5 million, respectively, net of accumulated amortization of $4.7 million and $6.7 million, respectively. These costs were incurred to obtain long-term financing and are being amortized using the effective interest method over the term of the related debt. See Note 11 for further information on the Company's long-term financing. | ||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | |||||||||||
Goodwill and Intangible Assets | ||||||||||||
Intangible assets consist of acquired trademarks and tradenames, customer relationships (including distribution network), patents and non-compete intangibles. The customer relationships, patents, and certain tradenames are being amortized using the straight-line method over their estimated useful lives of 1 to 20 years, 2 to 15 years, and 5 to 10 years, respectively. Goodwill, trademarks and certain tradenames have indefinite lives and are not amortized but are tested annually for impairment using a discounted cash flow and market value approach analysis. | ||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||||||||||
Property, Plant and Equipment | ||||||||||||
Property, plant and equipment are stated at cost. Depreciation is provided using the straight-line method over 10 to 30 years for buildings and improvements, 5 to 10 years for machinery and equipment and 3 to 5 years for computer hardware and software. Maintenance and repair costs are expensed as incurred. | ||||||||||||
Inventory, Policy [Policy Text Block] | ' | |||||||||||
Inventories | ||||||||||||
Inventories are comprised of material, direct labor and manufacturing overhead, and are stated at the lower of cost or market. Market is determined based on estimated net realizable values. Approximately 50% of the Company’s total inventories as of both March 31, 2014 and 2013 were valued using the “last-in, first-out” (LIFO) method. All remaining inventories are valued using the “first-in, first-out” (FIFO) method. | ||||||||||||
Receivables, Policy [Policy Text Block] | ' | |||||||||||
Receivables | ||||||||||||
Receivables are stated net of allowances for doubtful accounts of $6.4 million at March 31, 2014 and $7.7 million at March 31, 2013. The Company evaluates the collectability of its receivables and establishes the allowance for doubtful accounts based on a combination of specific customer circumstances and historical write-off experience. Credit is extended to customers based upon an evaluation of their financial position. Generally, advance payment is not required. Credit losses are provided for in the consolidated financial statements and consistently have been within management’s expectations. | ||||||||||||
Significant Customers | ||||||||||||
The Company’s largest customer accounted for 8.6%, 7.9% and 7.4% of consolidated net sales for the years ended March 31, 2014, 2013 and 2012, respectively. Receivables related to this Process & Motion Control industrial distributor at March 31, 2014 and 2013 were $9.8 million and $13.9 million, respectively. | ||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||||||||||
Share Based Payments | ||||||||||||
The Company accounts for share based payments in accordance with Accounting Standards Codification ("ASC") 718, Accounting for Stock Compensation ("ASC 718"). ASC 718 requires compensation costs related to share-based payment transactions to be recognized in the financial statements. Generally, compensation cost is measured based on the grant-date fair value of the equity instruments issued. Compensation cost is recognized over the requisite service period, generally as the awards vest. See further discussion of the Company’s stock option plans in Note 15. | ||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||||||
Per Share Data | ||||||||||||
Basic net income (loss) per share from continuing and discontinued operations is computed by dividing net income from continuing operations and loss from discontinued operations, respectively, by the corresponding weighted average number of common shares outstanding for the period. Diluted net income per share from continuing and discontinued operations is computed based on the weighted average number of common shares outstanding increased by the number of incremental shares that would have been outstanding if the potential dilutive shares were issued through the exercise of outstanding stock options to purchase common shares, except when the effect would be anti-dilutive. The computation for diluted net income per share for the fiscal year ended March 31, 2014, 2013 and 2012 excludes 1,278,316, 2,924,547 and 431,459 shares due to their anti-dilutive effects, respectively. | ||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||||||||||
Revenue Recognition | ||||||||||||
Net sales are recorded upon transfer of title and risk of product loss to the customer. Net sales relating to any particular shipment are based upon the amount invoiced for the delivered goods less estimated future rebate payments and sales returns which are based upon the Company’s historical experience. Revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. The value of returned goods during the years ended March 31, 2014, 2013 and 2012 was approximately 1.0% or less of net sales. Other than a standard product warranty, there are no post-shipment obligations. | ||||||||||||
The Company classifies shipping and handling fees billed to customers as net sales and the corresponding costs are classified as cost of sales in the consolidated statements of operations. | ||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||||||
Recent Accounting Pronouncements | ||||||||||||
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”), which generally requires an unrecognized tax benefit, or portion of an unrecognized tax benefit, be presented as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. However, if an applicable deferred tax asset is not available or a company does not expect to use the applicable deferred tax asset, the unrecognized tax benefit should be presented as a liability in the financial statements and should not be combined with an unrelated deferred tax asset. This guidance is effective for unrecognized tax benefits that exist at the effective date for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted. The Company elected early adoption and implemented this guidance in the second quarter of fiscal 2014 resulting in an increase in the presentation of our noncurrent deferred income tax liability and a reduction in the presentation of our unrecognized tax benefits (within other liabilities) in the amount of $7.0 million and $6.3 million at March 31, 2014 and March 31, 2013, respectively. | ||||||||||||
In February 2013, the FASB issued another update to ASC No. 220, Presentation of Comprehensive Income, which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, certain significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. This guidance is effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2012. This guidance was implemented in the first quarter of fiscal year 2014 and did not have a material impact on the Company's results of operations, financial position or cash flows. | ||||||||||||
In March 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"), which changes the criteria for reporting discontinued operations. ASU 2014-08 allows only disposals representing a strategic shift in operations to be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations, as well as pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. This guidance is effective prospectively for fiscal years and interim periods within those years beginning after December 15, 2014. As this guidance is a prospective change will be adopted in the first quarter of fiscal year 2016, adoption of this standard is not expected to have a material impact on the Company's results of operations, financial position or cash flows. |
Significant_Accounting_Policie2
Significant Accounting Policies Level 3 (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Basis of Presentation and Significant Accounting Policies [Abstract] | ' | |||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||||||||||
The following table presents changes in the Company’s product warranty liability during each of the periods presented (in millions): | ||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | ||||||||||
Balance at beginning of period | $ | 8.8 | $ | 8.7 | $ | 8.6 | ||||||
Acquired obligations | 0.2 | — | 1.1 | |||||||||
Charged to operations | 3.8 | 4.4 | 1.6 | |||||||||
Claims settled | (4.2 | ) | (4.3 | ) | (2.6 | ) | ||||||
Balance at end of period | $ | 8.6 | $ | 8.8 | $ | 8.7 | ||||||
Research, Development and Engineering Costs [Table Text Block] | ' | |||||||||||
Research, development and engineering costs are charged to selling, general and administrative expenses as incurred for the years ended March 31, 2014, 2013 and 2012 amounted to the following (in millions): | ||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | ||||||||||
Research and development costs | $ | 13 | $ | 13.7 | $ | 15.4 | ||||||
Engineering costs | 28.4 | 24.3 | 22.4 | |||||||||
Total | $ | 41.4 | $ | 38 | $ | 37.8 | ||||||
Restructuring_and_Other_Simila1
Restructuring and Other Similar Costs Level 3 (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Restructuring and Other Similar Costs Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||||||
The following table summarizes the Company's restructuring costs incurred during the years ended March 31, 2014, 2013, and 2012 by classification of operating segment (in millions): | |||||||||||||||||
Year Ended March 31, 2014 | |||||||||||||||||
Process & Motion Control | Water Management | Corporate | Consolidated | ||||||||||||||
Severance costs | $ | 3.6 | $ | 2 | $ | 0.8 | $ | 6.4 | |||||||||
Lease termination and other costs | 1.6 | 0.7 | — | 2.3 | |||||||||||||
Total restructuring and other similar costs | $ | 5.2 | $ | 2.7 | $ | 0.8 | $ | 8.7 | |||||||||
Year Ended March 31, 2013 | |||||||||||||||||
Process & Motion Control | Water Management | Corporate | Consolidated | ||||||||||||||
Severance costs | $ | 5.3 | $ | 1.5 | $ | — | $ | 6.8 | |||||||||
Lease termination and other costs | 1.1 | 0.7 | — | 1.8 | |||||||||||||
Total restructuring and other similar costs | $ | 6.4 | $ | 2.2 | $ | — | $ | 8.6 | |||||||||
Year Ended March 31, 2012 | |||||||||||||||||
Process & Motion Control | Water Management | Corporate | Consolidated | ||||||||||||||
Severance costs | $ | 0.8 | $ | 2.6 | $ | 0.9 | $ | 4.3 | |||||||||
Lease termination and other costs | — | 2.5 | — | 2.5 | |||||||||||||
Total restructuring and other similar costs | $ | 0.8 | $ | 5.1 | $ | 0.9 | $ | 6.8 | |||||||||
Restructuring Costs To-date (Period from April 1, 2011 to March 31, 2014) | |||||||||||||||||
Process & Motion Control | Water Management | Corporate | Consolidated | ||||||||||||||
Severance costs | $ | 9.7 | $ | 6.1 | $ | 1.7 | $ | 17.5 | |||||||||
Lease termination and other costs | 2.7 | 3.9 | — | 6.6 | |||||||||||||
Total restructuring and other similar costs | $ | 12.4 | $ | 10 | $ | 1.7 | $ | 24.1 | |||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||||||||||
The following table summarizes the activity in the Company's accrual for restructuring costs for the fiscal years ended March 31, 2014 and 2013 (in millions): | |||||||||||||||||
Severance Costs | Lease Termination and Other Costs | Total | |||||||||||||||
Accrued Restructuring Costs, March 31, 2012 | $ | 1.9 | $ | 0.6 | $ | 2.5 | |||||||||||
Charges | 6.8 | 1.8 | 8.6 | ||||||||||||||
Cash payments | (5.0 | ) | (2.3 | ) | (7.3 | ) | |||||||||||
Accrued Restructuring Costs, March 31, 2013 (1) | 3.7 | 0.1 | 3.8 | ||||||||||||||
Charges | 6.4 | 2.3 | 8.7 | ||||||||||||||
Cash payments | (6.4 | ) | (2.0 | ) | (8.4 | ) | |||||||||||
Accrued Restructuring Costs, March 31, 2014 (1) | $ | 3.7 | $ | 0.4 | $ | 4.1 | |||||||||||
-1 | Accrued restructuring costs are included in other current liabilities in the consolidated balance sheets. |
Inventories_Level_3_Tables
Inventories Level 3 (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
The major classes of inventories are summarized as follows (in millions): | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Finished goods | $ | 227.4 | $ | 203 | ||||
Work in progress | 72.4 | 73.5 | ||||||
Raw materials | 58 | 43 | ||||||
Inventories at First-in, First-Out ("FIFO") cost | 357.8 | 319.5 | ||||||
Adjustment to state inventories at Last-in, First-Out ("LIFO") cost | 1.9 | 6.7 | ||||||
$ | 359.7 | $ | 326.2 | |||||
Property_Plant_Equipment_Level
Property Plant & Equipment Level 3 (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, plant and equipment is summarized as follows (in millions): | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 33.8 | $ | 33.5 | ||||
Buildings and improvements | 224.3 | 212.8 | ||||||
Machinery and equipment | 411.5 | 359.8 | ||||||
Hardware and software | 62.6 | 69.1 | ||||||
Construction in-progress | 24.6 | 21.9 | ||||||
756.8 | 697.1 | |||||||
Less accumulated depreciation | (315.9 | ) | (286.4 | ) | ||||
$ | 440.9 | $ | 410.7 | |||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets Level 3 (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | ' | ||||||||||||||||||||||||||||
The changes in the net carrying value of goodwill and identifiable intangible assets for the years ended March 31, 2014 and 2013 by operating segment, are presented below (in millions): | |||||||||||||||||||||||||||||
Amortizable Intangible Assets | |||||||||||||||||||||||||||||
Goodwill | Indefinite Lived Intangible Assets | Trade-Names | Customer Relationships | Patents | Non-Compete | Total Identifiable Intangible Assets Excluding Goodwill | |||||||||||||||||||||||
Process & Motion Control | |||||||||||||||||||||||||||||
Net carrying amount as of March 31, 2012 | $ | 865.3 | $ | 192.3 | $ | — | $ | 125.6 | $ | 6 | $ | — | $ | 323.9 | |||||||||||||||
Acquisitions | 12.2 | 1.9 | — | 7.7 | — | — | 9.6 | ||||||||||||||||||||||
Amortization | — | — | — | (28.2 | ) | (1.1 | ) | — | (29.3 | ) | |||||||||||||||||||
Currency translation adjustment | (0.4 | ) | (0.3 | ) | — | (0.2 | ) | — | — | (0.5 | ) | ||||||||||||||||||
Net carrying amount as of March 31, 2013 | $ | 877.1 | $ | 193.9 | $ | — | $ | 104.9 | $ | 4.9 | $ | — | $ | 303.7 | |||||||||||||||
Acquisitions | 21.9 | 2.7 | 2 | 18.3 | — | — | 23 | ||||||||||||||||||||||
Purchase price allocation adjustments | 1.1 | — | — | — | — | — | — | ||||||||||||||||||||||
Amortization | — | — | (0.1 | ) | (29.3 | ) | (1.2 | ) | — | (30.6 | ) | ||||||||||||||||||
Currency translation adjustment | 3.9 | 1 | — | 0.5 | — | — | 1.5 | ||||||||||||||||||||||
Net carrying amount as of March 31, 2014 | $ | 904 | $ | 197.6 | $ | 1.9 | $ | 94.4 | $ | 3.7 | $ | — | $ | 297.6 | |||||||||||||||
Water Management | |||||||||||||||||||||||||||||
Net carrying amount as of March 31, 2012 | $ | 249.4 | $ | 135 | $ | — | $ | 177.6 | $ | 10.5 | $ | 0.1 | $ | 323.2 | |||||||||||||||
Acquisitions | 0.4 | — | — | — | — | — | — | ||||||||||||||||||||||
Purchase price allocation adjustments | (5.5 | ) | 3.9 | — | 5.8 | 0.2 | — | 9.9 | |||||||||||||||||||||
Amortization | — | — | — | (20.0 | ) | (1.7 | ) | (0.1 | ) | (21.8 | ) | ||||||||||||||||||
Currency translation adjustment | (3.0 | ) | (0.8 | ) | — | (0.6 | ) | (0.1 | ) | — | (1.5 | ) | |||||||||||||||||
Net carrying amount as of March 31, 2013 | $ | 241.3 | $ | 138.1 | $ | — | $ | 162.8 | $ | 8.9 | $ | — | $ | 309.8 | |||||||||||||||
Acquisitions | 3 | 1.2 | — | 0.9 | — | — | 2.1 | ||||||||||||||||||||||
Amortization | — | — | — | (18.4 | ) | (1.8 | ) | — | (20.2 | ) | |||||||||||||||||||
Currency translation adjustment | 2.4 | 1.5 | — | 1.7 | 0.1 | — | 3.3 | ||||||||||||||||||||||
Net carrying amount as of March 31, 2014 | $ | 246.7 | $ | 140.8 | $ | — | $ | 147 | $ | 7.2 | $ | — | $ | 295 | |||||||||||||||
Consolidated | |||||||||||||||||||||||||||||
Net carrying amount as of March 31, 2012 | $ | 1,114.70 | $ | 327.3 | $ | — | $ | 303.2 | $ | 16.5 | $ | 0.1 | $ | 647.1 | |||||||||||||||
Acquisitions | 12.6 | 1.9 | — | 7.7 | — | — | 9.6 | ||||||||||||||||||||||
Purchase price allocation adjustments | (5.5 | ) | 3.9 | — | 5.8 | 0.2 | — | 9.9 | |||||||||||||||||||||
Amortization | — | — | — | (48.2 | ) | (2.8 | ) | (0.1 | ) | (51.1 | ) | ||||||||||||||||||
Currency translation adjustment | (3.4 | ) | (1.1 | ) | — | (0.8 | ) | (0.1 | ) | — | (2.0 | ) | |||||||||||||||||
Net carrying amount as of March 31, 2013 | $ | 1,118.40 | $ | 332 | $ | — | $ | 267.7 | $ | 13.8 | $ | — | $ | 613.5 | |||||||||||||||
Acquisitions | 24.9 | 3.9 | 2 | 19.2 | — | — | 25.1 | ||||||||||||||||||||||
Purchase price allocation adjustments | 1.1 | — | — | — | — | — | — | ||||||||||||||||||||||
Amortization | — | — | (0.1 | ) | (47.7 | ) | (3.0 | ) | — | (50.8 | ) | ||||||||||||||||||
Currency translation adjustment | 6.3 | 2.5 | — | 2.2 | 0.1 | — | 4.8 | ||||||||||||||||||||||
Net carrying amount as of March 31, 2014 | $ | 1,150.70 | $ | 338.4 | $ | 1.9 | $ | 241.4 | $ | 10.9 | $ | — | $ | 592.6 | |||||||||||||||
Schedule of Intangible Assets (Excluding Goodwill) [Table Text Block] | ' | ||||||||||||||||||||||||||||
The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of March 31, 2014 and March 31, 2013 are as follows (in millions): | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Weighted Average Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||||||
Patents | 10 years | $ | 38.7 | $ | (27.8 | ) | $ | 10.9 | |||||||||||||||||||||
Customer relationships (including distribution network) | 12 years | 584.3 | (342.9 | ) | 241.4 | ||||||||||||||||||||||||
Tradenames | 7 years | 2 | (0.1 | ) | 1.9 | ||||||||||||||||||||||||
Intangible assets not subject to amortization - trademarks and tradenames | 338.4 | — | 338.4 | ||||||||||||||||||||||||||
$ | 963.4 | $ | (370.8 | ) | $ | 592.6 | |||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||
Weighted Average Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||||||
Patents | 10 years | $ | 38.6 | $ | (24.8 | ) | $ | 13.8 | |||||||||||||||||||||
Customer relationships (including distribution network) | 12 years | 562.9 | (295.2 | ) | 267.7 | ||||||||||||||||||||||||
Intangible assets not subject to amortization - trademarks and tradenames | 332 | — | 332 | ||||||||||||||||||||||||||
$ | 933.5 | $ | (320.0 | ) | $ | 613.5 | |||||||||||||||||||||||
Other_Current_Liabilities_Leve
Other Current Liabilities Level 3 (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Schedule of Other Current Liabilities [Table Text Block] | ' | |||||||
Other current liabilities are summarized as follows (in millions): | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Customer advances | $ | 8.1 | $ | 19 | ||||
Sales rebates | 22.7 | 16.2 | ||||||
Commissions | 7.9 | 7.5 | ||||||
Restructuring and other similar charges (1) | 4.1 | 3.8 | ||||||
Product warranty (2) | 8.6 | 8.8 | ||||||
Risk management (3) | 9.1 | 9.3 | ||||||
Legal and environmental | 4.5 | 14.8 | ||||||
Deferred income taxes | 10.9 | 11.2 | ||||||
Taxes, other than income taxes | 9.5 | 9 | ||||||
Income taxes payable | 11.2 | 7.5 | ||||||
Other | 15.6 | 14.1 | ||||||
$ | 112.2 | $ | 121.2 | |||||
____________________ | ||||||||
-1 | See more information related to the restructuring obligations balance within Note 5. | |||||||
-2 | See more information related to the product warranty obligations balance within Note 2. | |||||||
-3 | Includes projected liabilities related to losses arising from automobile, general and product liability claims. |
Long_Term_Debt_Level_3_Tables
Long Term Debt Level 3 (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Extinguishment of Debt [Line Items] | ' | |||||||||||||||
Schedule of Extinguishment of Debt [Table Text Block] | ' | |||||||||||||||
Financial Statement Impact | ||||||||||||||||
Balance Sheet -Debit (Credit) | Statement of Operations | |||||||||||||||
Deferred Financing Costs (1) | Original Issue Discount (2) | Expense (3) | Total | |||||||||||||
Cash transaction costs: | ||||||||||||||||
Third party transaction costs | $ | 10.8 | $ | — | $ | 5.3 | $ | 16.1 | ||||||||
Bond tender premiums (paid to holders) | — | — | 109.9 | 109.9 | ||||||||||||
Total cash transaction costs | 10.8 | — | 115.2 | $ | 126 | |||||||||||
Non-cash write-off of unamortized amounts: | ||||||||||||||||
Deferred financing costs | (12.4 | ) | — | 12.4 | ||||||||||||
Net original issue discount | — | 17.9 | 1.6 | |||||||||||||
Net financial statement impact | $ | (1.6 | ) | $ | 17.9 | $ | 129.2 | |||||||||
(1) Recorded as a component of other assets within the consolidated balance sheet. | ||||||||||||||||
(2) Recorded as a reduction in the face value of long-term debt within the consolidated balance sheet. | ||||||||||||||||
(3) Recorded as a component of other non-operating expense within the consolidated statement of operations. | ||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||||||||||
Future maturities of debt as of March 31, 2014 were as follows (in millions): | ||||||||||||||||
Years ending March 31: | ||||||||||||||||
2015 | $ | 29 | ||||||||||||||
2016 | 20 | |||||||||||||||
2017 | 21.3 | |||||||||||||||
2018 | 19.5 | |||||||||||||||
2019 | 19.5 | |||||||||||||||
Thereafter (1) | 1,881.00 | |||||||||||||||
$ | 1,990.30 | |||||||||||||||
-1 | Excludes the unamortized original issue discount of $18.3 million at March 31, 2014 from the term loan facility. | |||||||||||||||
Schedule of Debt [Table Text Block] | ' | |||||||||||||||
Long-term debt is summarized as follows (in millions): | ||||||||||||||||
March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
8.50% Senior notes due 2018 | $ | — | $ | 1,145.00 | ||||||||||||
Term loans (1) | 1,921.90 | 934.7 | ||||||||||||||
8.875% Senior notes due 2016 | 1.3 | 2 | ||||||||||||||
Other (2) | 48.8 | 49.9 | ||||||||||||||
Total | 1,972.00 | 2,131.60 | ||||||||||||||
Less current maturities | 29 | 169.3 | ||||||||||||||
Long-term debt | $ | 1,943.00 | $ | 1,962.30 | ||||||||||||
____________________ | ||||||||||||||||
-1 | Includes an unamortized original issue discount of $18.3 million and $3.5 million at March 31, 2014 and March 31, 2013, respectively. | |||||||||||||||
-2 | Includes financing related to the Company's participation in the New Market Tax Credit incentive program of $37.4 million as of March 31, 2014 and 2013. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments Level 3 (Tables) | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||
The following tables indicate the location and the fair value of the Company's derivative instruments within the consolidated balance sheets. | |||||||||||||||
Fair value of derivatives designated as hedging instruments under ASC 815 (in millions): | |||||||||||||||
Liability Derivatives | |||||||||||||||
March 31, 2014 | March 31, 2013 | Balance Sheet Classification | |||||||||||||
Interest rate swaps | $ | 2.7 | $ | — | Other liabilities | ||||||||||
Fair value of derivatives not designated as hedging instruments under ASC 815 (in millions): | |||||||||||||||
Asset Derivatives | |||||||||||||||
March 31, 2014 | March 31, 2013 | Balance Sheet Classification | |||||||||||||
Foreign currency forward contracts | $ | 0.1 | $ | 0.3 | Other current assets | ||||||||||
Liability Derivatives | |||||||||||||||
Foreign currency forward contracts | $ | — | $ | 0.1 | Other current liabilities | ||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | ||||||||||||||
Amount of loss recognized in accumulated other comprehensive loss on derivatives | |||||||||||||||
Derivative instruments designated as cash flow hedging relationships under ASC 815 | |||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||
Interest rate swaps | $ | 1.7 | $ | — | |||||||||||
Derivative instruments designated as cash flow hedging relationships under ASC 815 | Location of loss reclassified from accumulated OCI into income | Amount of loss reclassified from accumulated OCI into income | |||||||||||||
Year Ended | |||||||||||||||
March 31, 2014 | March 31, 2013 | March 31, 2012 | |||||||||||||
Interest rate swaps | Interest expense, net | $ | — | $ | — | $ | (5.8 | ) | |||||||
Loss on the extinguishment of debt | — | — | (3.2 | ) | |||||||||||
Total | $ | — | $ | — | $ | (9.0 | ) | ||||||||
Amount recognized in other expense, net | |||||||||||||||
Derivative instruments not designated as hedging instruments under ASC 815 | Location of gain recognized in income on derivatives | Year Ended | |||||||||||||
March 31, 2014 | March 31, 2013 | March 31, 2012 | |||||||||||||
Foreign currency forward contracts | Other income, net | $ | 0.4 | $ | 0.5 | $ | 0.5 | ||||||||
Fair_Value_Measurements_Level_
Fair Value Measurements Level 3 (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
The following table provides a summary of the Company's assets and liabilities that were recognized at fair value on a recurring basis as of March 31, 2014 and March 31, 2013 (in millions): | |||||||||||||||||
Fair Value as of March 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Total assets at fair value | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Liabilities: | |||||||||||||||||
Interest rate swaps | $ | — | $ | 2.7 | $ | — | $ | 2.7 | |||||||||
Total liabilities at fair value | $ | — | $ | 2.7 | $ | — | $ | 2.7 | |||||||||
Fair Value as of March 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | 0.3 | $ | — | $ | 0.3 | |||||||||
Total assets at fair value | $ | — | $ | 0.3 | $ | — | $ | 0.3 | |||||||||
Liabilities: | |||||||||||||||||
Foreign currency forward contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Total liabilities at fair value | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Leases_Level_3_Tables
Leases Level 3 (Tables) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Leases [Abstract] | ' | |||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | |||
Future minimum rental payments for operating leases with initial terms in excess of one year as of March 31, 2014 are as follows (in millions): | ||||
Years ending March 31: | ||||
2015 | $ | 15.9 | ||
2016 | 12.5 | |||
2017 | 9.4 | |||
2018 | 7.6 | |||
2019 | 6.4 | |||
Thereafter | 7.7 | |||
$ | 59.5 | |||
Stock_Options_Level_3_Tables
Stock Options Level 3 (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Stock Options [Abstract] | ' | ||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||
The fair value of each option granted under the Option Plans was estimated on the date of grant using the Black-Scholes valuation model that uses the following weighted-average assumptions: | |||||||||||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | |||||||||||||||||||
Expected option term (in years) | 7.5 | 7.5 | 7.5 | ||||||||||||||||||
Expected volatility factor | 35 | % | 34 | % | 34 | % | |||||||||||||||
Weighted-average risk free interest rate | 1.57 | % | 1.71 | % | 1.64 | % | |||||||||||||||
Expected dividend rate | 0 | % | 0 | % | 0 | % | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||
Other information relative to stock options and the changes period over period are as follows: | |||||||||||||||||||||
Year-Ended March 31, 2014 | Year-Ended March 31, 2013 | Year-Ended March 31, 2012 | |||||||||||||||||||
Shares | Weighted Avg. Exercise Price | Shares | Weighted Avg. Exercise Price | Shares | Weighted Avg. Exercise Price | ||||||||||||||||
Number of shares under options: | |||||||||||||||||||||
Outstanding at beginning of period | 9,450,197 | $ | 9.85 | 10,874,371 | $ | 5.27 | 10,700,275 | $ | 4.74 | ||||||||||||
Granted | 978,849 | 19.82 | 2,626,157 | 20.56 | 431,459 | 18.74 | |||||||||||||||
Exercised (1) | (1,154,011 | ) | 5.91 | (3,746,740 | ) | 3.77 | (5,465 | ) | 4.8 | ||||||||||||
Canceled/Forfeited | (622,201 | ) | 19.91 | (303,591 | ) | 13.58 | (251,898 | ) | 5.39 | ||||||||||||
Outstanding at end of period (2) | 8,652,834 | $ | 10.79 | 9,450,197 | $ | 9.85 | 10,874,371 | $ | 5.27 | ||||||||||||
Exercisable at end of period (3) | 5,225,236 | $ | 5.46 | 5,879,052 | $ | 5.3 | 8,949,922 | $ | 4.49 | ||||||||||||
______________________ | |||||||||||||||||||||
-1 | The total intrinsic value of options exercised during fiscal 2014, 2013 and 2012 was $18.7 million, $56.1 million and $0.1 million, respectively. | ||||||||||||||||||||
-2 | The weighted average remaining contractual life of options outstanding is 5.5 years at March 31, 2014, 6.1 years at March 31, 2013 and 5.7 years at March 31, 2012. The aggregate intrinsic value of options outstanding at March 31, 2014 is $157.4 million. | ||||||||||||||||||||
-3 | The weighted average remaining contractual life of options exercisable is 3.7 years at March 31, 2014, 4.6 years at March 31, 2013 and 5.0 years at March 31, 2012. The aggregate intrinsic value of options exercisable at March 31, 2014 is $122.9 million. | ||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||
Average Grant | |||||||||||||||||||||
Date Fair Value | |||||||||||||||||||||
Non-vested options at March 31, 2013 | 3,571,145 | $ | 6.99 | ||||||||||||||||||
Granted | 978,849 | 8.06 | |||||||||||||||||||
Vested | (505,357 | ) | 3.53 | ||||||||||||||||||
Canceled/Forfeited | (617,039 | ) | 8.02 | ||||||||||||||||||
Non-vested options at March 31, 2014 | 3,427,598 | $ | 7.62 | ||||||||||||||||||
Retirement_Benefits_Level_3_Ta
Retirement Benefits Level 3 (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | ' | |||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on amounts reported for the retiree medical plans. A one-percentage point change in assumed health care cost trend rates would have the following effect (in millions): | ||||||||||||||||||||||||
One Percentage Point Increase | One Percentage Point Decrease | |||||||||||||||||||||||
Year Ended March 31, | Year Ended March 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Increase (decrease) in total of service and interest cost components | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.1 | ) | |||||||||
Increase (decrease) in postretirement benefit obligation | 2.4 | 2.7 | 2.7 | (2.1 | ) | (2.3 | ) | (2.4 | ) | |||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | |||||||||||||||||||||||
Expected benefit payments to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in millions): | ||||||||||||||||||||||||
Year Ending March 31: | Pension | Other | ||||||||||||||||||||||
Benefits | Postretirement | |||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||
2015 | $ | 40.1 | $ | 2.8 | ||||||||||||||||||||
2016 | 40.7 | 2.9 | ||||||||||||||||||||||
2017 | 41.4 | 2.9 | ||||||||||||||||||||||
2018 | 42 | 2.9 | ||||||||||||||||||||||
2019 | 42.6 | 2.8 | ||||||||||||||||||||||
2020-2024 | 219.3 | 11.7 | ||||||||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized [Table Text Block] | ' | |||||||||||||||||||||||
Amounts included in accumulated other comprehensive loss (income), net of tax, related to defined benefit plans at March 31, 2014 consist of the following (in millions): | ||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Pension | Postretirement | Total | ||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Unrecognized prior service cost (credit) | $ | 0.5 | $ | (9.1 | ) | $ | (8.6 | ) | ||||||||||||||||
Unrecognized actuarial loss | 54.9 | 0.4 | 55.3 | |||||||||||||||||||||
Accumulated other comprehensive loss (income), gross | 55.4 | (8.7 | ) | 46.7 | ||||||||||||||||||||
Deferred income tax (benefit) provision | (19.7 | ) | 2.9 | (16.8 | ) | |||||||||||||||||||
Accumulated other comprehensive loss (income), net | $ | 35.7 | $ | (5.8 | ) | $ | 29.9 | |||||||||||||||||
As of March 31, 2013 | ||||||||||||||||||||||||
Pension | Postretirement | Total | ||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Unrecognized prior service cost (credit) | $ | 1 | $ | (11.1 | ) | $ | (10.1 | ) | ||||||||||||||||
Unrecognized actuarial loss | 70.4 | 0.8 | 71.2 | |||||||||||||||||||||
Accumulated other comprehensive loss (income), gross | 71.4 | (10.3 | ) | 61.1 | ||||||||||||||||||||
Deferred income tax (benefit) provision | (25.2 | ) | 3.5 | (21.7 | ) | |||||||||||||||||||
Accumulated other comprehensive loss (income), net | $ | 46.2 | $ | (6.8 | ) | $ | 39.4 | |||||||||||||||||
Schedule of Net Funded Status [Table Text Block] | ' | |||||||||||||||||||||||
The status of the plans are summarized as follows (in millions): | ||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2014 | Year Ended March 31, 2013 | |||||||||||||||||||||
Benefit obligation at beginning of period | $ | (720.6 | ) | $ | (679.0 | ) | $ | (33.6 | ) | $ | (37.0 | ) | ||||||||||||
Service cost | (1.8 | ) | (1.9 | ) | (0.1 | ) | (0.1 | ) | ||||||||||||||||
Interest cost | (30.1 | ) | (31.6 | ) | (1.2 | ) | (1.5 | ) | ||||||||||||||||
Actuarial (losses) gains | 18.2 | (50.5 | ) | 0.4 | 1.8 | |||||||||||||||||||
Plan amendments | 0.2 | 0.4 | — | — | ||||||||||||||||||||
Benefits paid | 38.5 | 40.1 | 4.1 | 4.2 | ||||||||||||||||||||
Plan participant contributions | (0.4 | ) | (0.3 | ) | (0.8 | ) | (1.0 | ) | ||||||||||||||||
Acquisitions | — | (1.2 | ) | — | — | |||||||||||||||||||
Curtailment | — | 1.1 | — | — | ||||||||||||||||||||
Translation adjustment | (4.0 | ) | 2.3 | — | — | |||||||||||||||||||
Benefit obligation at end of period | $ | (700.0 | ) | $ | (720.6 | ) | $ | (31.2 | ) | $ | (33.6 | ) | ||||||||||||
Plan assets at the beginning of the period | $ | 577.7 | $ | 549.2 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 25.6 | 54.7 | — | — | ||||||||||||||||||||
Contributions | 12.8 | 13.3 | 4.1 | 4.2 | ||||||||||||||||||||
Benefits paid | (38.5 | ) | (40.1 | ) | (4.1 | ) | (4.2 | ) | ||||||||||||||||
Acquisitions | — | 1.1 | — | — | ||||||||||||||||||||
Translation adjustment | 0.1 | (0.5 | ) | — | — | |||||||||||||||||||
Plan assets at end of period | $ | 577.7 | $ | 577.7 | $ | — | $ | — | ||||||||||||||||
Funded status of plans | $ | (122.3 | ) | $ | (142.9 | ) | $ | (31.2 | ) | $ | (33.6 | ) | ||||||||||||
Net amount on Consolidated Balance Sheets consists of: | ||||||||||||||||||||||||
Current liabilities | $ | (3.0 | ) | $ | (2.9 | ) | $ | (2.8 | ) | $ | (2.8 | ) | ||||||||||||
Long-term liabilities | (119.3 | ) | (140.0 | ) | (28.4 | ) | (30.8 | ) | ||||||||||||||||
Total net funded status | $ | (122.3 | ) | $ | (142.9 | ) | $ | (31.2 | ) | $ | (33.6 | ) | ||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||||||||||||||
The components of net periodic benefit cost reported in the consolidated statements of operations are as follows (in millions): | ||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | March 31, 2012 | ||||||||||||||||||||||
Pension Benefits: | ||||||||||||||||||||||||
Service cost | $ | 1.8 | $ | 1.9 | $ | 1.9 | ||||||||||||||||||
Interest cost | 30.1 | 31.6 | 33.6 | |||||||||||||||||||||
Expected return on plan assets | (30.5 | ) | (31.9 | ) | (33.1 | ) | ||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Prior service cost | 0.2 | 0.6 | 0.3 | |||||||||||||||||||||
Curtailment loss | — | 0.2 | — | |||||||||||||||||||||
Recognition of actuarial losses | 2.7 | 7.2 | 7.5 | |||||||||||||||||||||
Net periodic benefit cost | $ | 4.3 | $ | 9.6 | $ | 10.2 | ||||||||||||||||||
Other Postretirement Benefits: | ||||||||||||||||||||||||
Service cost | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||||||||||||
Interest cost | 1.2 | 1.5 | 1.8 | |||||||||||||||||||||
Amortization: | ||||||||||||||||||||||||
Prior service credit | (1.9 | ) | (2.0 | ) | (2.0 | ) | ||||||||||||||||||
Recognition of actuarial (gains) losses | — | (1.7 | ) | 1.6 | ||||||||||||||||||||
Net periodic benefit cost | $ | (0.6 | ) | $ | (2.1 | ) | $ | 1.5 | ||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | |||||||||||||||||||||||
The following table presents significant assumptions used to determine benefit obligations and net periodic benefit cost (income) in weighted-average percentages: | ||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | March 31, 2012 | March 31, 2014 | March 31, 2013 | March 31, 2012 | |||||||||||||||||||
Benefit Obligations: | ||||||||||||||||||||||||
Discount rate | 4.54 | % | 4.25 | % | 4.83 | % | 4.3 | % | 3.8 | % | 4.4 | % | ||||||||||||
Rate of compensation increase | 3.41 | % | 3.42 | % | 3.4 | % | n/a | n/a | n/a | |||||||||||||||
Net Periodic Benefit Cost: | ||||||||||||||||||||||||
Discount rate | 4.25 | % | 4.83 | % | 5.75 | % | 3.8 | % | 4.4 | % | 5.4 | % | ||||||||||||
Rate of compensation increase | 3.42 | % | 3.4 | % | 3.4 | % | n/a | n/a | n/a | |||||||||||||||
Expected return on plan assets | 5.48 | % | 6 | % | 6.58 | % | n/a | n/a | n/a | |||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | |||||||||||||||||||||||
The following table presents the Company’s target investment allocations for the year ended March 31, 2014 and actual investment allocations at March 31, 2014 and 2013. | ||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Investment | Target | Actual | Actual | |||||||||||||||||||||
Policy (1) | Allocation (2) | Allocation | Allocation | |||||||||||||||||||||
Equity securities | 20 - 30% | 29 | % | 30 | % | 30 | % | |||||||||||||||||
Debt securities (including cash and cash equivalents) | 55 - 80% | 68 | % | 67 | % | 67 | % | |||||||||||||||||
Other | 0 - 10% | 3 | % | 3 | % | 3 | % | |||||||||||||||||
-1 | The investment policy allocation represents the guidelines of the Company's principal U.S. pension plans based on the changes in the plans funded status. | |||||||||||||||||||||||
-2 | The target allocations represent the weighted average target allocations for the Company's principal U.S. pension plans. | |||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||||||||||
The fair values of the Company’s pension plan assets for both the U.S and non-U.S. plans at March 31, 2014 and 2013, by asset category were as follows (in millions). For information on the fair value hierarchy and the inputs used to measure fair value, see Note 13 Fair Value Measurements. Certain prior year amounts have been reclassified to conform to the fiscal 2014 presentation. | ||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||||||
Active Market | Observable Inputs | Unobservable | ||||||||||||||||||||||
(Level 1) | (Level 2) | Inputs (Level 3) | ||||||||||||||||||||||
Cash and cash equivalents | $ | 5.8 | $ | 3 | $ | — | $ | 8.8 | ||||||||||||||||
Investment funds | ||||||||||||||||||||||||
Fixed income funds (1) | — | 374.4 | — | 374.4 | ||||||||||||||||||||
U.S. equity funds (2) | — | 74.4 | — | 74.4 | ||||||||||||||||||||
International equity funds (2) | — | 39.8 | — | 39.8 | ||||||||||||||||||||
Balanced funds (2) | — | 10.2 | — | 10.2 | ||||||||||||||||||||
Alternative investment funds (3) | — | — | 53.6 | 53.6 | ||||||||||||||||||||
Insurance contracts | — | — | 16.5 | 16.5 | ||||||||||||||||||||
Total | $ | 5.8 | $ | 501.8 | $ | 70.1 | $ | 577.7 | ||||||||||||||||
As of March 31, 2013 | ||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||||||
Active Market | Observable Inputs | Unobservable | ||||||||||||||||||||||
(Level 1) | (Level 2) | Inputs (Level 3) | ||||||||||||||||||||||
Cash and cash equivalents | $ | 1.2 | $ | 4.1 | $ | — | $ | 5.3 | ||||||||||||||||
Investment funds | ||||||||||||||||||||||||
Fixed income funds (1) | — | 380.7 | — | 380.7 | ||||||||||||||||||||
US equity funds (2) | — | 77.6 | — | 77.6 | ||||||||||||||||||||
International equity funds (2) | — | 39.9 | — | 39.9 | ||||||||||||||||||||
Balanced funds (2) | — | 9.9 | — | 9.9 | ||||||||||||||||||||
Alternative investment funds (3) | — | — | 52 | 52 | ||||||||||||||||||||
Insurance contracts | — | — | 12.3 | 12.3 | ||||||||||||||||||||
Total | $ | 1.2 | $ | 512.2 | $ | 64.3 | $ | 577.7 | ||||||||||||||||
-1 | The Company's fixed income mutual and commingled funds primarily include investments in U.S. government securities and corporate bonds. The commingled funds also include an insignificant portion of investments in asset-backed securities or partnerships. The mutual and commingled funds are valued using quoted market prices of the underlying investments. | |||||||||||||||||||||||
-2 | The Company's equity mutual and commingled funds primarily include investments in U.S. and international common stock. The balanced mutual and commingled funds invest in a combination of fixed income and equity securities. The mutual and commingled funds are valued using quoted market prices of the underlying securities. | |||||||||||||||||||||||
-3 | The Company's alternative investments include venture capital and partnership investments. Alternative investments are valued using the net asset value, which reflects the plan's share of the fair value of the investments. | |||||||||||||||||||||||
Schedule of Level Three Defined Benefit Plan Assets Roll Forward [Table Text Block] | ' | |||||||||||||||||||||||
The table below sets forth a summary of changes in the fair value of the Level 3 investments for the years ended March 31, 2014 and 2013 (in millions): | ||||||||||||||||||||||||
Alternative | Insurance | Total | ||||||||||||||||||||||
Investments | Contracts | |||||||||||||||||||||||
Beginning balance, March 31, 2012 | $ | 54.8 | $ | 8.8 | $ | 63.6 | ||||||||||||||||||
Actual return on assets: | ||||||||||||||||||||||||
Related to assets held at reporting date | (0.6 | ) | 3.5 | 2.9 | ||||||||||||||||||||
Related to assets sold during the period | 1.8 | — | 1.8 | |||||||||||||||||||||
Purchases, sales, issuances and settlements | (4.0 | ) | — | (4.0 | ) | |||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||||||||||||||
Ending balance, March 31, 2013 | 52 | 12.3 | 64.3 | |||||||||||||||||||||
Actual return on assets: | ||||||||||||||||||||||||
Related to assets held at reporting date | 2.4 | 4.2 | 6.6 | |||||||||||||||||||||
Related to assets sold during the period | 0.1 | — | 0.1 | |||||||||||||||||||||
Purchases, sales, issuances and settlements | (0.9 | ) | — | (0.9 | ) | |||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | |||||||||||||||||||||
Ending balance, March 31, 2014 | $ | 53.6 | $ | 16.5 | $ | 70.1 | ||||||||||||||||||
Income_Taxes_Level_3_Tables
Income Taxes Level 3 (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | |||||||||||
The following table represents a reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, for the fiscal years ended March 31, 2014 and March 31, 2013 (in millions): | ||||||||||||
Year Ended March 31, | ||||||||||||
2014 | 2013 | |||||||||||
Balance at beginning of period | $ | 24 | $ | 29.6 | ||||||||
Additions based on tax positions related to the current year | 2.5 | — | ||||||||||
Additions for tax positions of prior years | — | — | ||||||||||
Reductions for tax positions of prior years | — | — | ||||||||||
Settlements | (0.8 | ) | (5.0 | ) | ||||||||
Reductions due to lapse of applicable statute of limitations | (4.7 | ) | (0.8 | ) | ||||||||
Cumulative translation adjustment | (0.1 | ) | 0.2 | |||||||||
Balance at end of period | $ | 20.9 | $ | 24 | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||
The components of the (benefit) provision for income taxes are as follows (in millions): | ||||||||||||
Year ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
United States | $ | 0.8 | $ | 0.1 | $ | 1.1 | ||||||
Non-United States | 14.2 | 16.9 | 16.7 | |||||||||
State and local | 2 | 1 | 1.6 | |||||||||
Total current | 17 | 18 | 19.4 | |||||||||
Deferred: | ||||||||||||
United States | (6.0 | ) | 10.3 | (0.7 | ) | |||||||
Non-United States | (16.4 | ) | (7.0 | ) | (6.4 | ) | ||||||
State and local | (2.0 | ) | (1.0 | ) | (2.9 | ) | ||||||
Total deferred | (24.4 | ) | 2.3 | (10.0 | ) | |||||||
(Benefit) provision for income taxes | $ | (7.4 | ) | $ | 20.3 | $ | 9.4 | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||
The (benefit) provision for income taxes differs from the United States statutory income tax rate due to the following items (in millions): | ||||||||||||
Year ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Provision for income taxes at U.S. federal statutory income tax rate | $ | 7.8 | $ | 26.3 | $ | 15.7 | ||||||
State and local income taxes, net of federal benefit | (0.8 | ) | 3 | 0.9 | ||||||||
Net effects of foreign rate differential | (3.6 | ) | (5.4 | ) | (1.9 | ) | ||||||
Net effects of foreign related operations | 5.5 | (4.2 | ) | (4.3 | ) | |||||||
Net effect to deferred taxes for changes in tax rates | 0.6 | (0.1 | ) | (1.2 | ) | |||||||
Unrecognized tax benefits, net of federal benefit | (4.7 | ) | 0.2 | (0.8 | ) | |||||||
Change in valuation allowance | (11.5 | ) | — | (0.9 | ) | |||||||
Capitalized transaction costs | — | 0.2 | 1.3 | |||||||||
Other | (0.7 | ) | 0.3 | 0.6 | ||||||||
(Benefit) provision for income taxes | $ | (7.4 | ) | $ | 20.3 | $ | 9.4 | |||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | |||||||||||
The (benefit) provision for income taxes was calculated based upon the following components of income (loss) before income taxes (in millions): | ||||||||||||
Year ended March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
United States | $ | (18.0 | ) | $ | 38.5 | $ | 21.3 | |||||
Non-United States | 40.2 | 36.7 | 23.6 | |||||||||
Income before income taxes | $ | 22.2 | $ | 75.2 | $ | 44.9 | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||
Deferred income taxes consist of the tax effects of the following temporary differences (in millions): | ||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Compensation and retirement benefits | $ | 76.5 | $ | 82.5 | ||||||||
US federal and state tax operating loss carryforwards | 63.1 | 63.9 | ||||||||||
Foreign tax credit carryforwards | 46.8 | 50.5 | ||||||||||
Foreign net operating loss carryforwards | 17.2 | 15.6 | ||||||||||
Other | 7.4 | 20.2 | ||||||||||
Total deferred tax assets before valuation allowance | 211 | 232.7 | ||||||||||
Valuation allowance | (54.4 | ) | (73.1 | ) | ||||||||
Total deferred tax assets | 156.6 | 159.6 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | 45.6 | 46.3 | ||||||||||
Inventories | 31.8 | 34.6 | ||||||||||
Intangible assets and goodwill | 222.7 | 236.7 | ||||||||||
Cancellation of indebtedness | 74.5 | 78.4 | ||||||||||
Total deferred tax liabilities | 374.6 | 396 | ||||||||||
Net deferred tax liabilities | $ | 218 | $ | 236.4 | ||||||||
Business_Segment_Information_L
Business Segment Information Level 3 (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||||||
Business Segment Information: | ||||||||||||||||||||||||
(in Millions) | ||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | March 31, 2012 | ||||||||||||||||||||||
Net sales | ||||||||||||||||||||||||
Process & Motion Control | $ | 1,285.90 | $ | 1,266.10 | $ | 1,310.70 | ||||||||||||||||||
Water Management | 796.1 | 739 | 633.5 | |||||||||||||||||||||
Consolidated | $ | 2,082.00 | $ | 2,005.10 | $ | 1,944.20 | ||||||||||||||||||
Income (loss) from operations | ||||||||||||||||||||||||
Process & Motion Control | $ | 244.9 | $ | 232.2 | $ | 233.8 | ||||||||||||||||||
Water Management | 72.2 | 67.9 | 51.2 | |||||||||||||||||||||
Corporate | (37.5 | ) | (44.7 | ) | (39.7 | ) | ||||||||||||||||||
Consolidated | $ | 279.6 | $ | 255.4 | $ | 245.3 | ||||||||||||||||||
Non-operating expense: | ||||||||||||||||||||||||
Interest expense, net | $ | (109.1 | ) | $ | (153.3 | ) | $ | (176.2 | ) | |||||||||||||||
Loss on the extinguishment of debt | (133.2 | ) | (24.0 | ) | (10.7 | ) | ||||||||||||||||||
Loss on divestiture | — | — | (6.4 | ) | ||||||||||||||||||||
Other expense, net | (15.1 | ) | (2.9 | ) | (7.1 | ) | ||||||||||||||||||
Income from continuing operations before income taxes | 22.2 | 75.2 | 44.9 | |||||||||||||||||||||
(Benefit) provision for income taxes | (7.4 | ) | 20.3 | 9.4 | ||||||||||||||||||||
Net income from continuing operations | $ | 29.6 | $ | 54.9 | $ | 35.5 | ||||||||||||||||||
Loss from discontinued operations, net of tax | — | (4.8 | ) | (5.6 | ) | |||||||||||||||||||
Net income | 29.6 | 50.1 | 29.9 | |||||||||||||||||||||
Non-controlling interest loss | (0.6 | ) | — | — | ||||||||||||||||||||
Net income attributable to Rexnord | $ | 30.2 | $ | 50.1 | $ | 29.9 | ||||||||||||||||||
Restructuring and other similar costs (included in income from operations) | ||||||||||||||||||||||||
Process & Motion Control | $ | 5.2 | $ | 6.4 | $ | 0.8 | ||||||||||||||||||
Water Management | 2.7 | 2.2 | 5.1 | |||||||||||||||||||||
Corporate | 0.8 | — | 0.9 | |||||||||||||||||||||
Consolidated | $ | 8.7 | $ | 8.6 | $ | 6.8 | ||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||||
Process & Motion Control | $ | 71.3 | $ | 71.3 | $ | 80.2 | ||||||||||||||||||
Water Management | 37.2 | 41.1 | 33.8 | |||||||||||||||||||||
Consolidated | $ | 108.5 | $ | 112.4 | $ | 114 | ||||||||||||||||||
Capital Expenditures | ||||||||||||||||||||||||
Process & Motion Control | $ | 39.4 | $ | 39.6 | $ | 41.5 | ||||||||||||||||||
Water Management | 12.8 | 20.5 | 17 | |||||||||||||||||||||
Consolidated | $ | 52.2 | $ | 60.1 | $ | 58.5 | ||||||||||||||||||
March 31, 2014 | March 31, 2013 | March 31, 2012 | ||||||||||||||||||||||
Total Assets | ||||||||||||||||||||||||
Process & Motion Control | $ | 2,251.70 | $ | 2,426.20 | $ | 2,203.80 | ||||||||||||||||||
Water Management | 1,039.00 | 1,012.50 | 1,044.20 | |||||||||||||||||||||
Corporate | 92.8 | 35.1 | 42.9 | |||||||||||||||||||||
Consolidated | $ | 3,383.50 | $ | 3,473.80 | $ | 3,290.90 | ||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | |||||||||||||||||||||||
Net sales to third parties and long-lived assets by geographic region are as follows (in millions): | ||||||||||||||||||||||||
Net Sales | Long-lived Assets | |||||||||||||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | March 31, 2014 | March 31, 2013 | March 31, 2012 | |||||||||||||||||||
United States | $ | 1,376.40 | $ | 1,335.00 | $ | 1,326.40 | $ | 293.3 | $ | 266.3 | $ | 267.3 | ||||||||||||
Europe | 409.1 | 379.5 | 339.2 | 98.6 | 93.1 | 103 | ||||||||||||||||||
Rest of World | 296.5 | 290.6 | 278.6 | 49 | 51.3 | 48.9 | ||||||||||||||||||
$ | 2,082.00 | $ | 2,005.10 | $ | 1,944.20 | $ | 440.9 | $ | 410.7 | $ | 419.2 | |||||||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations Level 3 (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||||||
Quarterly Results of Operations (unaudited) | |||||||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||
Fiscal 2014 | |||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||||
Net sales | $ | 508.7 | $ | 514.5 | $ | 489.1 | $ | 569.7 | $ | 2,082.00 | |||||||||||
Gross profit | 181.9 | 191.8 | 181.2 | 208.7 | 763.6 | ||||||||||||||||
Net income (loss) from continuing operations | 13.6 | (52.5 | ) | 28.6 | 39.9 | 29.6 | |||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | — | — | ||||||||||||||||
Net income (loss) | 13.6 | (52.5 | ) | 28.6 | 39.9 | 29.6 | |||||||||||||||
Non-controlling interest loss | (0.2 | ) | (0.2 | ) | (0.1 | ) | (0.1 | ) | (0.6 | ) | |||||||||||
Net income (loss) attributable to Rexnord | 13.8 | (52.3 | ) | 28.7 | 40 | 30.2 | |||||||||||||||
Net income (loss) per share from continuing operations: | |||||||||||||||||||||
Basic | $ | 0.14 | $ | (0.54 | ) | $ | 0.29 | $ | 0.4 | $ | 0.3 | ||||||||||
Diluted | $ | 0.14 | $ | (0.54 | ) | $ | 0.28 | $ | 0.39 | $ | 0.29 | ||||||||||
Net income (loss) per share attributable to Rexnord: | |||||||||||||||||||||
Basic | $ | 0.14 | $ | (0.54 | ) | $ | 0.29 | $ | 0.4 | $ | 0.31 | ||||||||||
Diluted | $ | 0.14 | $ | (0.54 | ) | $ | 0.28 | $ | 0.39 | $ | 0.3 | ||||||||||
Fiscal 2013 | |||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||||
Net sales | $ | 493.6 | $ | 499.5 | $ | 471.7 | $ | 540.3 | $ | 2,005.10 | |||||||||||
Gross profit | 178.7 | 186.6 | 167.9 | 198.2 | 731.4 | ||||||||||||||||
Net (loss) income from continuing operations | (0.7 | ) | 20.3 | 11.4 | 23.9 | 54.9 | |||||||||||||||
Loss from discontinued operations, net of tax | (1.5 | ) | (1.1 | ) | (2.2 | ) | — | (4.8 | ) | ||||||||||||
Net (loss) income | (2.2 | ) | 19.2 | 9.2 | 23.9 | 50.1 | |||||||||||||||
Net (loss) income attributable to Rexnord | (2.2 | ) | 19.2 | 9.2 | 23.9 | 50.1 | |||||||||||||||
Net (loss) income per share from continuing operations: | |||||||||||||||||||||
Basic | $ | — | $ | 0.21 | $ | 0.12 | $ | 0.25 | $ | 0.57 | |||||||||||
Diluted | $ | — | $ | 0.2 | $ | 0.11 | $ | 0.24 | $ | 0.55 | |||||||||||
Loss per share from discontinued operations: | |||||||||||||||||||||
Basic | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | — | $ | (0.05 | ) | |||||||
Diluted | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | — | $ | (0.05 | ) | |||||||
Net (loss) income per share attributable to Rexnord: | |||||||||||||||||||||
Basic | $ | (0.02 | ) | $ | 0.2 | $ | 0.1 | $ | 0.25 | $ | 0.52 | ||||||||||
Diluted | $ | (0.02 | ) | $ | 0.19 | $ | 0.09 | $ | 0.24 | $ | 0.5 | ||||||||||
Significant_Accounting_Policie3
Significant Accounting Policies Revenue Recognition (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Rate | Rate | Rate | |
Accounting Policies [Abstract] | ' | ' | ' |
Percentage of Returns to Net Sales | 1.00% | 1.00% | 1.00% |
Significant_Accounting_Policie4
Significant Accounting Policies Earnings Per Share (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,278,316 | 2,924,547 | 431,459 |
Significant_Accounting_Policie5
Significant Accounting Policies Receivables (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Rate | Rate | Rate | |
Accounting Policies [Abstract] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $6.40 | $7.70 | ' |
Largest Customer's Percentage of Net Sales | 8.60% | 7.90% | 7.40% |
Largest Customer's Accounts Receivable Balance | $9.80 | $13.90 | ' |
Significant_Accounting_Policie6
Significant Accounting Policies Inventories (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Rate | Rate | Rate | |
Accounting Policies [Abstract] | ' | ' | ' |
Percentage of Returns to Net Sales | 1.00% | 1.00% | 1.00% |
Percentage of LIFO Inventory | 50.00% | 50.00% | ' |
Significant_Accounting_Policie7
Significant Accounting Policies Property, Plant and Equipment (Details) | 12 Months Ended |
Mar. 31, 2014 | |
Buildings and improvements | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Buildings and improvements | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '30 years |
Machinery and equipment | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Machinery and equipment | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Hardware and software | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Hardware and software | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Significant_Accounting_Policie8
Significant Accounting Policies Goodwill and Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2014 | |
Minimum [Member] | Customer Relationships | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Weighted average useful life | '1 year |
Minimum [Member] | Patents | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Weighted average useful life | '2 years |
Minimum [Member] | Trade Names [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Weighted average useful life | '5 years |
Maximum [Member] | Customer Relationships | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Weighted average useful life | '20 years |
Maximum [Member] | Patents | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Weighted average useful life | '15 years |
Maximum [Member] | Trade Names [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Weighted average useful life | '10 years |
Significant_Accounting_Policie9
Significant Accounting Policies Deferred Finance Costs (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Deferred Finance Costs, Net | $12.10 | $18.50 |
Accumulated Amortization, Deferred Finance Costs | $4.70 | $6.70 |
Recovered_Sheet1
Significant Accounting Policies Warranty (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Standard Product Warranty Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of period | $8.80 | $8.70 | $8.60 |
Acquired obligations | 0.2 | 0 | 1.1 |
Charged to operations | 3.8 | 4.4 | 1.6 |
Claims settled | 4.2 | 4.3 | 2.6 |
Balance at end of period | $8.60 | $8.80 | $8.70 |
Recovered_Sheet2
Significant Accounting Policies Foreign Currency Translation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Foreign Currency Transaction [Abstract] | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), before Tax | $3.90 | $6.80 | $5.20 |
Recovered_Sheet3
Significant Accounting Policies Advertising (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Marketing and Advertising Expense [Abstract] | ' | ' | ' |
Advertising Expense | $9.60 | $10 | $10.20 |
Recovered_Sheet4
Significant Accounting Policies Research and Development (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Research and Development [Abstract] | ' | ' | ' |
Research and development costs | $13 | $13.70 | $15.40 |
Engineering costs | 28.4 | 24.3 | 22.4 |
Total | $41.40 | $38 | $37.80 |
Recovered_Sheet5
Significant Accounting Policies Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Foreign Currency Translation Adjustment | $7.80 | $0.70 | ' |
Unrealized loss on interest rate derivatives, net of tax | -1.7 | 0 | 4.8 |
Pension and Other Postretirement Benefit Plans, Net of Tax | ($29.90) | ($39.40) | ' |
Recovered_Sheet6
Significant Accounting Policies Recent Accounting Pronouncements (Details) (ASU 2013-11, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
ASU 2013-11 | ' | ' |
Item Effected [Line Items] | ' | ' |
Increase in noncurrent deferred income tax liability and reduction in unrecognized tax benefits (within other liabilities) | $7 | $6.30 |
Acquisition_Details
Acquisition (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 |
Rate | Rate | Water Management French Sales Office [Member] | Precision Gear Holdings [Member] | L.W. Gemmell [Member] | Micro Precision [Member] | Klamflex [Member] | Cline [Member] | VAG [Member] | VAG Sales Subsidiaries [Member] | Autogard [Member] | |||
Rate | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | 51.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | $36.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets other than goodwill, intangibles, and property, plant, and equipment | ' | 25.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | 49.00% | ' | 20.00% | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Effective Date of Acquisition | ' | ' | ' | ' | ' | 16-Dec-13 | 30-Aug-13 | 21-Aug-13 | 26-Apr-13 | 13-Dec-12 | 10-Oct-11 | ' | 2-Apr-11 |
Total cash purchase price | 27.7 | ' | ' | ' | ' | 77.1 | 8.2 | 22.2 | 4.5 | 19.6 | 238.6 | 1.4 | 18.2 |
Business Acquisition, Purchase Price Allocation, Intangible Assets including Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.8 | 138.3 | ' | 17 |
Goodwill | ' | 1,150.70 | 1,118.40 | 1,114.70 | ' | ' | ' | ' | ' | 12.2 | 82.6 | ' | 9.1 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | ' | 24.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | ' | 22.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | $25.10 | ' | ' | ' | ' | ' | ' | ' | $9.60 | $55.70 | ' | $7.90 |
Divestitures_Details
Divestitures (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Business Divestiture [Line Items] | ' | ' | ' |
Business Divestiture, Effective Date of Divestiture | ' | ' | 19-Jul-11 |
Business Divestiture, Total Sale Price | ' | ' | $4.50 |
Loss on divestiture | $0 | $0 | $6.40 |
Discontinued_Operations_Sale_o
Discontinued Operations Sale of Discontinued Operation (Details) (USD $) | Mar. 31, 2012 | Mar. 31, 2013 |
In Millions, unless otherwise specified | Da Long [Member] | |
Business Divestiture [Line Items] | ' | ' |
Business Divestiture, Total Sale Price | $4.50 | $2.50 |
Discontinued Operations, Loss on Disposal of Discontinued Operation | ' | $0.50 |
Restructuring_Cost_To_Date_by_
Restructuring Cost To Date by Segment (Details) (USD $) | 12 Months Ended | 36 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | $8.70 | $8.60 | $6.80 | $24.10 |
Severance costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 6.4 | 6.8 | 4.3 | 17.5 |
Lease termination and other costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 2.3 | 1.8 | 2.5 | 6.6 |
Process & Motion Control | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 5.2 | 6.4 | 0.8 | 12.4 |
Process & Motion Control | Severance costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 3.6 | 5.3 | 0.8 | 9.7 |
Process & Motion Control | Lease termination and other costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 1.6 | 1.1 | 0 | 2.7 |
Water Management | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 2.7 | 2.2 | 5.1 | 10 |
Water Management | Severance costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 2 | 1.5 | 2.6 | 6.1 |
Water Management | Lease termination and other costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 0.7 | 0.7 | 2.5 | 3.9 |
Corporate | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 0.8 | 0 | 0.9 | 1.7 |
Corporate | Severance costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 0.8 | 0 | 0.9 | 1.7 |
Corporate | Lease termination and other costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring Charges | $0 | $0 | $0 | $0 |
Restructuring_Reserve_Rollforw
Restructuring Reserve Rollforward (Details) (USD $) | 12 Months Ended | 36 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |||
Restructuring Charges | $8.70 | $8.60 | $6.80 | $24.10 | |||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | |||
Accrued Restructuring Costs, Beginning of Period | 3.8 | [1] | 2.5 | ' | ' | ||
Charges | 8.7 | 8.6 | 6.8 | ' | |||
Cash payments | -8.4 | -7.3 | ' | ' | |||
Accrued Restructuring Costs, End of Period | 4.1 | [1] | 3.8 | [1] | 2.5 | 4.1 | [1] |
Severance costs | ' | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |||
Restructuring Charges | 6.4 | 6.8 | 4.3 | 17.5 | |||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | |||
Accrued Restructuring Costs, Beginning of Period | 3.7 | [1] | 1.9 | ' | ' | ||
Charges | 6.4 | 6.8 | ' | ' | |||
Cash payments | -6.4 | -5 | ' | ' | |||
Accrued Restructuring Costs, End of Period | 3.7 | [1] | 3.7 | [1] | 1.9 | 3.7 | [1] |
Lease termination and other costs | ' | ' | ' | ' | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | |||
Restructuring Charges | 2.3 | 1.8 | 2.5 | 6.6 | |||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | |||
Accrued Restructuring Costs, Beginning of Period | 0.1 | [1] | 0.6 | ' | ' | ||
Charges | 2.3 | 1.8 | ' | ' | |||
Cash payments | -2 | -2.3 | ' | ' | |||
Accrued Restructuring Costs, End of Period | $0.40 | [1] | $0.10 | [1] | $0.60 | $0.40 | [1] |
[1] | Accrued restructuring costs are included in other current liabilities in the consolidated balance sheets. |
CDSOA_Collections_Details
CDSOA Collections (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Component of Other Income, Nonoperating [Line Items] | ' | ' | ' |
Other expense, net | ($15.10) | ($2.90) | ($7.10) |
Recovery under CDSOA [Member] | ' | ' | ' |
Component of Other Income, Nonoperating [Line Items] | ' | ' | ' |
Other expense, net | $0 | $16.60 | $2.40 |
Inventory_by_Category_Details
Inventory by Category (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Finished goods | $227.40 | $203 |
Work in progress | 72.4 | 73.5 |
Raw materials | 58 | 43 |
Inventories at First-in, First-Out (FIFO) cost | 357.8 | 319.5 |
Adjustment to state inventories at Last-in, First-Out (LIFO) cost | 1.9 | 6.7 |
Inventories, net | $359.70 | $326.20 |
Property_Plant_Equipment_Prope
Property Plant & Equipment Property Plant & Equipment (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $756.80 | $697.10 |
Accumulated Depreciation | -315.9 | -286.4 |
Property, plant and equipment, net | 440.9 | 410.7 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 33.8 | 33.5 |
Buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 224.3 | 212.8 |
Machinery and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 411.5 | 359.8 |
Hardware and software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 62.6 | 69.1 |
Construction in-progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $24.60 | $21.90 |
Goodwill_and_Identifiable_Inta
Goodwill and Identifiable Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Goodwill [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | $1,118.40 | $1,114.70 | ' |
Acquisitions | 24.9 | 12.6 | ' |
Purchase price allocation adjustments | 1.1 | -5.5 | ' |
Amortization | 0 | 0 | ' |
Currency translation adjustment | 6.3 | -3.4 | ' |
Net carrying amount, end of period | 1,150.70 | 1,118.40 | 1,114.70 |
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 332 | 327.3 | ' |
Acquisitions | 3.9 | 1.9 | ' |
Purchase price allocation adjustments | 0 | 3.9 | ' |
Amortization | 0 | 0 | ' |
Currency translation adjustment | 2.5 | -1.1 | ' |
Net carrying amount, end of period | 338.4 | 332 | 327.3 |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Amortization | -50.8 | -51.1 | -50.9 |
Intangibles (Excluding Goodwill) [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 613.5 | 647.1 | ' |
Acquisitions | 25.1 | 9.6 | ' |
Purchase price allocation adjustments | 0 | 9.9 | ' |
Amortization | -50.8 | -51.1 | -50.9 |
Currency translation adjustment | 4.8 | -2 | ' |
Net carrying amount, end of period | 592.6 | 613.5 | 647.1 |
Customer Relationships | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 267.7 | 303.2 | ' |
Acquisitions | 19.2 | 7.7 | ' |
Purchase price allocation adjustments | 0 | 5.8 | ' |
Amortization | -47.7 | -48.2 | ' |
Currency translation adjustment | 2.2 | -0.8 | ' |
Net carrying amount, end of period | 241.4 | 267.7 | ' |
Intangibles (Excluding Goodwill) [Roll Forward] | ' | ' | ' |
Amortization | -47.7 | -48.2 | ' |
Patents | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 13.8 | 16.5 | ' |
Acquisitions | 0 | 0 | ' |
Purchase price allocation adjustments | 0 | 0.2 | ' |
Amortization | -3 | -2.8 | ' |
Currency translation adjustment | 0.1 | -0.1 | ' |
Net carrying amount, end of period | 10.9 | 13.8 | ' |
Intangibles (Excluding Goodwill) [Roll Forward] | ' | ' | ' |
Amortization | -3 | -2.8 | ' |
Non-Compete | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 0 | 0.1 | ' |
Acquisitions | 0 | 0 | ' |
Purchase price allocation adjustments | 0 | 0 | ' |
Amortization | 0 | -0.1 | ' |
Currency translation adjustment | 0 | 0 | ' |
Net carrying amount, end of period | 0 | 0 | ' |
Intangibles (Excluding Goodwill) [Roll Forward] | ' | ' | ' |
Amortization | 0 | -0.1 | ' |
Trade Names [Member] | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 0 | 0 | ' |
Acquisitions | 2 | 0 | ' |
Purchase price allocation adjustments | 0 | 0 | ' |
Amortization | -0.1 | 0 | ' |
Currency translation adjustment | 0 | 0 | ' |
Net carrying amount, end of period | 1.9 | 0 | ' |
Intangibles (Excluding Goodwill) [Roll Forward] | ' | ' | ' |
Amortization | -0.1 | 0 | ' |
Process & Motion Control | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 877.1 | 865.3 | ' |
Acquisitions | 21.9 | 12.2 | ' |
Purchase price allocation adjustments | 1.1 | ' | ' |
Amortization | 0 | 0 | ' |
Currency translation adjustment | 3.9 | -0.4 | ' |
Net carrying amount, end of period | 904 | 877.1 | ' |
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 193.9 | 192.3 | ' |
Acquisitions | 2.7 | 1.9 | ' |
Purchase price allocation adjustments | 0 | ' | ' |
Amortization | 0 | 0 | ' |
Currency translation adjustment | 1 | -0.3 | ' |
Net carrying amount, end of period | 197.6 | 193.9 | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Amortization | -30.6 | -29.3 | ' |
Intangibles (Excluding Goodwill) [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 303.7 | 323.9 | ' |
Acquisitions | 23 | 9.6 | ' |
Purchase price allocation adjustments | 0 | ' | ' |
Amortization | -30.6 | -29.3 | ' |
Currency translation adjustment | 1.5 | -0.5 | ' |
Net carrying amount, end of period | 297.6 | 303.7 | ' |
Process & Motion Control | Customer Relationships | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 104.9 | 125.6 | ' |
Acquisitions | 18.3 | 7.7 | ' |
Purchase price allocation adjustments | 0 | ' | ' |
Amortization | -29.3 | -28.2 | ' |
Currency translation adjustment | 0.5 | -0.2 | ' |
Net carrying amount, end of period | 94.4 | 104.9 | ' |
Intangibles (Excluding Goodwill) [Roll Forward] | ' | ' | ' |
Amortization | -29.3 | -28.2 | ' |
Process & Motion Control | Patents | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 4.9 | 6 | ' |
Acquisitions | 0 | 0 | ' |
Purchase price allocation adjustments | 0 | ' | ' |
Amortization | -1.2 | -1.1 | ' |
Currency translation adjustment | 0 | 0 | ' |
Net carrying amount, end of period | 3.7 | 4.9 | ' |
Intangibles (Excluding Goodwill) [Roll Forward] | ' | ' | ' |
Amortization | -1.2 | -1.1 | ' |
Process & Motion Control | Non-Compete | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 0 | 0 | ' |
Acquisitions | 0 | 0 | ' |
Purchase price allocation adjustments | 0 | ' | ' |
Amortization | 0 | 0 | ' |
Currency translation adjustment | 0 | 0 | ' |
Net carrying amount, end of period | 0 | 0 | ' |
Intangibles (Excluding Goodwill) [Roll Forward] | ' | ' | ' |
Amortization | 0 | 0 | ' |
Process & Motion Control | Trade Names [Member] | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 0 | 0 | ' |
Acquisitions | 2 | 0 | ' |
Purchase price allocation adjustments | 0 | ' | ' |
Amortization | -0.1 | 0 | ' |
Currency translation adjustment | 0 | 0 | ' |
Net carrying amount, end of period | 1.9 | 0 | ' |
Intangibles (Excluding Goodwill) [Roll Forward] | ' | ' | ' |
Amortization | -0.1 | 0 | ' |
Water Management | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 241.3 | 249.4 | ' |
Acquisitions | 3 | 0.4 | ' |
Purchase price allocation adjustments | ' | -5.5 | ' |
Amortization | 0 | 0 | ' |
Currency translation adjustment | 2.4 | -3 | ' |
Net carrying amount, end of period | 246.7 | 241.3 | ' |
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 138.1 | 135 | ' |
Acquisitions | 1.2 | 0 | ' |
Purchase price allocation adjustments | ' | 3.9 | ' |
Amortization | 0 | 0 | ' |
Currency translation adjustment | 1.5 | -0.8 | ' |
Net carrying amount, end of period | 140.8 | 138.1 | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Amortization | -20.2 | -21.8 | ' |
Intangibles (Excluding Goodwill) [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 309.8 | 323.2 | ' |
Acquisitions | 2.1 | 0 | ' |
Purchase price allocation adjustments | ' | 9.9 | ' |
Amortization | -20.2 | -21.8 | ' |
Currency translation adjustment | 3.3 | -1.5 | ' |
Net carrying amount, end of period | 295 | 309.8 | ' |
Water Management | Customer Relationships | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 162.8 | 177.6 | ' |
Acquisitions | 0.9 | 0 | ' |
Purchase price allocation adjustments | ' | 5.8 | ' |
Amortization | -18.4 | -20 | ' |
Currency translation adjustment | 1.7 | -0.6 | ' |
Net carrying amount, end of period | 147 | 162.8 | ' |
Intangibles (Excluding Goodwill) [Roll Forward] | ' | ' | ' |
Amortization | -18.4 | -20 | ' |
Water Management | Patents | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 8.9 | 10.5 | ' |
Acquisitions | 0 | 0 | ' |
Purchase price allocation adjustments | ' | 0.2 | ' |
Amortization | -1.8 | -1.7 | ' |
Currency translation adjustment | 0.1 | -0.1 | ' |
Net carrying amount, end of period | 7.2 | 8.9 | ' |
Intangibles (Excluding Goodwill) [Roll Forward] | ' | ' | ' |
Amortization | -1.8 | -1.7 | ' |
Water Management | Non-Compete | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 0 | 0.1 | ' |
Acquisitions | 0 | 0 | ' |
Purchase price allocation adjustments | ' | 0 | ' |
Amortization | 0 | -0.1 | ' |
Currency translation adjustment | 0 | 0 | ' |
Net carrying amount, end of period | 0 | 0 | ' |
Intangibles (Excluding Goodwill) [Roll Forward] | ' | ' | ' |
Amortization | 0 | -0.1 | ' |
Water Management | Trade Names [Member] | ' | ' | ' |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' |
Net carrying amount, beginning of period | 0 | 0 | ' |
Acquisitions | 0 | 0 | ' |
Purchase price allocation adjustments | ' | 0 | ' |
Amortization | 0 | 0 | ' |
Currency translation adjustment | 0 | 0 | ' |
Net carrying amount, end of period | 0 | 0 | ' |
Intangibles (Excluding Goodwill) [Roll Forward] | ' | ' | ' |
Amortization | $0 | $0 | ' |
Intangible_Asset_Schedule_Deta
Intangible Asset Schedule (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | Patents | Patents | Customer Relationships | Customer Relationships | Trade Names [Member] | Trade Names [Member] | |||
Finite-Lived Intangible Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average useful life | ' | ' | ' | '10 years | '10 years | '12 years | '12 years | '7 years | ' |
Gross carrying amount | ' | ' | ' | $38.70 | $38.60 | $584.30 | $562.90 | $2 | ' |
Accumulated amortization | -370.8 | -320 | ' | -27.8 | -24.8 | -342.9 | -295.2 | -0.1 | ' |
Net carrying amount | ' | ' | ' | 10.9 | 13.8 | 241.4 | 267.7 | 1.9 | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of indefinite-lived intangible assets | 338.4 | 332 | 327.3 | ' | ' | ' | ' | 338.4 | 332 |
Gross carrying amount | 963.4 | 933.5 | ' | ' | ' | ' | ' | ' | ' |
Net carrying amount | $592.60 | $613.50 | $647.10 | ' | ' | ' | ' | ' | ' |
Intangible_Amortization_Detail
Intangible Amortization (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Amortization [Abstract] | ' | ' | ' |
Amortization of intangible assets | $50.80 | $51.10 | $50.90 |
Future_Amortization_Details
Future Amortization (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twenty Four Months | $52 |
Future amortization expense | ' |
Future amortization expense, year three | 32.9 |
Future amortization expense, year four | 22.4 |
Future amortization expense, year five | $22.20 |
Other_Current_Liabilities_by_C
Other Current Liabilities by Category (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Components of Other Current Liabilities [Line Items] | ' | ' | ||
Other Liabilities | $112.20 | $121.20 | ||
Taxes, other than income taxes | ' | ' | ||
Components of Other Current Liabilities [Line Items] | ' | ' | ||
Other Liabilities | 9.5 | 9 | ||
Sales rebates | ' | ' | ||
Components of Other Current Liabilities [Line Items] | ' | ' | ||
Other Liabilities | 22.7 | 16.2 | ||
Restructuring and other similar charges (1) | ' | ' | ||
Components of Other Current Liabilities [Line Items] | ' | ' | ||
Other Liabilities | 4.1 | [1] | 3.8 | [1] |
Customer advances | ' | ' | ||
Components of Other Current Liabilities [Line Items] | ' | ' | ||
Other Liabilities | 8.1 | 19 | ||
Product warranty (2) | ' | ' | ||
Components of Other Current Liabilities [Line Items] | ' | ' | ||
Other Liabilities | 8.6 | [2] | 8.8 | [2] |
Commissions | ' | ' | ||
Components of Other Current Liabilities [Line Items] | ' | ' | ||
Other Liabilities | 7.9 | 7.5 | ||
Risk management (3) | ' | ' | ||
Components of Other Current Liabilities [Line Items] | ' | ' | ||
Other Liabilities | 9.1 | [3] | 9.3 | [3] |
Legal and environmental | ' | ' | ||
Components of Other Current Liabilities [Line Items] | ' | ' | ||
Other Liabilities | 4.5 | 14.8 | ||
Deferred income taxes | ' | ' | ||
Components of Other Current Liabilities [Line Items] | ' | ' | ||
Other Liabilities | 10.9 | 11.2 | ||
Income taxes payable | ' | ' | ||
Components of Other Current Liabilities [Line Items] | ' | ' | ||
Other Liabilities | 11.2 | 7.5 | ||
Other | ' | ' | ||
Components of Other Current Liabilities [Line Items] | ' | ' | ||
Other Liabilities | $15.60 | $14.10 | ||
[1] | See more information related to the restructuring obligations balance within Note 5. | |||
[2] | See more information related to the product warranty obligations balance within Note 2. | |||
[3] | Includes projected liabilities related to losses arising from automobile, general and product liability claims. |
Summary_of_Debt_Details
Summary of Debt (Details) (USD $) | Mar. 31, 2014 | Sep. 28, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |||||
In Millions, unless otherwise specified | 8.875% & 10.125% Notes [Member] | 8.875% & 10.125% Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Subordinated Notes [Member] | Other Debt [Member] | Other Debt [Member] | Other Debt [Member] | Other Debt [Member] | Credit Facility [Member] | Credit Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | April 2013 Incremental Assumption Agreement [Member] | ||||||||
8.5% Senior Notes due 2018 [Member] | 8.5% Senior Notes due 2018 [Member] | 8.875% Senior Notes due 2016 [Member] | 11.75% Senior Subordinated Notes due 2016 [Member] | New Market Tax Credit | New Market Tax Credit- Phase 1 [Member] | Other Subsidiary Debt [Member] | Other Subsidiary Debt [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Term Loan Facility [Member] | |||||||||||
Rate | Senior Secured Credit Facility [Member] | ||||||||||||||||||||||||
Rate | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Unamortized original issue discount | ' | $0 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.50 | $18.30 | $19.50 | ' | ' | ' | ||||
Long-term debt | 1,943 | ' | 1,962.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Current portion of long-term debt | 29 | ' | 169.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Long-term Debt, Gross | $1,972 | ' | $2,131.60 | $1.30 | $2 | $0 | $1,145 | $2 | $300 | $37.40 | $37.40 | $48.80 | [3] | $49.90 | [3] | $1,921.90 | [4] | $934.70 | [4] | $1,921.90 | ' | $0 | $0 | ' | |
Refinanced, Reduction to Effective Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | |||||
Step-up interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | |||||
[1] | Recorded as a reduction in the face value of long-term debt within the consolidated balance sheet. | ||||||||||||||||||||||||
[2] | Recorded as a component of other assets within the consolidated balance sheet. | ||||||||||||||||||||||||
[3] | Includes financing related to the Company's participation in the New Market Tax Credit incentive program of $37.4 million as of MarchB 31, 2014 and | ||||||||||||||||||||||||
[4] | Includes an unamortized original issue discount of $18.3 million and $3.5 million at MarchB 31, 2014 and MarchB 31, 2013, respectively. |
Long_Term_Debt_Future_Debt_Mat
Long Term Debt Future Debt Maturities (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | |
In Millions, unless otherwise specified | |||
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $29 | ' | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 20 | ' | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 21.3 | ' | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 19.5 | ' | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 19.5 | ' | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,881 | [1] | ' |
Long-term Debt, Gross | $1,972 | $2,131.60 | |
[1] | Excludes the unamortized original issue discount of $18.3 million at MarchB 31, 2014 from the term loan facility. |
Long_Term_Debt_Cash_Interest_P
Long Term Debt Cash Interest Paid (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Interest Paid [Abstract] | ' | ' | ' |
Interest Paid | $151.10 | $149.40 | $171.50 |
Long_Term_Debt_Debt_Modificati
Long Term Debt Debt Modifications (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Loss on the extinguishment of debt | ($129.20) | [1] | ($133.20) | ($24) | ($10.70) |
Write off of Deferred Debt Issuance Cost | 12.4 | [1],[2] | ' | ' | ' |
Retirement of debt, original issue discount | 1.6 | [1] | ' | ' | ' |
Senior Notes [Member] | 8.5% Senior Notes due 2018 [Member] | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Loss on the extinguishment of debt | -129.2 | ' | ' | ' | |
April 2013 Incremental Assumption Agreement [Member] | Term Loan Facility [Member] | Senior Secured Credit Facility [Member] | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Refinanced, Reduction to Effective Interest Rate | ' | 0.75% | ' | ' | |
Repayments of Secured Debt | ' | 150 | ' | ' | |
Loss on the extinguishment of debt | ' | -4 | ' | ' | |
Retirement of Debt, Premium | ' | 0.8 | ' | ' | |
Write off of Deferred Debt Issuance Cost | ' | 2.4 | ' | ' | |
Retirement of debt, original issue discount | ' | $0.80 | ' | ' | |
[1] | Recorded as a component of other non-operating expense within the consolidated statement of operations. | ||||
[2] | Recorded as a component of other assets within the consolidated balance sheet. |
Long_Term_Debt_Debt_Refinancin
Long Term Debt Debt Refinancing (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||
In Millions, unless otherwise specified | Sep. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Dec. 28, 2013 | Mar. 31, 2014 | Sep. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 28, 2013 | |
Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | August 2013 Incremental Assumption Agreement [Member] | ||||||
Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | April 2013 Incremental Assumption Agreement [Member] | 8.5% Senior Notes due 2018 [Member] | 8.5% Senior Notes due 2018 [Member] | 8.5% Senior Notes due 2018 [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Term Loan Facility [Member] | ||||||
Rate | Senior Secured Credit Facility [Member] | |||||||||||||
Extinguishment of Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | $1,950 | ' | ' | ' | ' | ' | $265 | ' | ' | |
Proceeds from Debt Refinancing, Net of Original Issue Discount | ' | ' | ' | ' | ' | 1,930.50 | ' | ' | ' | ' | ' | ' | ' | |
Long-term Debt, Gross | ' | 1,972 | 2,131.60 | ' | 1,921.90 | ' | 786.2 | ' | 0 | 1,145 | 0 | 0 | ' | |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' | ' | ' | ' | |
Loss on the extinguishment of debt | -129.2 | [1] | -133.2 | -24 | -10.7 | ' | ' | ' | -129.2 | ' | ' | ' | ' | ' |
Debt Issuance Cost | 10.8 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.8 |
Unamortized original issue discount | 0 | [2],[3] | ' | ' | ' | 18.3 | 19.5 | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Issuance Costs | 5.3 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for third party transaction costs of debt refinancing | 16.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Bond tender premium capitalized | 0 | [2],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption Premium | 109.9 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original issue discount paid in cash for issuance of debt | 0 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for debt issuance costs and redemption premium | 115.2 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for refinancing of debt | 126 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Write off of Deferred Debt Issuance Cost | 12.4 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount (Premium), Net | 17.9 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retirement of debt, original issue discount | 1.6 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred financing costs on extinguishment of debt | ($1.60) | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | Recorded as a component of other non-operating expense within the consolidated statement of operations. | |||||||||||||
[2] | Recorded as a component of other assets within the consolidated balance sheet. | |||||||||||||
[3] | Recorded as a reduction in the face value of long-term debt within the consolidated balance sheet. |
Long_Term_Debt_Senior_Secured_
Long Term Debt Senior Secured Credit Facility (Details) (USD $) | Mar. 31, 2014 | Sep. 28, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |||
In Millions, unless otherwise specified | Term Loan Facility [Member] | Term Loan Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Eurocurrency Borrowings [Member] | Eurocurrency Borrowings [Member] | ABR Borrowings [Member] | ABR Borrowings [Member] | Senior Secured Leverage Ratio (Numerator) [Member] | Senior Secured Leverage Ratio (Numerator) [Member] | Senior Secured Leverage Ratio (Denominator) [Member] | Senior Secured Leverage Ratio (Denominator) [Member] | Senior Secured Leverage Ratio (Denominator) [Member] | ||||||
Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Term Loan Facility [Member] | Revolving Credit Facility [Member] | Term Loan Facility [Member] | Revolving Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Credit Facility [Member] | |||||||
Rate | Rate | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | ||||||||||||
Rate | Rate | Rate | Rate | ||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | $1,950 | ' | $265 | ' | $2,215 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Long-term Debt, Gross | 1,972 | ' | 2,131.60 | 1,921.90 | ' | 0 | 0 | 1,921.90 | [1] | 934.7 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unamortized original issue discount | ' | 0 | [2],[3] | ' | 18.3 | 19.5 | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
LIBOR Floor | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | 2.00% | ' | ' | ' | ' | ' | ' | |||
Interest Rate Based on Federal Funds Effective Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | |||
Interest Rate Based on LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | |||
Step-Down Covenant Terms, Positive Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25 | 1.5 | 1 | 1 | ' | |||
Step-up interest rate | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Step-Down Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | 3.00% | ' | ' | ' | ' | ' | |||
Covenant Terms, Company's Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.98 | ' | ' | ' | 1 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt Instrument, Principal Payments Prior to Maturity | ' | ' | ' | 121.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | 4.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | $29.10 | $40.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Covenant Terms, Positive Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75 | ' | ' | ' | 1 | |||
[1] | Includes an unamortized original issue discount of $18.3 million and $3.5 million at MarchB 31, 2014 and MarchB 31, 2013, respectively. | ||||||||||||||||||||
[2] | Recorded as a reduction in the face value of long-term debt within the consolidated balance sheet. | ||||||||||||||||||||
[3] | Recorded as a component of other assets within the consolidated balance sheet. |
Long_Term_Debt_Senior_Notes_an
Long Term Debt Senior Notes and Senior Subordinated Notes (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
8.875% & 10.125% Notes [Member] | 8.875% & 10.125% Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||||
8.875% Senior Notes due 2016 [Member] | 8.875% Senior Notes due 2016 [Member] | 11.75% Senior Subordinated Notes due 2016 [Member] | 11.75% Senior Subordinated Notes due 2016 [Member] | 8.875% Senior Notes due 2016 [Member] | 8.875% Senior Notes due 2016 [Member] | ||||||||
Rate | Rate | Rate | Rate | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Retirement of debt, cost | ' | ' | ' | ' | ' | ' | $0.70 | ' | $325 | ' | ' | ' | |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 8.88% | 11.75% | 11.75% | 8.88% | ' | |
Long-term Debt, Gross | ' | 1,972 | 2,131.60 | ' | 1.3 | 2 | ' | ' | 300 | ' | ' | 2 | |
Retirement of Debt, Accrued Interest | ' | ' | ' | ' | ' | ' | ' | ' | 7.4 | ' | ' | ' | |
Retirement of Debt, Premium | ' | ' | ' | ' | ' | ' | ' | ' | 17.6 | ' | ' | ' | |
Retirement of Debt, Deferred Financing Costs | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | ' | |
Loss on the extinguishment of debt | ($129.20) | [1] | ($133.20) | ($24) | ($10.70) | ' | ' | ' | ' | ($21.10) | ' | ' | ' |
[1] | Recorded as a component of other non-operating expense within the consolidated statement of operations. |
Long_Term_Debt_Other_Subsidiar
Long Term Debt Other Subsidiary Debt (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Sep. 29, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | ||
Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | ||||||
New Market Tax Credit- Phase 2 [Member] | New Market Tax Credit- Phase 1 [Member] | New Market Tax Credit- Phase 1 [Member] | New Market Tax Credit | New Market Tax Credit | Other Subsidiary Debt [Member] | Other Subsidiary Debt [Member] | Accounts Receivable Securitization Program [Member] | ||||||
Rate | Rate | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term Debt, Gross | $1,972 | $2,131.60 | ' | ' | ' | $37.40 | ' | $37.40 | $48.80 | [1] | $49.90 | [1] | ' |
Proceeds from borrowings of long-term debt | 1,935.10 | 15.4 | 960.6 | 4.3 | 5.5 | ' | ' | ' | ' | ' | ' | ||
Payments to Acquire Loans Receivable | ' | ' | ' | ' | ' | ' | 27.6 | ' | ' | ' | ' | ||
Loan Receivable, Terms | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ||
Loan Receivable, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ||
Loans Receivable, Net | ' | ' | ' | ' | ' | ' | ' | 27.6 | ' | ' | ' | ||
Deferred Finance Costs, Gross | ' | ' | ' | ' | ' | ' | ' | 0.7 | ' | ' | ' | ||
Forgiveness of Debt, Possible Non-Operating Gain | ' | ' | ' | ' | ' | ' | ' | 9.8 | ' | ' | ' | ||
Line of Credit Facility, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ||
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ||
Line of Credit Facility, Increase, Potential Additional Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | ||
Interest Rate Based on LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ||
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100 | ||
[1] | Includes financing related to the Company's participation in the New Market Tax Credit incentive program of $37.4 million as of MarchB 31, 2014 and |
Foreign_Currency_Forward_Contr
Foreign Currency Forward Contracts Asset Position (Details) (Foreign currency forward contracts, USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Foreign currency forward contracts | ' | ' |
Derivative [Line Items] | ' | ' |
Asset Derivatives | $0.10 | $0.30 |
Liability Derivatives | $0 | $0.10 |
Gain_or_Loss_Recognized_in_Inc
Gain or Loss Recognized in Income on Derivatives (Details) (Foreign currency forward contracts, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Foreign currency forward contracts | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Trading activity, gain | $0.40 | $0.50 | $0.50 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Interest rate swap details (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | Rate |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative, Notional Amount | $650 |
Derivative, Average Fixed Interest Rate | 2.50% |
Derivative, Floor Interest Rate | 1.00% |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Interest Rate Swap Balance Sheet Position (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Interest Rate Swap Liabilities at Fair Value | $2.70 | $0 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Amount of loss recognized in accumulated other comprehensive loss on derivatives (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $0 | $0 | ($9) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 0 | 0 | ' |
Interest Expense [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | 0 | 0 | -5.8 |
Loss on Debt Extinguishment [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $0 | $0 | ($3.20) |
Derivative_Fair_Value_Details
Derivative Fair Value (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Foreign currency forward contract assets | $0.10 | $0.30 |
Total assets at fair value | 0.1 | 0.3 |
Interest rate swaps | 2.7 | ' |
Foreign currency forward contract liabilities | ' | 0.1 |
Total liabilities at fair value | 2.7 | 0.1 |
Level 1 | ' | ' |
Assets: | ' | ' |
Foreign currency forward contract assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Interest rate swaps | 0 | ' |
Foreign currency forward contract liabilities | ' | 0 |
Total liabilities at fair value | 0 | 0 |
Level 2 | ' | ' |
Assets: | ' | ' |
Foreign currency forward contract assets | 0.1 | 0.3 |
Total assets at fair value | 0.1 | 0.3 |
Interest rate swaps | 2.7 | ' |
Foreign currency forward contract liabilities | ' | 0.1 |
Total liabilities at fair value | 2.7 | 0.1 |
Level 3 | ' | ' |
Assets: | ' | ' |
Foreign currency forward contract assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Interest rate swaps | 0 | ' |
Foreign currency forward contract liabilities | ' | 0 |
Total liabilities at fair value | $0 | $0 |
LongTerm_Debt_Fair_Value_Detai
Long-Term Debt Fair Value (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Measurements Disclosure [Abstract] | ' | ' |
Long-term Debt, Gross | $1,972 | $2,131.60 |
Long-term Debt, Fair Value | $1,995.10 | $2,254.10 |
Leases_Leases_Details
Leases Leases (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Leases [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense, Net | $17 | $16 | $14.80 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 15.9 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 12.5 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 9.4 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 7.6 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 6.4 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 7.7 | ' | ' |
Operating Leases, Future Minimum Payments Due | $59.50 | ' | ' |
Fair_Value_Options_Granted_Det
Fair Value Options Granted (Details) (USD $) | 12 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | ||||
Rate | Rate | Rate | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | |||
Stock options, outstanding | 8,652,834 | [1] | 9,450,197 | [1] | 10,874,371 | [1] | 10,700,275 |
Granted | 978,849 | 2,626,157 | 431,459 | ' | |||
Total Fair Value of Options Vested during Period | $1,800,000 | $2,200,000 | $9,000,000 | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | ' | |||
Fair value assumptions, method used | 'Black-Scholes valuation model | ' | ' | ' | |||
Share-based Compensation Arrangement, Contractual Term | '10 years | ' | ' | ' | |||
Fair value assumptions, expected term | '7 years 6 months | '7 years 6 months | '7 years 6 months | ' | |||
Fair value assumptions, expected volatility | 35.00% | 34.00% | 34.00% | ' | |||
Fair value assumptions, expected dividends | $0 | $0 | $0 | ' | |||
Fair value assumptions, risk free interest rate | 1.57% | 1.71% | 1.64% | ' | |||
Granted | $8.06 | $8.22 | $7.46 | ' | |||
2006 Option Plan [Member] | ' | ' | ' | ' | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | |||
Shares authorized to be granted | 11,239,290 | ' | ' | ' | |||
2012 Incentive Plan [Member] | ' | ' | ' | ' | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | |||
Shares authorized to be granted | 8,350,000 | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement, Contractual Term | '10 years | ' | ' | ' | |||
[1] | The weighted average remaining contractual life of options outstanding is 5.5 years at MarchB 31, 2014, 6.1 years at MarchB 31, 2013 and 5.7 years at MarchB 31, 2012. The aggregate intrinsic value of options outstanding at MarchB 31, 2014 is $157.4 million. |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Stock-based compensation expense | $7 | $7.10 | $3.70 |
Tax benefit from stock-based compensation expense | 2.5 | 2.5 | 1.4 |
Excess tax benefit realized from exercise of stock options | 5.8 | 18.1 | 0 |
Total unrecognized compensation cost | $15.40 | ' | ' |
Unrecognized compensation cost, period for recognition | '3 years 5 months | ' | ' |
Stock_Option_Activity_Details
Stock Option Activity (Details) (USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | |||
Outstanding at beginning of period | 9,450,197 | [1] | 10,874,371 | [1] | 10,700,275 | |
Granted | 978,849 | 2,626,157 | 431,459 | |||
Exercised (1) | -1,154,011 | [2] | -3,746,740 | [2] | -5,465 | [2] |
Canceled/Forfeited | -622,201 | -303,591 | -251,898 | |||
Outstanding at end of period (2) | 8,652,834 | [1] | 9,450,197 | [1] | 10,874,371 | [1] |
Exercisable at end of period (3) | 5,225,236 | [3] | 5,879,052 | [3] | 8,949,922 | [3] |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | |||
Outstanding at beginning of period | $9.85 | $5.27 | $4.74 | |||
Granted | $19.82 | $20.56 | $18.74 | |||
Exercised (1) | $5.91 | $3.77 | $4.80 | |||
Canceled/Forfeited | $19.91 | $13.58 | $5.39 | |||
Outstanding at end of period (2) | $10.79 | $9.85 | $5.27 | |||
Exercisable at end of period (3) | $5.46 | $5.30 | $4.49 | |||
Total Intrinsic Value of Options Exercised during Period | $18.70 | $56.10 | $0.10 | |||
Weighted average remaining contractual life of options outstanding | '5 years 6 months | '6 years 1 month | '5 years 8 months | |||
Weighted average remaining contractual life of options exercisable | '3 years 8 months | '4 years 7 months | '5 years 0 months | |||
Aggregate intrinsic value of options outstanding | 157.4 | ' | ' | |||
Aggregate intrinsic value of options exercisable | $122.90 | ' | ' | |||
[1] | The weighted average remaining contractual life of options outstanding is 5.5 years at MarchB 31, 2014, 6.1 years at MarchB 31, 2013 and 5.7 years at MarchB 31, 2012. The aggregate intrinsic value of options outstanding at MarchB 31, 2014 is $157.4 million. | |||||
[2] | The total intrinsic value of options exercised during fiscal 2014, 2013 and 2012 was $18.7 million, $56.1 million and $0.1 million, respectively. | |||||
[3] | The weighted average remaining contractual life of options exercisable is 3.7 years at MarchB 31, 2014, 4.6 years at MarchB 31, 2013 and 5.0 years at MarchB 31, 2012. The aggregate intrinsic value of options exercisable at MarchB 31, 2014 is $122.9 million. |
Stock_Options_NonVested_Option
Stock Options Non-Vested Options (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Shares [Abstract] | ' | ' | ' |
Non-vested options at March 31, 2013 | 3,571,145 | ' | ' |
Granted | 978,849 | 2,626,157 | 431,459 |
Vested | -505,357 | ' | ' |
Canceled/Forfeited | -617,039 | ' | ' |
Non-vested options at March 31, 2014 | 3,427,598 | 3,571,145 | ' |
Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' |
Non-vested options at March 31, 2013 | $6.99 | ' | ' |
Granted | $8.06 | $8.22 | $7.46 |
Vested | $3.53 | ' | ' |
Canceled/Forfeited | $8.02 | ' | ' |
Non-vested options at March 31, 2014 | $7.62 | $6.99 | ' |
Stock_Options_2012_Incentive_P
Stock Options 2012 Incentive Plan (Details) | 12 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement, Contractual Term | '10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years |
2012 Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement, Contractual Term | '10 years |
Percentage vesting after three years | 50.00% |
Percentage vesting after five years | 50.00% |
50% vest after three years [Member] | 2012 Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years |
50% vest after five years [Member] | 2012 Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years |
Options granted to directors [Member] | 2012 Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Pension Benefits: | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | $1.80 | $1.90 | $1.90 |
Interest cost | 30.1 | 31.6 | 33.6 |
Expected return on plan assets | -30.5 | -31.9 | -33.1 |
Amortization of prior service cost | 0.2 | 0.6 | 0.3 |
Curtailment loss | 0 | 0.2 | 0 |
Recognition of actuarial losses | -2.7 | -7.2 | -7.5 |
Net periodic benefit cost | 4.3 | 9.6 | 10.2 |
Other Postretirement Benefits: | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 1.2 | 1.5 | 1.8 |
Amortization of prior service cost | -1.9 | -2 | -2 |
Recognition of actuarial losses | 0 | 1.7 | -1.6 |
Net periodic benefit cost | ($0.60) | ($2.10) | $1.50 |
Pension_Plan_Contributions_Det
Pension Plan Contributions (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits: | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $9.40 | ' |
Contributions | 12.8 | 13.3 |
Other Postretirement Benefits: | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 2.8 | ' |
Contributions | $4.10 | $4.20 |
Retirement_Benefits_Status_of_
Retirement Benefits Status of Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Plan assets at end of period | $577.70 | $577.70 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | -5.8 | -5.7 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -147.7 | -170.8 | ' |
Pension Benefits: | ' | ' | ' |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 695.8 | 720.6 | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of period | -720.6 | -679 | ' |
Service cost | -1.8 | -1.9 | -1.9 |
Interest cost | -30.1 | -31.6 | -33.6 |
Actuarial (losses) gains | 18.2 | -50.5 | ' |
Plan amendments | 0.2 | 0.4 | ' |
Benefits paid | 38.5 | 40.1 | ' |
Plan participant contributions | -0.4 | -0.3 | ' |
Acquisitions | 0 | -1.2 | ' |
Defined Benefit Plan, Curtailments | 0 | 1.1 | ' |
Translation adjustment | -4 | 2.3 | ' |
Benefit obligation at end of period | -700 | -720.6 | -679 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Plan assets at the beginning of the period | 577.7 | 549.2 | ' |
Actual return on plan assets | 25.6 | 54.7 | ' |
Contributions | 12.8 | 13.3 | ' |
Benefits paid | 38.5 | 40.1 | ' |
Acquisitions | 0 | 1.1 | ' |
Translation adjustment | 0.1 | -0.5 | ' |
Plan assets at end of period | 577.7 | 577.7 | 549.2 |
Funded status of plans | -122.3 | -142.9 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | -3 | -2.9 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -119.3 | -140 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -122.3 | -142.9 | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 687.2 | 710.5 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | -573.5 | -577.7 | ' |
Other Postretirement Benefits: | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of period | -33.6 | -37 | ' |
Service cost | -0.1 | -0.1 | -0.1 |
Interest cost | -1.2 | -1.5 | -1.8 |
Actuarial (losses) gains | 0.4 | 1.8 | ' |
Plan amendments | 0 | 0 | ' |
Benefits paid | 4.1 | 4.2 | ' |
Plan participant contributions | -0.8 | -1 | ' |
Acquisitions | 0 | 0 | ' |
Defined Benefit Plan, Curtailments | 0 | 0 | ' |
Translation adjustment | 0 | 0 | ' |
Benefit obligation at end of period | -31.2 | -33.6 | -37 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Plan assets at the beginning of the period | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Contributions | 4.1 | 4.2 | ' |
Benefits paid | 4.1 | 4.2 | ' |
Acquisitions | 0 | 0 | ' |
Translation adjustment | 0 | 0 | ' |
Plan assets at end of period | 0 | 0 | 0 |
Funded status of plans | -31.2 | -33.6 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | -2.8 | -2.8 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -28.4 | -30.8 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | ($31.20) | ($33.60) | ' |
Retirement_Benefits_Accumulate
Retirement Benefits Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Unrecognized prior service cost (credit) | ($8.60) | ($10.10) |
Unrecognized actuarial loss | 55.3 | 71.2 |
Accumulated other comprehensive loss (income), gross | 46.7 | 61.1 |
Deferred income tax (benefit) provision | -16.8 | -21.7 |
Accumulated other comprehensive loss (income), net | 29.9 | 39.4 |
Pension Benefits: | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Unrecognized prior service cost (credit) | 0.5 | 1 |
Unrecognized actuarial loss | 54.9 | 70.4 |
Accumulated other comprehensive loss (income), gross | 55.4 | 71.4 |
Deferred income tax (benefit) provision | -19.7 | -25.2 |
Accumulated other comprehensive loss (income), net | 35.7 | 46.2 |
Future amortization of prior service cost (credit) | 0.2 | ' |
Other Postretirement Benefits: | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Unrecognized prior service cost (credit) | -9.1 | -11.1 |
Unrecognized actuarial loss | 0.4 | 0.8 |
Accumulated other comprehensive loss (income), gross | -8.7 | -10.3 |
Deferred income tax (benefit) provision | 2.9 | 3.5 |
Accumulated other comprehensive loss (income), net | -5.8 | -6.8 |
Future amortization of prior service cost (credit) | ($2) | ' |
Retirement_Benefits_Significan
Retirement Benefits Significant Assumptions (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Rate | Rate | Rate | |
Pension Benefits: | ' | ' | ' |
Benefit Obligations: | ' | ' | ' |
Discount rate | 4.54% | 4.25% | 4.83% |
Rate of compensation increase | 3.41% | 3.42% | 3.40% |
Net Periodic Benefit Cost: | ' | ' | ' |
Discount rate | 4.25% | 4.83% | 5.75% |
Rate of compensation increase | 3.42% | 3.40% | 3.40% |
Expected return on plan assets | 5.48% | 6.00% | 6.58% |
Other Postretirement Benefits: | ' | ' | ' |
Benefit Obligations: | ' | ' | ' |
Discount rate | 4.30% | 3.80% | 4.40% |
Net Periodic Benefit Cost: | ' | ' | ' |
Discount rate | 3.80% | 4.40% | 5.40% |
Retirement_Benefits_Target_Inv
Retirement Benefits Target Investment Allocations (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Multiemployer Plan, Period Contributions | $0.30 | $0.30 | $0.30 | |
Equity securities | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Investment policy, minimum allocation | 20.00% | [1] | ' | ' |
Investment policy, maximum allocation | 30.00% | [1] | ' | ' |
Target Allocation (2) | 29.00% | [2] | ' | ' |
Actual Allocation | 30.00% | 30.00% | ' | |
Debt securities (including cash and cash equivalents) | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Investment policy, minimum allocation | 55.00% | [1] | ' | ' |
Investment policy, maximum allocation | 80.00% | [1] | ' | ' |
Target Allocation (2) | 68.00% | [2] | ' | ' |
Actual Allocation | 67.00% | 67.00% | ' | |
Other | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Investment policy, minimum allocation | 0.00% | [1] | ' | ' |
Investment policy, maximum allocation | 10.00% | [1] | ' | ' |
Target Allocation (2) | 3.00% | [2] | ' | ' |
Actual Allocation | 3.00% | 3.00% | ' | |
[1] | The investment policy allocation represents the guidelines of the Company's principal U.S. pension plans based on the changes in the plans funded status. | |||
[2] | The target allocations represent the weighted average target allocations for the Company's principal U.S. pension plans. |
Retirement_Benefits_Fair_Value
Retirement Benefits Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||
In Millions, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | $577.70 | $577.70 | ' | ||
Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 5.8 | 1.2 | ' | ||
Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 501.8 | 512.2 | ' | ||
Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 70.1 | 64.3 | 63.6 | ||
Cash and cash equivalents | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 8.8 | 5.3 | ' | ||
Cash and cash equivalents | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 5.8 | 1.2 | ' | ||
Cash and cash equivalents | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 3 | 4.1 | ' | ||
Cash and cash equivalents | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Equity Funds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 380.7 | [1] | ' | |
Equity Funds [Member] | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | [1] | ' | |
Equity Funds [Member] | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 380.7 | [1] | ' | |
Equity Funds [Member] | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | [1] | ' | |
Fixed income funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 374.4 | [1] | ' | ' | |
Fixed income funds | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [1] | ' | ' | |
Fixed income funds | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 374.4 | [1] | ' | ' | |
Fixed income funds | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [1] | ' | ' | |
US equity funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 74.4 | [2] | 77.6 | [2] | ' |
US equity funds | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
US equity funds | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 74.4 | [2] | 77.6 | [2] | ' |
US equity funds | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
International equity funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 39.8 | [2] | 39.9 | [2] | ' |
International equity funds | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
International equity funds | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 39.8 | [2] | 39.9 | [2] | ' |
International equity funds | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Balanced funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 10.2 | [2] | 9.9 | [2] | ' |
Balanced funds | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Balanced funds | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 10.2 | [2] | 9.9 | [2] | ' |
Balanced funds | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Alternative investment funds (3) | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 53.6 | [3] | 52 | [3] | ' |
Alternative investment funds (3) | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [3] | ' |
Alternative investment funds (3) | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [3] | ' |
Alternative investment funds (3) | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 53.6 | [3] | 52 | [3] | 54.8 |
Insurance contracts | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 16.5 | 12.3 | ' | ||
Insurance contracts | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Insurance contracts | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Insurance contracts | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | $16.50 | $12.30 | $8.80 | ||
[1] | The Company's fixed income mutual and commingled funds primarily include investments in U.S. government securities and corporate bonds. The commingled funds also include an insignificant portion of investments in asset-backed securities or partnerships. The mutual and commingled funds are valued using quoted market prices of the underlying investments. | ||||
[2] | The Company's equity mutual and commingled funds primarily include investments in U.S. and international common stock. The balanced mutual and commingled funds invest in a combination of fixed income and equity securities. The mutual and commingled funds are valued using quoted market prices of the underlying securities. | ||||
[3] | The Company's alternative investments include venture capital and partnership investments. Alternative investments are valued using the net asset value, which reflects the plan's share of the fair value of the investments. |
Retirement_Benefits_Changes_in
Retirement Benefits Changes in Fair Value of Level 3 Investments (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | $577.70 | $577.70 | ' | ||
Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 70.1 | 64.3 | 63.6 | ||
Actual return on assets: | ' | ' | ' | ||
Related to assets held at reporting date | 6.6 | 2.9 | ' | ||
Related to assets sold during the period | 0.1 | 1.8 | ' | ||
Purchases, sales, issuances and settlements | -0.9 | -4 | ' | ||
Transfers in and/or out of Level 3 | 0 | 0 | ' | ||
Alternative investment funds (3) | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 53.6 | [1] | 52 | [1] | ' |
Alternative investment funds (3) | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 53.6 | [1] | 52 | [1] | 54.8 |
Actual return on assets: | ' | ' | ' | ||
Related to assets held at reporting date | 2.4 | -0.6 | ' | ||
Related to assets sold during the period | 0.1 | 1.8 | ' | ||
Purchases, sales, issuances and settlements | -0.9 | -4 | ' | ||
Transfers in and/or out of Level 3 | 0 | 0 | ' | ||
Insurance contracts | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 16.5 | 12.3 | ' | ||
Insurance contracts | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 16.5 | 12.3 | 8.8 | ||
Actual return on assets: | ' | ' | ' | ||
Related to assets held at reporting date | 4.2 | 3.5 | ' | ||
Related to assets sold during the period | 0 | 0 | ' | ||
Purchases, sales, issuances and settlements | 0 | 0 | ' | ||
Transfers in and/or out of Level 3 | $0 | $0 | ' | ||
[1] | The Company's alternative investments include venture capital and partnership investments. Alternative investments are valued using the net asset value, which reflects the plan's share of the fair value of the investments. |
Retirement_Benefits_Expected_F
Retirement Benefits Expected Future Benefit Payments (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Pension Benefits: | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Expected future benefit payments, next twelve months | $40.10 |
Expected future benefit payments, year two | 40.7 |
Expected future benefit payments, year three | 41.4 |
Expected future benefit payments, year four | 42 |
Expected future benefit payments, year five | 42.6 |
Expected future benefit payments, five years thereafter | 219.3 |
Other Postretirement Benefits: | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Expected future benefit payments, next twelve months | 2.8 |
Expected future benefit payments, year two | 2.9 |
Expected future benefit payments, year three | 2.9 |
Expected future benefit payments, year four | 2.9 |
Expected future benefit payments, year five | 2.8 |
Expected future benefit payments, five years thereafter | $11.70 |
Retirement_Benefits_Assumed_He
Retirement Benefits Assumed Health Care Cost Trend (Details) (Other Postretirement Benefits:, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Rate | |||
Other Postretirement Benefits: | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Assumed health care cost trend rate | 7.50% | ' | ' |
Ultimate health care cost trend rate | 5.00% | ' | ' |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' |
Effect of one percentage point increase on service and interest cost components | $0.10 | $0.10 | $0.10 |
Effect of one percentage point decrease on service and interest cost components | -0.1 | -0.1 | -0.1 |
Effect of one percentage point increase on accumulated postretirement benefit obligation | 2.4 | 2.7 | 2.7 |
Effect of one percentage point decrease on accumulated postretirement benefit obligation | ($2.10) | ($2.30) | ($2.40) |
Retirement_Benefits_Defined_Co
Retirement Benefits Defined Contribution Savings Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $15.60 | $14.20 | $11 |
Retirement_Benefits_MultiEmplo
Retirement Benefits Multi-Employer Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Multiemployer Plans [Abstract] | ' | ' | ' |
Multiemployer Plan, Period Contributions | $0.30 | $0.30 | $0.30 |
Retirement_Benefits_Pension_pl
Retirement Benefits Pension plans that are not fully funded (Details) (Pension Benefits:, USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Benefits: | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | $695.80 | $720.60 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | -687.2 | -710.5 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | ($573.50) | ($577.70) |
Income_Taxes_Income_Tax_Provis
Income Taxes Income Tax Provision (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Current: | ' | ' | ' |
United States | $0.80 | $0.10 | $1.10 |
Non-United States | 14.2 | 16.9 | 16.7 |
State and local | 2 | 1 | 1.6 |
Total current | 17 | 18 | 19.4 |
Deferred: | ' | ' | ' |
United States | -6 | 10.3 | -0.7 |
Non-United States | -16.4 | -7 | -6.4 |
State and local | -2 | -1 | -2.9 |
Total deferred | -24.4 | 2.3 | -10 |
(Benefit) provision for income taxes | ($7.40) | $20.30 | $9.40 |
Income_Taxes_US_Statutory_Inco
Income Taxes U.S. Statutory Income Tax Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' |
Provision for income taxes at U.S. federal statutory income tax rate | $7.80 | $26.30 | $15.70 |
State and local income taxes, net of federal benefit | -0.8 | 3 | 0.9 |
Net effects of foreign rate differential | -3.6 | -5.4 | -1.9 |
Net effects of foreign related operations | 5.5 | -4.2 | -4.3 |
Net effect to deferred taxes for changes in tax rates | 0.6 | -0.1 | -1.2 |
Unrecognized tax benefits, net of federal benefit | -4.7 | 0.2 | -0.8 |
Change in valuation allowance | -11.5 | 0 | -0.9 |
Capitalized transaction costs | 0 | 0.2 | 1.3 |
Other | -0.7 | 0.3 | 0.6 |
(Benefit) provision for income taxes | ($7.40) | $20.30 | $9.40 |
Income_Taxes_Provision_Benefit
Income Taxes Provision (Benefit) for Income Taxes by Jurisdiction (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | ' | ' | ' |
United States | ($18) | $38.50 | $21.30 |
Non-United States | 40.2 | 36.7 | 23.6 |
Income from continuing operations before income taxes | $22.20 | $75.20 | $44.90 |
Income_Taxes_Deferred_Income_T
Income Taxes Deferred Income Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Deferred tax assets: | ' | ' | ' |
Compensation and retirement benefits | $76.50 | $82.50 | ' |
Deferred Tax Assets, Operating Loss Carryforwards, US Federal and State | 63.1 | 63.9 | ' |
US federal and state tax operating loss carryforwards | 114.8 | ' | ' |
Foreign tax credit carryforwards | 46.8 | 50.5 | ' |
Foreign net operating loss carryforwards | 17.2 | 15.6 | ' |
Other | 7.4 | 20.2 | ' |
Total deferred tax assets before valuation allowance | 211 | 232.7 | ' |
Valuation allowance | -54.4 | -73.1 | ' |
Total deferred tax assets | 156.6 | 159.6 | ' |
Deferred tax liabilities: | ' | ' | ' |
Property, plant and equipment | 45.6 | 46.3 | ' |
Inventories | 31.8 | 34.6 | ' |
Intangible assets and goodwill | 222.7 | 236.7 | ' |
Cancellation of indebtedness | 74.5 | 78.4 | ' |
Total deferred tax liabilities | 374.6 | 396 | ' |
Net deferred tax liabilities | 218 | 236.4 | ' |
Foreign tax credit carryforward period | '10 years | ' | ' |
U.S. federal net operating loss carryforward period | '20 years | ' | ' |
State net operating loss carryforward period, minimum of range | '5 years | ' | ' |
State net operating loss carryforward period, maximum of range | '20 years | ' | ' |
Foreign net operating loss carryforward period | '5 years | ' | ' |
Undistributed Earnings of Foreign Subsidiaries | 141.4 | ' | ' |
Potential Tax on Repatriated Earnings | 3.9 | ' | ' |
Income Taxes Paid | $13.60 | $16.70 | $17.50 |
Income_Taxes_Liability_for_Unr
Income Taxes Liability for Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 29, 2013 | Sep. 28, 2013 | Mar. 31, 2014 |
Italy [Member] | Germany [Member] | VAG [Member] | ||||
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits, income tax penalties and interest accrued | $9.90 | $10.50 | ' | ' | ' | ' |
Unrecognized tax benefits, income tax penalties and interest expense | -0.6 | 0.9 | 0.8 | ' | ' | ' |
Income Tax Examination, Penalties and Interest Expense | ' | ' | ' | 0.7 | 0.4 | 0.4 |
Liability for unrecognized tax benefits | 23.6 | 27.5 | ' | ' | ' | ' |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | 24 | 29.6 | ' | ' | ' | ' |
Additions based on tax positions related to the current year | 2.5 | 0 | ' | ' | ' | ' |
Additions for tax positions of prior years | 0 | 0 | ' | ' | ' | ' |
Reductions for tax positions of prior years | 0 | 0 | ' | ' | ' | ' |
Settlements | -0.8 | -5 | ' | ' | ' | ' |
Reductions due to lapse of applicable statute of limitations | -4.7 | -0.8 | ' | ' | ' | ' |
Cumulative translation adjustment | -0.1 | 0.2 | ' | ' | ' | ' |
Balance at end of period | $20.90 | $24 | $29.60 | ' | ' | ' |
Income_Taxes_NOLs_Details
Income Taxes NOLs (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | ' |
US federal and state tax operating loss carryforwards | $114.80 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 566 |
Valuation allowance on state net operating loss carryforward | 19.9 |
Foreign net operating loss carryforwards | 86.9 |
Valuation allowance on foreign net operating loss carryforward | $6.40 |
Related_Party_Transactions_Man
Related Party Transactions Management Service Fees (Details) (USD $) | 12 Months Ended |
Mar. 31, 2012 | |
Related Party Transaction [Line Items] | ' |
Management Agreement, Term | '12 years |
Majority Shareholder [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Expenses from Transactions with Related Party | $3,000,000 |
Management Termination Fee per Agreement | 20,100,000 |
Contract Termination [Member] | Majority Shareholder [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 15,000,000 |
Unreimbursed expenses [Member] | Majority Shareholder [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Expenses from Transactions with Related Party | $700,000 |
Related_Party_Transactions_Con
Related Party Transactions Consulting Services (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Board of Directors Chairman [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | $250,000 | $250,000 | $250,000 |
Next Level Partners [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | ' | ' | $200,000 |
Related_Party_Transactions_Sto
Related Party Transactions Stockholders' Agreements (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Jun. 29, 2013 | Mar. 31, 2014 |
requests | |||
Stockholders' Agreements [Abstract] | ' | ' | ' |
Demand registration rights, period to register | ' | ' | '90 days |
Limit on demand registration requests | ' | ' | 2 |
Period to make two demand registrations | ' | ' | '12 months |
Piggyback rights, period to deliver notice | ' | ' | '15 days |
Registractions on Form S-3, period to elect inclusion | ' | ' | '15 days |
Holdback, period prior to registration statement | ' | ' | '10 days |
Holdback, prior after registration statement | ' | ' | '90 days |
Offering expenses (excluding underwriters' discounts and commissions) paid by the Company on behalf of selling stockholders | $0.40 | $1 | ' |
Related_Party_Transactions_Nom
Related Party Transactions Nominating Agreement (Details) | 12 Months Ended |
Mar. 31, 2014 | |
designees | |
Rate | |
Nominating Agreement [Abstract] | ' |
Nominating agreement, three board designees, beneficial ownership threshold | 33.30% |
Nominating agreement, 33 1/3% ownership, nominated designees to board | 3 |
Related_Party_Transactions_Deb
Related Party Transactions Debt Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Rate | Rate | ||
Related Party Transaction [Line Items] | ' | ' | ' |
Long-term Debt, Gross | $1,972 | $2,131.60 | ' |
11.75% Senior Subordinated Notes due 2016 [Member] | Senior Subordinated Notes [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Long-term Debt, Gross | ' | 300 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 11.75% | 11.75% | ' |
Retirement of Debt, Premium | ' | 17.6 | ' |
Retirement of Debt, Accrued Interest | ' | 7.4 | ' |
Related Party, Purchases of Company Debt | 0 | ' | 0.1 |
11.75% Senior Subordinated Notes due 2016 [Member] | Senior Subordinated Notes [Member] | Board of Directors Chairman [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Debt Redemption | ' | 2.6 | ' |
Related Party, Purchases of Company Debt | ' | ' | 0.1 |
11.75% Senior Subordinated Notes due 2016 [Member] | Senior Subordinated Notes [Member] | Chief Executive Officer [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Debt Redemption | ' | 0.3 | ' |
11.75% Senior Subordinated Notes due 2016 [Member] | Senior Subordinated Notes [Member] | Executive Vice President [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Debt Redemption | ' | $0.30 | ' |
Related_Party_Transactions_Oth
Related Party Transactions Other (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Apollo Global Securities, LLC [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Related party, Offering discounts and commissions | $0.10 | ' |
Related Party, Refinance arrangement fee | 0.6 | ' |
Related Party, IPO customary discounts and commissions | ' | 1.4 |
Morgan Joseph TriArtisan LLC [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Related Party, IPO customary discounts and commissions | ' | $0.30 |
Loss_Contingencies_Details
Loss Contingencies (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
Damages from Product Defects [Member] | Damages from Product Defects [Member] | Asbestos Issue [Member] | Asbestos Issue [Member] | Asbestos Issue [Member] | Asbestos Issue [Member] | Environmental Issue [Member] | Environmental Issue [Member] | ||||
Zurn [Member] | Zurn [Member] | Stearns [Member] | Prager [Member] | Falk [Member] | Zurn [Member] | Ellsworth Industrial Park Site [Member] | Ellsworth Industrial Park Site [Member] | ||||
Claimants | Rate | Rate | Claimants | defendants | Rate | ||||||
Rate | Lawsuits | Claimants | Lawsuits | ||||||||
Loss Contingency, Estimate [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Insurance Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | $36 | ' | ' |
Loss Contingency, Estimate of Possible Loss | ' | ' | ' | ' | ' | ' | ' | ' | 36 | ' | ' |
Zurn PEX loss contingency | 0 | 10.1 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Information about Litigation Matters [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indemnification Resulting from Business Acquisition, Amount | 900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Claim Settlement Funding Period | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Settlement Agreement, Consideration | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Settlement Agreement, Attorney Fees | ' | ' | ' | ' | 8.5 | ' | ' | ' | ' | ' | ' |
Loss Contingency, Number of Defendants | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' |
Indemnification Resulting from Business Acquisition, Percentage of Costs Paid to Date by Seller | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | 100.00% |
Insurance Coverage, Percentage of Costs Paid to Date by Insurance Providers | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Loss Contingency, Pending Lawsuits, Number | ' | ' | ' | ' | ' | ' | 2 | ' | 7,000 | ' | ' |
Loss Contingency, Pending Claims, Number | ' | ' | ' | ' | ' | 1,000 | ' | 100 | 26,000 | ' | ' |
Timeframe of Estimated Claims Disbursements | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Estimated Claim Payments Made Over Specified Period | ' | ' | ' | ' | ' | ' | ' | ' | $29 | ' | ' |
Asbestos_Insurance_Coverage_De
Asbestos Insurance Coverage (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Supplementary Insurance Information [Line Items] | ' |
Insurance Policy Coverage | $251.20 |
Layer 1 [Member] | ' |
Supplementary Insurance Information [Line Items] | ' |
Insurance Policy Coverage | $175.20 |
Common_Stock_Public_Offerings_
Common Stock Public Offerings (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Initial Public Offering | ' | ' | ' |
Shares of common stock sold | 3,000,000 | 27,236,842 | ' |
Price per share | $25.75 | $18 | ' |
Proceeds from issuance of common stock, net of direct offering costs | $73.80 | $458.30 | $2.10 |
Payments of Stock Issuance Costs | ' | 28.2 | ' |
Common stock issued | ' | ' | ' |
Shares of common stock sold | 3,000,000 | 27,236,842 | ' |
Price per share | $25.75 | $18 | ' |
Proceeds from Issuance or Sale of Equity | $73.80 | ' | ' |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
segments | ||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | |
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | $569.70 | $489.10 | $514.50 | $508.70 | $540.30 | $471.70 | $499.50 | $493.60 | $2,082 | $2,005.10 | $1,944.20 | |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 279.6 | 255.4 | 245.3 | |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -109.1 | -153.3 | -176.2 | |
Loss on the extinguishment of debt | ' | ' | -129.2 | [1] | ' | ' | ' | ' | ' | -133.2 | -24 | -10.7 |
Loss on divestiture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -6.4 | |
Other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -15.1 | -2.9 | -7.1 | |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 22.2 | 75.2 | 44.9 | |
(Benefit) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -7.4 | 20.3 | 9.4 | |
Net income from continuing operations | 39.9 | 28.6 | -52.5 | 13.6 | 23.9 | 11.4 | 20.3 | -0.7 | 29.6 | 54.9 | 35.5 | |
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | -2.2 | -1.1 | -1.5 | 0 | -4.8 | -5.6 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 39.9 | 28.6 | -52.5 | 13.6 | 23.9 | 9.2 | 19.2 | -2.2 | 29.6 | 50.1 | 29.9 | |
Net Income (Loss) Attributable to Noncontrolling Interest | -0.1 | -0.1 | -0.2 | -0.2 | ' | ' | ' | ' | -0.6 | 0 | 0 | |
Net income | 40 | 28.7 | -52.3 | 13.8 | 23.9 | 9.2 | 19.2 | -2.2 | 30.2 | 50.1 | 29.9 | |
Segment Reporting Information, Additional Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restructuring and other similar charges | ' | ' | ' | ' | ' | ' | ' | ' | 8.7 | 8.6 | 6.8 | |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 108.5 | 112.4 | 114 | |
Property, Plant and Equipment, Additions | ' | ' | ' | ' | ' | ' | ' | ' | 52.2 | 60.1 | 58.5 | |
Total Assets | 3,383.50 | ' | ' | ' | 3,473.80 | ' | ' | ' | 3,383.50 | 3,473.80 | 3,290.90 | |
Process & Motion Control | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,285.90 | 1,266.10 | 1,310.70 | |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 244.9 | 232.2 | 233.8 | |
Segment Reporting Information, Additional Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restructuring and other similar charges | ' | ' | ' | ' | ' | ' | ' | ' | 5.2 | 6.4 | 0.8 | |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 71.3 | 71.3 | 80.2 | |
Property, Plant and Equipment, Additions | ' | ' | ' | ' | ' | ' | ' | ' | 39.4 | 39.6 | 41.5 | |
Total Assets | 2,251.70 | ' | ' | ' | 2,426.20 | ' | ' | ' | 2,251.70 | 2,426.20 | 2,203.80 | |
Water Management | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 796.1 | 739 | 633.5 | |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 72.2 | 67.9 | 51.2 | |
Segment Reporting Information, Additional Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restructuring and other similar charges | ' | ' | ' | ' | ' | ' | ' | ' | 2.7 | 2.2 | 5.1 | |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 37.2 | 41.1 | 33.8 | |
Property, Plant and Equipment, Additions | ' | ' | ' | ' | ' | ' | ' | ' | 12.8 | 20.5 | 17 | |
Total Assets | 1,039 | ' | ' | ' | 1,012.50 | ' | ' | ' | 1,039 | 1,012.50 | 1,044.20 | |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -37.5 | -44.7 | -39.7 | |
Segment Reporting Information, Additional Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restructuring and other similar charges | ' | ' | ' | ' | ' | ' | ' | ' | 0.8 | 0 | 0.9 | |
Total Assets | $92.80 | ' | ' | ' | $35.10 | ' | ' | ' | $92.80 | $35.10 | $42.90 | |
[1] | Recorded as a component of other non-operating expense within the consolidated statement of operations. |
Business_Segment_Information_G
Business Segment Information Geographic Region Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | $2,082 | $2,005.10 | $1,944.20 |
Long-Lived Assets | 440.9 | 410.7 | 419.2 |
United States [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 1,376.40 | 1,335 | 1,326.40 |
Long-Lived Assets | 293.3 | 266.3 | 267.3 |
Europe [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 409.1 | 379.5 | 339.2 |
Long-Lived Assets | 98.6 | 93.1 | 103 |
Rest of World [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 296.5 | 290.6 | 278.6 |
Long-Lived Assets | $49 | $51.30 | $48.90 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations Quarterly Results of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $569.70 | $489.10 | $514.50 | $508.70 | $540.30 | $471.70 | $499.50 | $493.60 | $2,082 | $2,005.10 | $1,944.20 |
Gross profit | 208.7 | 181.2 | 191.8 | 181.9 | 198.2 | 167.9 | 186.6 | 178.7 | 763.6 | 731.4 | 690.1 |
Net income from continuing operations | 39.9 | 28.6 | -52.5 | 13.6 | 23.9 | 11.4 | 20.3 | -0.7 | 29.6 | 54.9 | 35.5 |
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | -2.2 | -1.1 | -1.5 | 0 | -4.8 | -5.6 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 39.9 | 28.6 | -52.5 | 13.6 | 23.9 | 9.2 | 19.2 | -2.2 | 29.6 | 50.1 | 29.9 |
Net Income (Loss) Attributable to Noncontrolling Interest | -0.1 | -0.1 | -0.2 | -0.2 | ' | ' | ' | ' | -0.6 | 0 | 0 |
Net income | $40 | $28.70 | ($52.30) | $13.80 | $23.90 | $9.20 | $19.20 | ($2.20) | $30.20 | $50.10 | $29.90 |
Net income per share from continuing operations, basic | $0.40 | $0.29 | ($0.54) | $0.14 | $0.25 | $0.12 | $0.21 | $0 | $0.30 | $0.57 | $0.53 |
Net income per share from continuing operations, diluted | $0.39 | $0.28 | ($0.54) | $0.14 | $0.24 | $0.11 | $0.20 | $0 | $0.29 | $0.55 | $0.50 |
Net (loss) income per share from discontinued operations, basic | ' | ' | ' | ' | $0 | ($0.02) | ($0.01) | ($0.02) | $0 | ($0.05) | ($0.08) |
Net (loss) income per share from discontinued operations, diluted | ' | ' | ' | ' | $0 | ($0.02) | ($0.01) | ($0.02) | $0 | ($0.05) | ($0.08) |
Earnings Per Share, Basic | $0.40 | $0.29 | ($0.54) | $0.14 | $0.25 | $0.10 | $0.20 | ($0.02) | $0.31 | $0.52 | $0.45 |
Earnings Per Share, Diluted | $0.39 | $0.28 | ($0.54) | $0.14 | $0.24 | $0.09 | $0.19 | ($0.02) | $0.30 | $0.50 | $0.42 |
Subsequent_Events_Acquisition_
Subsequent Events Acquisition of Green Turtle (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Subsequent Events [Abstract] | ' |
Total cash purchase price | $27.70 |