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v3.25.1

Pension and Employee Benefit Plans (Tables) | 12 Months Ended
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Mar. 31, 2025
Pension and Employee Benefit Plans |
Changes in Benefit Obligations and Plan Assets | Changes in benefit obligations and plan assets, as well as the funded status of the Company’s global pension plans, were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended March 31,
​ |  | 2025 |  | 2024
Change in benefit obligation: |  | ​ |  |  | ​ |
Benefit obligation at beginning of year | ​ | $ | 179.3 | ​ | $ | 194.9
Service cost | ​ |  | 0.2 | ​ |  | 0.2
Interest cost | ​ |  | 9.0 | ​ |  | 9.3
Actuarial loss (gain) | ​ |  | 6.5 | ​ |  | (2.7)
Benefits paid | ​ |  | (14.0) | ​ |  | (14.9)
Disposition of Germany automotive businesses | ​ |  | — | ​ |  | (7.4)
Effect of exchange rate changes | ​ |  | 0.1 | ​ |  | (0.1)
Benefit obligation at end of year | ​ | $ | 181.1 | ​ | $ | 179.3
​ | ​ | ​ | ​ | ​ | ​ | ​
Change in plan assets: | ​ |  |  | ​ |  |
Fair value of plan assets at beginning of year | ​ | $ | 150.5 | ​ | $ | 153.3
Actual return on plan assets | ​ |  | 6.7 | ​ |  | 9.4
Benefits paid | ​ |  | (14.0) | ​ |  | (14.9)
Employer contributions | ​ |  | 7.6 | ​ |  | 2.7
Fair value of plan assets at end of year | ​ | $ | 150.8 | ​ | $ | 150.5
Funded status at end of year | ​ | $ | (30.3) | ​ | $ | (28.8)
​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in the consolidated balance sheets: | ​ |  |  | ​ |  |
Current liability | ​ | $ | (0.9) | ​ | $ | (1.1)
Noncurrent liability | ​ |  | (29.4) | ​ |  | (27.7)
​ | ​ | $ | (30.3) | ​ | $ | (28.8)
Pension Benefit Plans | Costs for the Company’s global pension plans included the following components:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended March 31,
​ |  | 2025 |  | 2024 |  | 2023
Components of net periodic benefit cost: |  | ​ |  |  | ​ |  |  | ​ |
Service cost | ​ | $ | 0.2 | ​ | $ | 0.2 | ​ | $ | 0.2
Interest cost | ​ |  | 9.0 | ​ |  | 9.3 | ​ |  | 8.1
Expected return on plan assets | ​ |  | (8.7) | ​ |  | (10.3) | ​ |  | (11.6)
Amortization of unrecognized net loss | ​ |  | 4.7 | ​ |  | 4.7 | ​ |  | 5.7
Settlements (a) | ​ |  | (0.1) | ​ |  | (0.1) | ​ |  | —
Net periodic benefit cost | ​ | $ | 5.1 | ​ | $ | 3.8 | ​ | $ | 2.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other changes in benefit obligation recognized in other comprehensive income: | ​ |  |  | ​ |  |  | ​ |  |
Net actuarial (loss) gain | ​ | $ | (8.7) | ​ | $ | 1.7 | ​ | $ | 2.1
Amortization of net actuarial loss (b) | ​ |  | 4.6 | ​ |  | 3.9 | ​ |  | 5.7
Total recognized in other comprehensive income (loss) | ​ | $ | (4.1) | ​ | $ | 5.6 | ​ | $ | 7.8
____ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
(a) | The settlement charges resulted from activity associated with the Company’s non-U.S. pension plans.
(b) | The fiscal 2024 amount includes $0.6 million of net actuarial gains written-off as a result of the sale of the Germany automotive businesses. See Note 2 for additional information on the sale of these businesses.
Target and Plan Asset Allocations |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Target allocation | ​ | Plan assets |
​ |  | ​ |  | 2025 |  | 2024 |
Debt securities |  | 80 | % | 97 | % | 72 | %
Cash and cash equivalents |  | 1 | % | 3 | % | 5 | %
Equity securities |  | 19 | % | — | % | 18 | %
Real estate investments |  | — |  | — | % | 5 | %
​ |  | 100 | % | 100 | % | 100 | %
Estimated Future Benefit Payments | Estimated pension benefit payments for the Company’s global pension plans during the next ten fiscal years are shown below. In connection with the pending U.S. pension plan termination, the Company expects to make payments for lump sums to certain participants and for annuity contracts during fiscal 2026.
​ | ​ | ​ | ​
​ |  | Estimated Pension
Fiscal Year |  | Benefit Payments
2026 | ​ | $ | 168.9
2027 | ​ |  | 1.0
2028 | ​ |  | 1.0
2029 | ​ |  | 0.9
2030 | ​ |  | 0.9
2031-2035 | ​ |  | 4.7
​

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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments, and the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References No definition available. + Details
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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (a) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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