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v3.25.1

Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2025
Income Taxes [Abstract] |
Earnings Before Income Taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended March 31,
​ |  | 2025 |  | 2024 |  | 2023
Components of earnings before income taxes: |  | ​ |  |  | ​ |  |  | ​ |
United States | ​ | $ | 41.7 | ​ | $ | 37.2 | ​ | $ | 12.5
Foreign | ​ |  | 212.3 | ​ |  | 177.4 | ​ |  | 112.8
Total earnings before income taxes | ​ | $ | 254.0 | ​ | $ | 214.6 | ​ | $ | 125.3
Income Tax Provision (Benefit) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax provision (benefit): |  |  |  |  |  |  |  |  |
Federal: | ​ |  |  | ​ |  |  | ​ |  |
Current | ​ | $ | 4.7 | ​ | $ | 1.6 | ​ | $ | 1.5
Deferred | ​ |  | 5.8 | ​ |  | 7.1 | ​ |  | (47.5)
State: | ​ |  | ​ | ​ |  |  | ​ |  |
Current | ​ |  | 4.5 | ​ |  | 2.4 | ​ |  | 2.3
Deferred | ​ |  | (2.2) | ​ |  | (0.9) | ​ |  | (11.4)
Foreign: | ​ |  | ​ | ​ |  |  | ​ |  |
Current | ​ |  | 52.8 | ​ |  | 41.0 | ​ |  | 27.5
Deferred | ​ |  | 2.9 | ​ |  | — | ​ |  | (0.7)
Total income tax provision (benefit) | ​ | $ | 68.5 | ​ | $ | 51.2 | ​ | $ | (28.3)
Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate | The reconciliation between the U.S. federal statutory rate and the Company’s effective tax rate was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended March 31, |
​ |  | 2025 |  | 2024 |  | 2023 |
Statutory federal tax |  | 21.0 | % | 21.0 | % | 21.0 | %
State taxes, net of federal benefit |  | 0.9 |  | 0.5 |  | (0.1) | ​
Taxes on non-U.S. earnings and losses |  | 2.4 |  | 3.7 |  | 5.8 | ​
Valuation allowances |  | 0.4 |  | 2.5 |  | (42.9) | ​
Tax credits and benefits |  | (1.7) |  | (2.1) |  | (3.7) | ​
Foreign-derived intangible income | ​ | (1.1) | ​ | (0.5) | ​ | (0.8) | ​
Compensation |  | 0.9 |  | 0.3 |  | 0.7 | ​
Tax rate or law changes |  | (0.1) |  | — |  | (0.2) | ​
Uncertain tax positions, net of settlements |  | 0.2 |  | (0.2) |  | 0.4 | ​
Notional interest deductions |  | — |  | (1.2) |  | (1.7) | ​
Dividends and taxable foreign inclusions |  | 3.7 |  | 0.4 |  | 0.9 | ​
Other |  | 0.4 |  | (0.5) |  | (2.0) | ​
Effective tax rate |  | 27.0 | % | 23.9 | % | (22.6) | %
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that gave rise to deferred tax assets and liabilities were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31,
​ |  | 2025 |  | 2024
Deferred tax assets: |  | ​ |  |  | ​ |
Accounts receivable | ​ | $ | 0.5 | ​ | $ | 0.7
Inventories | ​ |  | 5.3 | ​ |  | 6.3
Plant and equipment | ​ |  | 10.1 | ​ |  | 12.0
Lease liabilities | ​ |  | 24.2 | ​ |  | 19.1
Pension and employee benefits | ​ |  | 26.7 | ​ |  | 27.7
Net operating and capital losses | ​ |  | 50.3 | ​ |  | 45.9
Credit carryforwards | ​ |  | 35.0 | ​ |  | 45.3
Research and experimental expenditures | ​ |  | 19.1 | ​ |  | 12.2
Other, principally accrued liabilities | ​ |  | 10.2 | ​ |  | 11.2
Total gross deferred tax assets | ​ |  | 181.4 | ​ |  | 180.4
Less: valuation allowances | ​ |  | (67.6) | ​ |  | (63.0)
Net deferred tax assets | ​ |  | 113.8 | ​ |  | 117.4
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  |  | ​ |  |
Plant and equipment | ​ |  | 9.1 | ​ |  | 7.2
Lease assets | ​ |  | 24.1 | ​ |  | 18.8
Goodwill | ​ |  | 4.9 | ​ |  | 4.8
Intangible assets | ​ |  | 31.3 | ​ |  | 40.9
Other | ​ |  | 1.5 | ​ |  | 0.6
Total gross deferred tax liabilities | ​ |  | 70.9 | ​ |  | 72.3
Net deferred tax assets | ​ | $ | 42.9 | ​ | $ | 45.1
Unrecognized Tax Benefits | Unrecognized tax benefits were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended March 31,
​ |  | 2025 |  | 2024
Beginning balance | ​ | $ | 9.2 | ​ | $ | 9.7
Gross increases - tax positions in prior period | ​ |  | — | ​ |  | 0.5
Gross decreases - tax positions in prior period | ​ |  | (0.3) | ​ |  | —
Gross increases - tax positions in current period | ​ |  | 1.1 | ​ |  | 1.3
Lapse of statute of limitations | ​ |  | (0.3) | ​ |  | (2.3)
Ending balance | ​ | $ | 9.7 | ​ | $ | 9.2

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