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Restructuring Activities

12 Months Ended

Mar. 31, 2025

Restructuring Activities

Restructuring Activities

Note 6:  Restructuring Activities

Restructuring and repositioning expenses were as follows:

​	​	​	​	​	​	​	​	​	​
​		Years ended March 31,
​		2025			2024			2023
Employee severance and related benefits	​	$	24.3	​	$	12.9	​	$	3.5
Other restructuring and repositioning expenses	​		3.9	​		2.1	​		1.5
Total	​	$	28.2	​	$	15.0	​	$	5.0

​

During fiscal 2025, restructuring and repositioning expenses primarily consisted of severance expenses in Europe and North America within the Performance Technologies segment and included targeted headcount reductions intended to reduce SG&A and operational expenses. In addition, the Company recorded severance expenses in the Climate Solutions segment, primarily related to the pending closure of a production facility in Italy. As part of its transformational initiatives supported by 80/20 principles, the Company is taking steps to optimize the efficiency of its manufacturing footprint and processes in order to improve profit margins across both of its business segments. Other restructuring and repositioning expenses include costs to transfer production and warehousing for certain product lines among its facilities.

During fiscal 2024, restructuring and repositioning expenses primarily consisted of severance expenses in the Performance Technologies segment related to the closure of its European technical service center. In addition, the Company incurred equipment transfer costs within the Climate Solutions and Performance Technology segments related to its transformational initiatives.

During fiscal 2023, restructuring and repositioning expenses primarily consisted of severance expenses for targeted headcount reductions in both the Climate Solutions and Performance Technologies segments. In addition, the Performance Technologies and Climate Solutions segments incurred equipment transfer costs in Europe and closure costs related to a previously-leased facility in the U.S., respectively.

The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows:

​	​	​	​	​	​	​
​		Years ended March 31,
​		2025			2024
Beginning balance	​	$	13.0	​	$	10.6
Additions (a)	​		18.3	​		12.9
Payments	​		(24.6)	​		(7.8)
Disposition (b)	​		—	​		(2.5)
Effect of exchange rate changes	​		(0.1)	​		(0.2)
Ending balance	​	$	6.6	​	$	13.0
____	​	​	​	​	​	​

​

(a) The fiscal 2025 amount excludes $6.0 million of non-cash severance-related costs resulting from the accelerated vesting of certain stock-based compensation awards in connection with restructuring actions.

(b) The Company sold three automotive businesses based in Germany during fiscal 2024. See Note 2 for additional information regarding the sale.

​

In May 2025, the Company approved additional headcount reductions in the Performance Technologies segment and, as a result, expects to record approximately $4.0 million of severance expenses during the first quarter of fiscal 2026.

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The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//420/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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