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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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