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Pension and Employee Benefit Plans (Tables)

12 Months Ended

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

​

X

- 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.

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