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Restructuring Activities (Tables)

9 Months Ended

Dec. 31, 2024

Restructuring Activities

Restructuring and Repositioning Expenses

Restructuring and repositioning expenses were as follows:

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​		Three months ended December 31,						Nine months ended December 31,
​		2024			2023			2024			2023
Employee severance and related benefits	​	$	7.3	​	$	0.7	​	$	15.3	​	$	0.8
Other restructuring and repositioning expenses	​		1.0	​		0.9	​		2.9	​		1.3
Total	​	$	8.3	​	$	1.6	​	$	18.2	​	$	2.1

Changes in Accrued Severance

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

​

​	​	​	​	​	​	​
​		Three months ended December 31,
​		2024			2023
Beginning balance	​	$	7.9	​	$	3.2
Additions (a)	​		5.9	​		0.7
Payments	​		(7.5)	​		(1.0)
Effect of exchange rate changes	​		(0.4)	​		0.1
Ending balance	​	$	5.9	​	$	3.0
​	​	​	​	​	​	​
​		Nine months ended December 31,
​		2024			2023
Beginning balance	​	$	13.0	​	$	10.6
Additions (a)	​		13.9	​		0.8
Payments	​		(20.8)	​		(5.9)
Disposition of businesses (b)	​	​	—	​	​	(2.5)
Effect of exchange rate changes	​		(0.2)	​		—
Ending balance	​	$	5.9	​	$	3.0
____	​	​	​	​	​	​

​

(a) The fiscal 2025 amounts exclude $1.4 million of non-cash severance expense 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 the third quarter of fiscal 2024. Prior to the sale, the Company reclassified the severance liability related to these businesses as held for sale. See Note 2 for additional information regarding the sale.

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- Definition

Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

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- Definition

Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

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