v3.24.1.1.u2
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2024
Income Taxes [Abstract]  
Earnings Before Income Taxes
 
Years ended March 31,
 
   
2024
   
2023
   
2022
 
Components of earnings before income taxes:
                 
United States
 
$
37.2
   
$
12.5
   
$
0.4
Foreign
   
177.4
     
112.8
     
101.1
Total earnings before income taxes
 
$
214.6
   
$
125.3
   
$
101.5
Income Tax Provision (Benefit)
Income tax provision (benefit):
                 
Federal:
                 
Current
 
$
1.6
   
$
1.5
   
$
0.1
 
Deferred
   
7.1
     
(47.5
)
   
-
 
State:
                       
Current
   
2.4
     
2.3
     
1.1
 
Deferred
   
(0.9
)
   
(11.4
)
   
-
 
Foreign:
                       
Current
   
41.0
     
27.5
     
17.8
 
Deferred
   
-
     
(0.7
)
   
(3.8
)
Total income tax provision (benefit)
 
$
51.2
   
$
(28.3
)
 
$
15.2
 
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,
 
   
2024
   
2023
   
2022
 
Statutory federal tax
    21.0 %     21.0 %     21.0 %
State taxes, net of federal benefit
    0.5       (0.1 )     1.4  
Taxes on non-U.S. earnings and losses
    3.7       5.8       3.5  
Valuation allowances
    2.5       (42.9 )     (8.8 )
Tax credits and benefits
    (2.6 )     (4.5 )     (3.4 )
Compensation
    0.3       0.7       0.6  
Tax rate or law changes
    -       (0.2 )     0.6  
Uncertain tax positions, net of settlements
    (0.2 )     0.4       (0.2 )
Notional interest deductions
    (1.2 )     (1.7 )     (2.7 )
Dividends and taxable foreign inclusions
    0.4       0.9       1.6  
Other
    (0.5 )     (2.0 )     1.4  
Effective tax rate
    23.9 %     (22.6 %)     15.0 %
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,
 
   
2024
   
2023
 
Deferred tax assets:
           
Accounts receivable
 
$
0.7
   
$
0.9
 
Inventories
   
6.3
     
6.0
 
Plant and equipment
   
12.0
     
17.2
 
Lease liabilities
   
19.1
     
15.9
 
Pension and employee benefits
   
27.7
     
24.1
 
Net operating and capital losses
   
45.9
     
55.4
 
Credit carryforwards
   
45.3
     
49.0
 
Research and experimental expenditures
    12.2       8.0  
Other, principally accrued liabilities
   
11.2
     
13.2
 
Total gross deferred tax assets
   
180.4
     
189.7
 
Less: valuation allowances
   
(63.0
)
   
(61.6
)
Net deferred tax assets
   
117.4
     
128.1
 
                 
Deferred tax liabilities:
               
Plant and equipment
   
7.2
     
7.5
 
Lease assets
   
18.8
     
15.7
 
Goodwill
   
4.8
     
4.8
 
Intangible assets
   
40.9
     
20.1
 
Other
   
0.6
     
1.1
 
Total gross deferred tax liabilities
   
72.3
     
49.2
 
Net deferred tax assets
 
$
45.1
   
$
78.9
 
Unrecognized Tax Benefits
Unrecognized tax benefits were as follows:

 
Years ended March 31,
 
   
2024
   
2023
 
Beginning balance
 
$
9.7
   
$
9.3
 
Gross increases - tax positions in prior period
   
0.5
     
0.2
 
Gross decreases - tax positions in prior period
   
-
     
(0.1
)
Gross increases - tax positions in current period
   
1.3
     
0.9
 
Lapse of statute of limitations
   
(2.3
)
   
(0.6
)
Ending balance
 
$
9.2
   
$
9.7