v3.24.1.1.u2
Pension and Employee Benefit Plans (Tables)
 12 Months Ended
Mar. 31, 2024
Pension and Employee Benefit Plans [Abstract]  
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,
  
   
2024
    
2023
  
Change in benefit obligation:
            
Benefit obligation at beginning of year
  
$
194.9
    
$
228.6
  
Service cost
    
0.2
      
0.2
  
Interest cost
    
9.3
      
8.1
  
Actuarial gain
    
(2.7
)
    
(25.8
)
Benefits paid
    
(14.9
)
    
(16.1
)
Disposition of Germany automotive businesses
    
(7.4
)
    
-
  
Effect of exchange rate changes
    
(0.1
)
    
(0.1
)
Benefit obligation at end of year
  
$
179.3
    
$
194.9
  
                 
Change in plan assets:
                
Fair value of plan assets at beginning of year
  
$
153.3
    
$
179.9
  
Actual return on plan assets
    
9.4
      
(12.0
)
Benefits paid
    
(14.9
)
    
(16.1
)
Employer contributions
    
2.7
      
1.5
  
Fair value of plan assets at end of year
  
$
150.5
    
$
153.3
  
Funded status at end of year
  
$
(28.8
)
  
$
(41.6
)
                 
Amounts recognized in the consolidated balance sheets:
                
Current liability
  
$
(1.1
)
  
$
(1.4
)
Noncurrent liability
    
(27.7
)
    
(40.2
)
   
$
(28.8
)
  
$
(41.6
)
Pension Benefit Plans
Costs for the Company’s global pension plans included the following components:

 
Years ended March 31,
  
   
2024
    
2023
    
2022
  
Components of net periodic benefit cost:
                  
Service cost
  
$
0.2
    
$
0.2
    
$
0.3
  
Interest cost
    
9.3
      
8.1
      
7.3
  
Expected return on plan assets
    
(10.3
)
    
(11.6
)
    
(12.9
)
Amortization of net actuarial loss
    
4.7
      
5.7
      
6.9
  
Settlements (a)
    
(0.1
)
    
-
      
-
  
Net periodic benefit cost
  
$
3.8
    
$
2.4
    
$
1.6
  
                         
Other changes in benefit obligation recognized in other comprehensive income:
                        
Net actuarial gain
  
$
1.7
    
$
2.1
    
$
11.4
  
Amortization of net actuarial loss (b)
    
3.9
      
5.7
      
8.6
  
Total recognized in other comprehensive income
  
$
5.6
    
$
7.8
    
$
20.0
  
(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. The fiscal 2022 amount includes $1.7 million of net actuarial losses written-off as a result of the sale of the Austrian air-cooled automotive business.  See Note 2 for additional information on the sale of these businesses.
Target and Plan Asset Allocations The Company’s U.S. pension plan weighted-average asset allocations at the measurement dates of March 31, 2024 and 2023 were as follows:

 
  
March 31, 2024
    
March 31, 2023
  
 
  
Target allocation
    
Plan assets
    
Target allocation
    
Plan assets
  
Debt securities
    
80
%
    
72
%
    
18
%
    
15
%
Equity securities
    
19
%
    
18
%
    
76
%
    
76
%
Cash and cash equivalents
    
1
%
    
5
%
    
1
%
    
1
%
Real estate investments
    
-
      
5
%
    
5
%
    
8
%
 
    
100
%
    
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 as follows:

Fiscal Year
  
Estimated Pension
Benefit Payments
  
2025
  
$
15.1
  
2026
    
15.2
  
2027
    
15.1
  
2028
    
15.0
  
2029
    
14.8
  
2030-2034
    
68.9