Income Taxes (Tables)

12 Months Ended

Mar. 31, 2026

Income tax expense consists of the following components:


	Years Ended March 31
(Millions of US dollars)	2026		2025		2024
Income before income taxes:
Domestic	$	273.1	$	175.8	$	239.1
Foreign	(66.4)		469.6		515.7
Income before income taxes	$	206.7	$	645.4	$	754.8
Income tax expense:
Current:
Domestic	$	41.7	$	30.0	$	38.7
Foreign	36.5		90.0		133.0
Current income tax expense	78.2		120.0		171.7
Deferred:
Domestic	(5.3)		16.3		17.3
Foreign	29.8		85.1		55.6
Deferred income tax expense	24.5		101.4		72.9
Total income tax expense	$	102.7	$	221.4	$	244.6

Schedule of Tax at Statutory Rates

In accordance with the adoption of ASU 2023-09 (detailed in Note 1, “Organization and Significant Accounting Policies – Accounting Pronouncements – Adopted in Fiscal Year 2026”), the table below provides a reconciliation of the Irish statutory rate to the effective tax rate for the year ended March 31, 2026. The Company has adopted ASU 2023-09 on a prospective basis.


	Year ended March 31
(Millions of US dollars)	2026
Irish Statutory Tax Rate	$	25.8	12.5	%
Foreign Tax Effects
United States
Foreign tax on domestic income	35.3		17.1	%
State income taxes, net of federal income tax benefit	2.5		1.2	%
Statutory tax rate difference between United States and Ireland	(16.8)		(8.1)	%
Share-based payment awards	6.5		3.1	%
Nondeductible acquisition costs	10.9		5.3	%
Unremitted earnings benefit	(4.8)		(2.3)	%
Other	(1.6)		(0.8)	%
Australia
Statutory tax rate difference between Australia and Ireland	17.6		8.5	%
Other	1.0		0.5	%
Germany
Statutory tax rate difference between Germany and Ireland	1.4		0.7	%
Effect of changes in tax law or rates enacted in the current period	(7.9)		(3.8)	%
Other foreign jurisdictions	6.3		3.0	%
Nontaxable or nondeductible items	4.3		2.1	%
Changes in unrecognized tax benefits	19.4		9.3	%
Other	2.8		1.4	%
Total income tax expense	$	102.7	49.7	%

The following table is a reconciliation of the Company’s blended statutory tax rate to the total effective tax rates for the years ended March 31, 2025 and 2024 in accordance with the guidance prior to the adoption of ASU 2023-09.


	Years Ended March 31
(Millions of US dollars)	2025			2024
Income tax expense computed at the statutory tax rates	$	117.9		$	135.1
US state income taxes, net of the federal benefit	15.2			14.0
Asbestos - effect of foreign exchange	—			(3.2)
Expenses not deductible	14.2			3.6
Stock and executive compensation	2.4			7.6
Foreign taxes on domestic income	50.8			60.2
Taxes on foreign income	17.2			17.7
Net deferred tax remeasurement	(1.1)			7.3
Other items	4.8			2.3
Total income tax expense	$	221.4		$	244.6
Effective tax rate	34.3		%	32.4		%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of significant temporary differences creating deferred tax assets and liabilities were:


	March 31
(Millions of US dollars)	2026		2025
Deferred tax assets:
Intangible assets	$	700.0	$	756.7
Asbestos liability	282.5		284.5
Tax credit carryforwards	123.1		111.8
Net operating loss carryforwards	64.1		77.4
Operating lease liabilities	62.3		23.3
Other deferred tax assets	154.7		75.8
Total deferred tax assets	1,386.7		1,329.5
Valuation allowance	(273.9)		(256.9)
Total deferred tax assets net of valuation allowance	1,112.8		1,072.6
Deferred tax liabilities:
Intangible assets	(744.1)		(40.3)
Depreciable and amortizable assets	(277.9)		(170.7)
Deferred tax on unremitted earnings	(58.1)		(63.0)
Operating lease assets	(57.3)		(18.7)
Other deferred tax liabilities	(19.3)		(16.1)
Total deferred tax liabilities	(1,156.7)		(308.8)
Total deferred taxes, net	$	(43.9)	$	763.8

Schedule of Income Taxes Paid (Net of Refunds) by Jurisdiction

In accordance with ASU 2023-09 disclosure requirements, the table below summarizes income taxes paid (net of refunds) by jurisdiction for the fiscal year ended March 31, 2026.


(Millions of US dollars)	March 31, 2026
Ireland	$	31.8
Foreign:
United States	48.5
Other	4.8
Income Taxes Paid	$	85.1