Income Taxes (Tables)

12 Months Ended

Mar. 31, 2026

Income Taxes [Abstract]

Earnings Before Income Taxes


		Years ended March 31,
		2026			2025			2024
Components of earnings (loss) before income taxes:
United States		$	(51.3)		$	41.7		$	37.2
Foreign			237.8			212.3			177.4
Total earnings before income taxes		$	186.5		$	254.0		$	214.6

Income Tax Provision (Benefit)


		Years ended March 31,
		2026			2025			2024
Income tax provision (benefit):
Current:
U.S. Federal		$	39.1		$	4.7		$	1.6
State			7.6			4.5			2.4
Foreign			55.6			52.8			41.0
Total current provision			102.3			62.0			45.0

Deferred:
U.S. Federal			(34.6)			5.8			7.1
State			(5.2)			(2.2)			(0.9)
Foreign			0.7			2.9			—
Total deferred (benefit) provision			(39.1)			6.5			6.2

Total provision for income taxes		$	63.2		$	68.5		$	51.2

Reconciliation of U.S. Federal Statutory Rate to Effective Tax Rate

The reconciliation between the U.S. federal statutory income tax rate and the Company’s effective tax rate was as follows:


		Years ended March 31,
		2026					2025					2024
		Amount		Rate			Amount		Rate			Amount		Rate
U.S. federal statutory income tax rate		$	39.2	21.0	%		$	53.3	21.0	%		$	45.1	21.0	%
U.S. tax effects:
State taxes, net of federal benefit (a)			1.9	1.0				1.0	0.4				1.4	0.7
Effect of cross-border tax laws (b):
Foreign-derived intangible income			(3.6)	(1.9)				(2.7)	(1.1)				—	—
U.S. tax effects on foreign branch income			—	—				—	—				(6.0)	(2.8)
Disposition of businesses (c)			—	—				—	—				(1.8)	(0.8)
Other			(0.4)	(0.2)				0.1	—				(0.8)	(0.4)
Nontaxable or nondeductible:									—
Nondeductible compensation			8.0	4.3				7.4	2.9				4.7	2.2
Stock-based compensation awards			(6.6)	(3.5)				(5.1)	(2.0)				(4.1)	(1.9)
Other			1.3	0.7				0.2	0.1				0.4	0.2
Tax credits			(1.4)	(0.7)				(2.3)	(0.9)				(2.1)	(1.0)
Changes in valuation allowances			1.0	0.5				0.2	0.1				8.3	3.9
Other:
Pension termination (d)			13.7	7.3				—	—				—	—
Other			(0.1)	—				(0.7)	(0.2)				0.4	0.1
Foreign tax effects:
Germany:
Changes in valuation allowances			2.4	1.3				4.1	1.6				2.9	1.4
Other			1.5	0.8				(0.5)	(0.2)				(1.0)	(0.5)
Hungary:
Changes in valuation allowances			(2.0)	(1.1)				—	—				—	—
Expiration of attribute carryforward			2.0	1.1				—	—				—	—
Other			(1.1)	(0.6)				—	—				—	—
India:
Withholding tax			2.1	1.1				—	—				—	—
Other			0.9	0.5				—	—				—	—
Mexico			—	—				3.0	1.2				—	—
Brazil			—	—				2.9	1.1				—	—
Italy			—	—				2.8	1.1				—	—
Other foreign jurisdictions			4.0	2.1				4.3	1.7				4.3	2.0
Changes in unrecognized tax benefits			0.4	0.2				0.5	0.2				(0.5)	(0.2)
Effective tax rate		$	63.2	33.9	%		$	68.5	27.0	%		$	51.2	23.9	%
____

(a)	State taxes in California and Mississippi make up the majority of the tax effect in this category.

(b)	Includes the impact of tax credits.

(c)	Represents the benefit to U.S. federal taxes resulting from the sale of three businesses in Germany during fiscal 2024. In total, the Company recorded a $3.1 million tax benefit during fiscal 2024 related to the sale.

(d)

Represents the detriment to U.S. federal taxes related to the Company’s termination of its primary U.S. pension plan that resulted from disproportionate income tax effects in accumulated other comprehensive loss. In total, the income tax benefit related to the fiscal 2026 pension termination charge was $13.1 million.

Schedule of cash paid for income taxes, net of refunds

Cash paid for income taxes, net of refunds, consisted of the following:


		Years ended March 31,
		2026			2025			2024
U.S. federal		$	1.1		$	4.9		$	4.0
U.S. state and local (a)			6.4			5.2			2.9
Foreign:
Canada			28.5			4.5			—
India			6.2			4.7			4.4
Hungary			5.5			3.8			3.6
Brazil			5.2			6.4			6.6
Italy			5.2			8.5			6.1
Mexico			4.8			3.8			4.3
United Kingdom			4.3			—			—
China			4.1			3.9			4.2
Spain			—			4.9			4.9
Other foreign			4.5			3.3			4.1
Total foreign			68.3			43.8			38.2
Total income taxes paid, net		$	75.8		$	53.9		$	45.1
____

(a)	No single state or local jurisdiction accounts for more than 5 percent of total income taxes paid.

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,
		2026			2025
Deferred tax assets:
Accounts receivable		$	1.0		$	0.5
Inventories			11.7			5.3
Plant and equipment			8.6			10.1
Lease liabilities			34.6			24.2
Pension and employee benefits			18.5			26.7
Net operating and capital losses			49.2			50.3
Credit carryforwards			37.9			35.0
Goodwill			4.6			—
Research and experimental expenditures			1.7			19.1
Deferred revenue liabilities			42.7			2.6
Other, principally accrued liabilities			10.3			7.6
Total gross deferred tax assets			220.8			181.4
Less: valuation allowances			(68.1)			(67.6)
Net deferred tax assets			152.7			113.8

Deferred tax liabilities:
Plant and equipment			16.2			9.1
Lease assets			33.5			24.1
Goodwill			4.5			4.9
Intangible assets			38.1			31.3
Other			0.7			1.5
Total gross deferred tax liabilities			93.0			70.9
Net deferred tax assets		$	59.7		$	42.9

Unrecognized Tax Benefits

Unrecognized tax benefits were as follows:


		Years ended March 31,
		2026			2025
Beginning balance		$	9.7		$	9.2
Gross decreases - tax positions in prior period			(0.2)			(0.3)
Gross increases - tax positions in current period			1.0			1.1
Lapse of statute of limitations			(0.4)			(0.3)
Ending balance		$	10.1		$	9.7