v3.26.1
Pension and Employee Benefit Plans (Tables)
12 Months Ended
Mar. 31, 2026
Pension and Employee Benefit Plans  
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, 

  ​ ​ ​

2026

  ​ ​ ​

2025

Change in benefit obligation:

 

  ​

 

  ​

Benefit obligation at beginning of year

$

181.1

$

179.3

Service cost

 

0.2

 

0.2

Interest cost

 

6.5

 

9.0

Actuarial (gain) loss

 

(6.4)

 

6.5

Benefits paid

 

(13.7)

 

(14.0)

Pension termination settlement

 

(156.1)

 

Effect of exchange rate changes

 

0.7

 

0.1

Benefit obligation at end of year

$

12.3

$

181.1

Change in plan assets:

 

  ​

 

  ​

Fair value of plan assets at beginning of year

$

150.8

$

150.5

Actual return on plan assets

 

2.8

 

6.7

Benefits paid

 

(13.7)

 

(14.0)

Pension termination settlement

(156.1)

Employer contributions

 

16.2

 

7.6

Fair value of plan assets at end of year

$

$

150.8

Funded status at end of year

$

(12.3)

$

(30.3)

Amounts recognized in the consolidated balance sheets:

 

  ​

 

  ​

Current liability

$

(0.9)

$

(0.9)

Noncurrent liability

 

(11.4)

 

(29.4)

$

(12.3)

$

(30.3)

Pension Benefit Plans

Costs for the Company’s global pension plans included the following components:

Years ended March 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2024

Components of net periodic benefit cost:

 

  ​

 

  ​

 

  ​

Service cost

$

0.2

$

0.2

$

0.2

Interest cost

 

6.5

 

9.0

 

9.3

Expected return on plan assets

 

(5.8)

 

(8.7)

 

(10.3)

Amortization of unrecognized net loss

 

3.2

 

4.7

 

4.7

Settlements (a)

 

(0.1)

 

(0.1)

 

(0.1)

Pension termination charge (b)

116.1

Net periodic benefit cost

$

120.1

$

5.1

$

3.8

Other changes in benefit obligation recognized in other comprehensive income:

 

  ​

 

  ​

 

  ​

Net actuarial gain (loss)

$

3.2

$

(8.7)

$

1.7

Amortization of net actuarial loss (c)

 

3.1

 

4.6

 

3.9

Pension termination charge (b)

116.1

Total recognized in other comprehensive income (loss)

$

122.4

$

(4.1)

$

5.6

____

(a)The settlement charges resulted from activity associated with the Company’s non-U.S. pension plans.
(b)The Company recognized $116.1 million of net actuarial losses during fiscal 2026 related to the termination of its primary U.S. pension plan.
(c)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. See Note 2 for additional information on the sale of these businesses.
Plan Asset Allocations

Debt securities

 

97

%

Cash and cash equivalents

 

3

%

 

100

%

Estimated Future Benefit Payments

Estimated pension benefit payments for the Company’s global pension plans are shown below.

  ​ ​ ​

Estimated Pension

Fiscal Year

 

Benefit Payments

2027

$

1.1

2028

 

1.0

2029

 

1.0

2030

 

1.0

2031

 

1.1

2032-2036

 

5.2