v3.26.1
Income Tax Expense (Tables)
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
We present a reconciliation of the effective global income tax rate from the Irish national trading rate, our country of domicile. The total provision for income taxes for the year ended March 31, 2026 can be reconciled to the tax computed at the Ireland statutory trading income tax rate, presented in accordance with the requirements of newly adopted ASU 2023-09, as follows:
Year Ended March 31, 2026
(dollars in millions)AmountPercentage
Tax at national statutory rate$130.9 12.5 %
National nontaxable, nondeductible items(0.1)— %
National cross-border laws7.3 0.7 %
National other3.1 0.3 %
Foreign tax effects, U.S.
Statutory rate differential62.9 6.0 %
Federal credits(6.1)(0.6)%
State and local taxes, net30.8 2.9 %
Equity based compensation(7.0)(0.7)%
Withholding taxes19.8 1.9 %
Foreign-derived deduction eligible income(8.5)(0.8)%
Other10.9 1.0 %
Foreign tax effects, U.K.
Statutory rate differential6.8 0.6 %
Other0.3 — %
Foreign tax effects, other jurisdictions12.2 1.2 %
Global changes in uncertain tax positions(1.6)(0.2)%
All other, net0.6 0.2 %
Total Provision for Income Taxes$262.2 25.0 %
The total provision for income taxes for the years ended March 31, 2025 and March 31, 2024 can be reconciled to the tax computed at the Ireland statutory tax rate, presented before adoption of ASU 2023-09, as follows:
Years Ended March 31,20252024
National statutory tax rate12.5 %12.5 %
Change in accruals for uncertain tax positions(0.1)%— %
U.S. state and local taxes, net of federal income tax expense (benefit)2.8 %2.2 %
Change in valuation allowances 0.7 %0.9 %
U.S. research and development credit(0.6)%(0.7)%
U.S. foreign income tax credit(0.7)%(0.9)%
Difference in non-Ireland tax rates9.9 %8.5 %
U.S. federal audit adjustments (0.3)%0.1 %
Excess tax benefit for equity compensation(0.8)%(0.7)%
Tax rate changes on deferred tax assets and liabilities— %(0.3)%
U.S. tax reform impact, GILTI and FDII
(0.3)%(0.2)%
All other, net0.1 %(0.1)%
Total Provision for Income Taxes23.2 %21.3 %
Schedule of Income before Income Tax, Domestic and Foreign Income from continuing operations before income taxes of our domestic and foreign operations based on the geographic locations of our operations was as follows:
(in millions)
Years Ended March 31,202620252024
United States operations$725.3 $559.5 $491.9 
Ireland operations56.7 62.5 51.5 
Other locations operations265.3 174.2 159.4 
$1,047.3 $796.2 $702.8 
Schedule of Components of Income Tax Expense (Benefit) The components of the provision for income taxes related to income from continuing operations consisted of the following:
(in millions)
Years Ended March 31,202620252024
Current:
United States federal$162.2 $145.2 $133.5 
United States state and local38.1 32.4 26.2 
Ireland17.6 12.9 7.6 
Other locations61.2 51.3 51.3 
279.1 241.7 218.7 
Deferred:
United States federal(8.3)(43.1)(43.5)
United States state and local0.9 (5.0)(11.2)
Ireland(0.2)(0.6)(0.9)
Other locations(9.3)(8.3)(13.5)
(16.9)(57.1)(69.1)
Total Provision for Income Taxes$262.2 $184.7 $149.5 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits is as follows:
(in millions)20262025
Unrecognized Tax Benefits Balance at April 1$1.8 $2.2 
Increases for tax provisions of current year— — 
Decreases for tax provisions of prior year(1.6)(0.3)
Unrecognized Tax Benefits Balance at March 31$0.2 $1.8 
Schedule of Deferred Tax Assets and Liabilities The significant components of the deferred tax assets and liabilities recorded in our accompanying balance sheets at March 31, 2026 and 2025 were as follows:
(in millions)
March 31,20262025
Deferred Tax Assets:
Post-retirement benefit accrual$1.3 $1.4 
Compensation34.5 29.7 
Net operating loss carryforwards25.7 35.5 
Accrued expenses13.3 13.8 
Insurance2.2 2.1 
Illinois EO Litigation Settlement11.0 12.0 
Deferred income24.3 24.1 
Bad debt & other allowances4.7 3.8 
Research & experimental expenditures47.5 40.5 
Operating leases (1)
36.1 37.6 
Foreign tax credit carryforwards10.3 8.1 
Other17.4 16.0 
Deferred Tax Assets228.3 224.6 
Less: Valuation allowance29.0 30.6 
Total Deferred Tax Assets199.3 194.0 
Deferred Tax Liabilities:
Depreciation and depletion116.8 97.0 
Operating leases (1)
35.4 36.6 
Intangibles418.1 441.0 
Pension3.8 3.8 
Other3.0 2.6 
Total Deferred Tax Liabilities577.1 581.0 
Net Deferred Tax Liabilities(2)
$(377.8)$(386.9)
Cash Flow, Supplemental Disclosures
Cash paid for income taxes (net of refunds received) for the year ended March 31, 2026, presented in accordance with the requirements of newly adopted ASU 2023-09, is as follows:
(in millions)
Year Ended March 31,2026
Cash paid during the year for:
Income taxes, net, Ireland$8.4 
Income taxes, net, U.S.231.3 
Income taxes, net, other locations49.2 
Income taxes, net of refunds, total$289.0 
Cash paid for income taxes and cash received for refunds for the years ended March 31, 2025 and 2024, presented before adoption of ASU 2023-09, is as follows:
(in millions)
Years Ended March 31,20252024
Cash paid during the year for:
Income taxes273.6 271.3 
Cash received during the year for income tax refunds9.5 19.2