v3.26.1
Tax (Tables)
12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Before Income Tax Expense
The components of income before income tax expense for the years ended March 31, 2026, 2025 and 2024 was follows:
 
    
Year ended March 31,
        
    
2026
    
2025
    
2024
 
     (In million)      (In million)      (In million)  
Income before tax:
        
United Kingdom
   $ 612.0      $ 671.7      $ 601.6  
Foreign Other
     48.4        45.8        55.1  
  
 
 
    
 
 
    
 
 
 
Total
  
$
660.4
 
  
$
717.5
 
  
$
656.7
 
Schedule of Income Tax Expense
The income tax expense for the years ended March 31, 2026, 2025 and 2024 consisted of the following:
 
    
Year ended March 31,
        
    
2026
    
2025
    
2024
 
     (In million)      (In million)      (In million)  
Current:
        
United Kingdom
   $ 138.3      $ 145.8      $ 93.4  
Foreign Other
     20.7        21.9        18.6  
  
 
 
    
 
 
    
 
 
 
Total
  
$
159.0
 
  
$
167.7
 
  
$
112.0
 
Deferred:
        
United Kingdom
     0.6        (0.7      40.7  
Foreign Other
     2.1        0.2        2.5  
  
 
 
    
 
 
    
 
 
 
Total
  
$
2.7
 
  
$
(0.5
  
$
43.2
 
  
 
 
    
 
 
    
 
 
 
Tax (benefit)/expense
  
$
161.7
 
  
$
167.2
 
  
$
155.2
 
  
 
 
    
 
 
    
 
 
 
Schedule of Effective Income Tax Rate Reconciliation
The effective tax rate for the years ended March 31, 2026, 2025 and 2024 was 24.49%, 23.30% and 23.62%, respectively.
 
    
Year ended March 31,
             
    
2026
   
2025
   
2024
 
     (In million)     %     (In million)     %     (In million)     %  
Income before tax
  
 
660.4
 
   
$
717.5
 
   
$
656.7
 
 
UK income tax effect
   $ 165.1       25.00   $ 179.4       25.00   $ 164.2       25.00
Foreign tax effects
     7.2       1.09     11.9       1.66     4.6       0.70
Effect of changes in tax laws or rates enacted in the current period
     —        0.00     0.4       0.06     (0.3     (0.05 )% 
Changes in valuation allowances
     1.6       0.24     (5.0 )     (0.70 )%     —        0.00
Nontaxable or nondeductible items
     (11.4     (1.71 )%      (16.1     (2.24 )%      (15.1     (2.30 )% 
Changes in unrecognized tax benefits
     —        0.00     —        0.00     4.0       0.61
Other
     (0.8     (0.13 )%      (3.4     (0.48 )%      (2.2     (0.34 )% 
Reported income tax (benefit)/expense
  
$
161.7
 
    24.49  
$
167.2
 
    23.30  
$
155.2
 
    23.62
Effective tax rate
    
 
24.49
   
 
23.30
   
 
23.62
Schedule of Deferred Tax Assets and Liabilities Significant deferred tax assets and liabilities consist of the following:
 
    
Year ended March 31,
 
    
2026
    
2025
 
     (In million)      (In million)  
Deferred tax assets:
     
Property, plant and equipment
   $ —       $ 1.1  
Share-based compensation
     42.1        42.6  
Intangibles
     —         —   
Provisions
     11.2        8.4  
Net operating loss and tax credit carryforwards
     7.5        5.5  
Other
     3.2        1.4  
  
 
 
    
 
 
 
Total deferred tax assets
  
$
64.0
 
  
$
59.0
 
  
 
 
    
 
 
 
Valuation allowance
     (6.6      (5.0
  
 
 
    
 
 
 
Net deferred tax assets
  
$
57.4
 
  
$
54.0
 
  
 
 
    
 
 
 
Deferred tax liabilities:
     
Intangibles
     (0.1      (0.2
Property, plant and equipment
     (2.6      —   
  
 
 
    
 
 
 
Other
     (5.5      (5.2
  
 
 
    
 
 
 
Net deferred tax assets
  
$
49.2
 
  
$
48.6
 
  
 
 
    
 
 
 
Summary of Deferred Tax Assets Expire Such deferred tax assets expire as follows:
 
    
Deferred
tax asset
 
     (In million)  
April 1, 2026 to March 31, 2030
   $ 0.6  
April 1, 2031 to March 31, 2035
     0.1  
No expiration
     0.2  
 
  
 
 
 
Total
  
$
0.9
 
  
 
 
 
Schedule of Gross Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions is as follows:
 
    
Year ended March 31,
        
    
2026
    
2025
    
2024
 
     (In million)      (In million)      (In million)  
Beginning unrecognized tax benefits/(expenses)
   $ 1.1      $ 1.1      $ 1.0  
Increases related to prior year tax positions
     —         —         0.1  
Decreases related to prior year tax positions
     (0.6      —         —   
  
 
 
    
 
 
    
 
 
 
Ending unrecognized tax benefits/(expenses)
  
$
0.5
 
  
$
1.1
 
  
$
1.1
 
  
 
 
    
 
 
    
 
 
 
Schedule of Income Tax Paid By Individual Jurisdiction
Income taxes paid, net of refunds are shown in the following table:
 
    
Year ended March 31,
        
    
2026
    
2025
    
2024
 
     (In million)      (In million)      (In million)  
United Kingdom
   $ 142.6      $ 169.5      $ 78.3  
Brazil*
     —         —         8.6  
  
 
 
    
 
 
    
 
 
 
Other jurisdictions
     19.9        14.9        6.2  
  
 
 
    
 
 
    
 
 
 
Total taxes paid, net of refunds
  
$
162.5
 
  
$
184.4
 
  
$
93.1
 
  
 
 
    
 
 
    
 
 
 
 
*
In the years ended 31 March 2025 and 2026, net tax payments made in Brazil did not represent more than 5% of the total net tax payments, therefore Brazil is included in ‘Other jurisdictions’ in those years.