Deritvatives and Hedging (Notes)

3 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure

15. DERIVATIVES AND HEDGING

We utilize foreign currency forward contracts to hedge a portion of our monetary assets and liabilities denominated in

foreign currencies, including intercompany transactions. Within each fiscal year, we also utilize foreign currency forward

contracts to hedge a portion of our expected non-U.S. dollar-denominated earnings against our reporting currency, the U.S.

dollar. Further, we utilize commodity swap contracts to hedge price changes in nickel that impact raw materials included in our

Cost of revenues.

These contracts are not designated as hedging instruments and do not receive hedge accounting treatment; therefore, changes in their fair value are not deferred but are recognized immediately in the Consolidated Statements of Income. We do not use derivative financial instruments for speculative purposes.

At June 30, 2026, we held net foreign currency forward contracts to sell 48.0 million euros, 7.0 million Australian dollars, and 7.0 million New Zealand dollars, and to buy 175.0 million Mexican pesos. At June 30, 2026, we held commodity swap contracts to buy 0.5 million pounds of nickel.

(in millions)	Asset Derivatives				Liability Derivatives
	Fair Value at		Fair Value at		Fair Value at		Fair Value at
Balance sheet location	June 30, 2026		March 31, 2026		June 30, 2026		March 31, 2026
Prepaid & other	$	1.3	$	0.2	$	—	$	—
Accrued expenses and other	$	—	$	—	$	0.7	$	0.7

The following table presents the impact of derivative instruments and their location within the Consolidated Statements of Income:

(in millions)	Location of gain (loss) recognized in income	Amount of (loss) gain recognized in income
		Three Months Ended June 30,
		2026		2025
Foreign currency forward contracts	Selling, general and administrative	$	1.6	$	1.1
Commodity swap contracts	Cost of revenues	$	(0.1)	$	(0.2)