Pension and Employee Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2022

Pension and Employee Benefit Plans [Abstract]

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,
	2022			2021
Change in benefit obligation:
Benefit obligation at beginning of year	$	260.6		$	264.7
Service cost		0.3			0.4
Interest cost		7.3			7.9
Actuarial (gain) loss		(16.5	)		2.7
Benefits paid		(16.0	)		(17.1	)
Disposition of air-cooled automotive business		(5.5	)		-
Curtailment gains (a)		-			(0.1	)
Effect of exchange rate changes		(1.6	)		2.1
Benefit obligation at end of year	$	228.6		$	260.6
Change in plan assets:
Fair value of plan assets at beginning of year	$	183.3		$	131.1
Actual return on plan assets		7.6			47.8
Benefits paid		(16.0	)		(17.1	)
Employer contributions		5.0			21.5
Fair value of plan assets at end of year	$	179.9		$	183.3
Funded status at end of year	$	(48.7	)	$	(77.3	)
Amounts recognized in the consolidated balance sheets:
Current liability	$	(1.5	)	$	(0.9	)
Noncurrent liability		(47.2	)		(58.6	)
Liabilities held for sale (b)		-			(17.8	)
	$	(48.7	)	$	(77.3	)

(a) The curtailment gains in fiscal 2021 are associated with headcount reductions in Europe within the Automotive segment. See Note 6 for additional information on the Company’s restructuring activities.

(b) At March 31, 2021, the Company classified the liabilities for pension plans in Germany and Austria within the liquid- and air-cooled automotive businesses as held for sale.  See Note 2 for additional information.

Pension Benefit Plans

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

	Years ended March 31,
	2022			2021			2020
Components of net periodic benefit cost:
Service cost	$	0.3		$	0.4		$	0.4
Interest cost		7.3			7.9			9.1
Expected return on plan assets		(12.9	)		(11.5	)		(12.0	)
Amortization of net actuarial loss		6.9			6.9			6.0
Settlements (a)		-			0.2			0.2
Net periodic benefit cost	$	1.6		$	3.9		$	3.7
Other changes in benefit obligation recognized in other comprehensive income (loss):
Net actuarial gain (loss)	$	11.4		$	33.8		$	(38.7	)
Amortization of net actuarial loss (b)		8.6			7.1			6.2
Total recognized in other comprehensive income (loss)	$	20.0		$	40.9		$	(32.5	)

(a) The settlement charges resulted from activity associated with the Company’s non-U.S. pension plans.

(b) The fiscal 2022 amount includes $1.7 million of net actuarial losses written-off as a result of the sale of the air-cooled automotive business.  See Note 1 for additional information.

Target and Plan Asset Allocations

Plan assets in the Company’s U.S. pension plans comprise 100 percent of the Company’s world-wide pension plan assets.  The Company’s U.S. pension plan weighted-average asset allocations at the measurement dates of March 31, 2022 and 2021 were as follows:

	Target allocation			Plan assets
				2022			2021
Equity securities		76	%		74	%		73	%
Debt securities		18	%		17	%		17	%
Real estate investments		5	%		8	%		9	%
Cash and cash equivalents		1	%		1	%		1	%
		100	%		100	%		100	%

Estimated Future Benefit Payments

Estimated pension benefit payments for the next ten fiscal years are as follows:

Fiscal Year	Estimated Pension Benefit Payments
2023	$	15.7
2024		15.9
2025		16.0
2026		15.8
2027		15.7
2028-2032		75.0