Pension and Employee Benefit Plans (Tables)

12 Months Ended

Mar. 31, 2023

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,
	2023			2022
Change in benefit obligation:
Benefit obligation at beginning of year	$	228.6		$	260.6
Service cost		0.2			0.3
Interest cost		8.1			7.3
Actuarial gain		(25.8	)		(16.5	)
Benefits paid		(16.1	)		(16.0	)
Disposition of air-cooled automotive business		-			(5.5	)
Effect of exchange rate changes		(0.1	)		(1.6	)
Benefit obligation at end of year	$	194.9		$	228.6
Change in plan assets:
Fair value of plan assets at beginning of year	$	179.9		$	183.3
Actual return on plan assets		(12.0	)		7.6
Benefits paid		(16.1	)		(16.0	)
Employer contributions		1.5			5.0
Fair value of plan assets at end of year	$	153.3		$	179.9
Funded status at end of year	$	(41.6	)	$	(48.7	)
Amounts recognized in the consolidated balance sheets:
Current liability	$	(1.4	)	$	(1.5	)
Noncurrent liability		(40.2	)		(47.2	)
	$	(41.6	)	$	(48.7	)

Pension Benefit Plans

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

	Years ended March 31,
	2023			2022			2021
Components of net periodic benefit cost:
Service cost	$	0.2		$	0.3		$	0.4
Interest cost		8.1			7.3			7.9
Expected return on plan assets		(11.6	)		(12.9	)		(11.5	)
Amortization of net actuarial loss		5.7			6.9			6.9
Settlements (a)		-			-			0.2
Net periodic benefit cost	$	2.4		$	1.6		$	3.9
Other changes in benefit obligation recognized in other comprehensive income:
Net actuarial gain	$	2.1		$	11.4		$	33.8
Amortization of net actuarial loss (b)		5.7			8.6			7.1
Total recognized in other comprehensive income	$	7.8		$	20.0		$	40.9

(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 Austrian 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, 2023 and 2022 were as follows:

	Target allocation			Plan assets
				2023			2022
Equity securities		76	%		76	%		74	%
Debt securities		18	%		15	%		17	%
Real estate investments		5	%		8	%		8	%
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
2024	$	15.5
2025		15.7
2026		15.6
2027		15.5
2028		15.4
2029-2033		72.4