Pensions

6 Months Ended

Sep. 30, 2024

Pensions

Pensions

Note 5: Pensions

Pension cost included the following components:

	Three months ended September 30,				Six months ended September 30,
	2024		2023		2024		2023
Service cost	$	0.1	$	—	$	0.1	$	0.1
Interest cost		2.2		2.4		4.5		4.8
Expected return on plan assets		(2.1)		(2.6)		(4.3)		(5.2)
Amortization of unrecognized net loss		1.1		1.2		2.3		2.3
Net periodic benefit cost	$	1.3	$	1.0	$	2.6	$	2.0

During the six months ended September 30, 2024, the Company contributed $6.5 million to its U.S. pension plan.

In June 2024, the Company approved the termination of its U.S. pension plan, subject to approvals from the Internal Revenue Service and the Pension Benefit Guaranty Corporation. The Company intends to offer certain participants the option to receive their pension benefits in the form of a lump-sum distribution prior to purchasing annuity contracts to transfer its remaining obligations under the plan. In connection with the plan termination, the Company expects to make additional cash contributions in the range of $10.0 million to $25.0 million to fully fund the plan, on a plan termination basis, and to record non-cash pension settlement charges totaling approximately $120.0 million to $130.0 million during fiscal 2026. The timing and amount of the final cash contribution and settlement charges could materially differ from the Company’s estimates due to the nature and timing of participant settlements, prevailing market and economic conditions, the duration of the termination process, or other factors.