Leases

12 Months Ended

Mar. 31, 2023

Operating lease arrangements are comprised primarily of real estate and equipment agreements for which the ROU assets are included in other assets and the corresponding lease liabilities, depending on their maturity, are included in accrued liabilities or other long-term liabilities in the consolidated balance sheets. There are certain immaterial finance leases recorded in the consolidated balance sheets. The Company has elected to account for the lease and non-lease components as a single lease component.

The Company's leases are included as a component of the following balance sheet lines (in millions):


	March 31,
	2023		2022
Other assets:
ROU assets	$	154.0	$	153.3
Total lease assets	$	154.0	$	153.3
Accrued liabilities:
Current portion of lease liabilities	$	31.5	$	33.8
Other long-term liabilities:
Non-current portion of lease liabilities	128.6		128.9
Total lease liabilities	$	160.1	$	162.7

The following table presents the maturities of lease liabilities as of March 31, 2023 (in millions):


Fiscal year ending March 31,	Operating Leases
2024	$	40.9
2025	35.0
2026	31.7
2027	25.9
2028	18.0
Thereafter	38.5
Total lease payments	190.0
Less: Imputed lease interests	29.9
Total lease liabilities	$	160.1

The Company's weighted-average remaining lease-term and weighted-average discount rate at March 31, 2023 are as follows:



Weighted average remaining lease-term (years)	6.08
Weighted average discount rate	4.35	%

The details of the Company's total lease expense are as follows (in millions):


	Fiscal Year Ended March 31,
		2023		2022		2021
Operating lease expense		$	56.6	$	58.4	$	63.1

Leases

The Company's leases are included as a component of the following balance sheet lines (in millions):


	March 31,
	2023		2022
Other assets:
ROU assets	$	154.0	$	153.3
Total lease assets	$	154.0	$	153.3
Accrued liabilities:
Current portion of lease liabilities	$	31.5	$	33.8
Other long-term liabilities:
Non-current portion of lease liabilities	128.6		128.9
Total lease liabilities	$	160.1	$	162.7

The following table presents the maturities of lease liabilities as of March 31, 2023 (in millions):


Fiscal year ending March 31,	Operating Leases
2024	$	40.9
2025	35.0
2026	31.7
2027	25.9
2028	18.0
Thereafter	38.5
Total lease payments	190.0
Less: Imputed lease interests	29.9
Total lease liabilities	$	160.1

The Company's weighted-average remaining lease-term and weighted-average discount rate at March 31, 2023 are as follows:



Weighted average remaining lease-term (years)	6.08
Weighted average discount rate	4.35	%

The details of the Company's total lease expense are as follows (in millions):


	Fiscal Year Ended March 31,
		2023		2022		2021
Operating lease expense		$	56.6	$	58.4	$	63.1