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Leases
 12 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases Leases
The Company’s lease portfolio consists primarily of real estate, forklifts at its manufacturing facilities and a fleet of vehicles primarily for sales representatives. The lease term for all of its leases includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate.
Amounts associated with finance lease right-of-use assets and liabilities are not considered material, and have been reclassed in the current year to other assets and liabilities, respectively, on the accompanying consolidated balance sheets.
The following table represents the Company’s ROU assets and lease liabilities:
31 March
(Millions of US dollars)20242023
Assets:
Operating leases, net$60.9 $59.4 
Finance leases, net3.0 2.0 
Total right-of-use assets$63.9 $61.4 
Liabilities:
Operating leases:
Current$19.0 $18.1 
Non-Current59.4 61.1 
Total operating lease liabilities$78.4 $79.2 
Finance leases:
Current$1.2 $0.8 
Non-Current2.1 1.4 
Total finance lease liabilities$3.3 $2.2 
Total lease liabilities$81.7 $81.4 
The following table represents the Company’s lease expense:
Years Ended 31 March
(Millions of US dollars)202420232022
Operating leases$22.3 $20.2 $21.6 
Short-term leases4.6 3.2 1.7 
Finance leases1.1 1.4 1.0 
Interest on lease liabilities0.2 0.2 0.1 
Total lease expense$28.2 $25.0 $24.4 
The weighted-average remaining lease term of the Company’s leases is as follows:
31 March
(In Years)20242023
Operating leases7.17.9
Finance leases3.43.1

The weighted-average discount rate of the Company’s leases is as follows:
31 March
20242023
Operating leases5.4 %4.6 %
Finance leases5.6 %4.3 %
The following are future lease payments for non-cancellable leases at 31 March 2024:
Years ended 31 March (Millions of US dollars):
Operating
Leases		Finance
Leases		Total
2025$21.6 $1.3 $22.9 
202618.1 1.0 19.1 
202711.2 0.6 11.8 
20288.4 0.4 8.8 
20296.4 0.2 6.6 
Thereafter30.1 — 30.1 
Total$95.8 $3.5 $99.3 
Less: imputed interest17.6 
Total lease liabilities$81.7 
Supplemental cash flow and other information related to leases were as follows:
Years Ended 31 March
(Millions of US dollars)20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases$24.3 $20.9 
Operating cash flows used for finance leases0.2 0.2 
Financing cash flows used for finance leases1.1 1.5 
Non-cash ROU assets obtained in exchange for new lease liabilities26.0 16.8 
Non-cash remeasurements (decreasing) increasing ROU assets and lease liabilities(3.6)5.7 
Leases Leases
The Company’s lease portfolio consists primarily of real estate, forklifts at its manufacturing facilities and a fleet of vehicles primarily for sales representatives. The lease term for all of its leases includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate.
Amounts associated with finance lease right-of-use assets and liabilities are not considered material, and have been reclassed in the current year to other assets and liabilities, respectively, on the accompanying consolidated balance sheets.
The following table represents the Company’s ROU assets and lease liabilities:
31 March
(Millions of US dollars)20242023
Assets:
Operating leases, net$60.9 $59.4 
Finance leases, net3.0 2.0 
Total right-of-use assets$63.9 $61.4 
Liabilities:
Operating leases:
Current$19.0 $18.1 
Non-Current59.4 61.1 
Total operating lease liabilities$78.4 $79.2 
Finance leases:
Current$1.2 $0.8 
Non-Current2.1 1.4 
Total finance lease liabilities$3.3 $2.2 
Total lease liabilities$81.7 $81.4 
The following table represents the Company’s lease expense:
Years Ended 31 March
(Millions of US dollars)202420232022
Operating leases$22.3 $20.2 $21.6 
Short-term leases4.6 3.2 1.7 
Finance leases1.1 1.4 1.0 
Interest on lease liabilities0.2 0.2 0.1 
Total lease expense$28.2 $25.0 $24.4 
The weighted-average remaining lease term of the Company’s leases is as follows:
31 March
(In Years)20242023
Operating leases7.17.9
Finance leases3.43.1

The weighted-average discount rate of the Company’s leases is as follows:
31 March
20242023
Operating leases5.4 %4.6 %
Finance leases5.6 %4.3 %
The following are future lease payments for non-cancellable leases at 31 March 2024:
Years ended 31 March (Millions of US dollars):
Operating
Leases		Finance
Leases		Total
2025$21.6 $1.3 $22.9 
202618.1 1.0 19.1 
202711.2 0.6 11.8 
20288.4 0.4 8.8 
20296.4 0.2 6.6 
Thereafter30.1 — 30.1 
Total$95.8 $3.5 $99.3 
Less: imputed interest17.6 
Total lease liabilities$81.7 
Supplemental cash flow and other information related to leases were as follows:
Years Ended 31 March
(Millions of US dollars)20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases$24.3 $20.9 
Operating cash flows used for finance leases0.2 0.2 
Financing cash flows used for finance leases1.1 1.5 
Non-cash ROU assets obtained in exchange for new lease liabilities26.0 16.8 
Non-cash remeasurements (decreasing) increasing ROU assets and lease liabilities(3.6)5.7