LEASES

Leases as lessee

Right-of-use assets



							Machinery
	Buildings							and
	and land			Simulators			equipment				Aircraft			Total
Net book value as at March 31, 2019	$	—		$	—		$	—		$	—		$	—
Impact of adopting IFRS 16 (Note 2)		241.8			183.7			7.3			—			432.8
Net book value as at April 1, 2019	$	241.8		$	183.7		$	7.3		$	—		$	432.8
Additions and remeasurements		30.1			(3.4	)		0.6			—			27.3
Additions – business combinations (Note 3)		1.1			—			—			0.4			1.5
Depreciation		(25.3	)		(20.1	)		(3.1	)		(0.2	)		(48.7	)
Transfers and others		(1.0	)		(25.3	)		0.2			—			(26.1	)
Foreign currency exchange differences		5.2			3.9			—			—			9.1
Net book value as at March 31, 2020	$	251.9		$	138.8		$	5.0		$	0.2		$	395.9

During the year ended March 31, 2020, depreciation of $47.0 million has been recorded in cost of sales and $1.7 million in selling, general and administrative expenses.

Short-term leases, leases of low-value assets and variable lease payments

During the year ended March 31, 2020, expenses of $16.3 million have been recognized in net income relating to short-term leases, leases of low-value assets and variable lease payments not included in the measurement of lease liabilities.

Leases as lessor

Operating Lease

As at March 31, 2020, the net book value of property, plant and equipment leased under operating lease to third parties was $72.8 million (2019 - $91.7 million).

Undiscounted lease payments to be received under operating leases are as follows:



		2020		2019
Less than 1 year	$	38.3	$	36.2
Between 1 and 2 years		35.6		30.6
Between 2 and 3 years		30.4		29.7
Between 3 and 4 years		25.8		25.8
Between 4 and 5 years		25.3		21.4
More than 5 years		65.7		42.8
Total undiscounted lease payments receivable	$	221.1	$	186.5

Finance Lease

Undiscounted lease payments to be received under finance leases are as follows:



		2020			2019
Less than 1 year	$	19.5		$	13.4
Between 1 and 2 years		19.8			13.7
Between 2 and 3 years		27.4			11.4
Between 3 and 4 years		10.3			10.1
Between 4 and 5 years		11.6			13.3
More than 5 years		146.8			113.3
Total undiscounted lease payments receivable	$	235.4		$	175.2
Unearned finance income		(71.4	)		(66.0	)
Discounted unguaranteed residual values of leased assets		(9.0	)		(6.3	)
Total investment in finance leases	$	155.0		$	102.9
Current portion (Note 9)		16.8			11.4
Non-current portion (Note 15)	$	138.2		$	91.5