LEASES

12 Months Ended

Mar. 31, 2021

Leases as lessee

Right-of-use assets



					Machinery
	Buildings					and
	and land		Simulators		equipment			Aircraft	Total











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 4)		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
Additions and remeasurements		(2.3)		0.1		16.1		13.0		26.9
Additions – business combinations (Note 4)		13.1		49.5		—		—		62.6
Depreciation		(29.0)		(17.2)		(3.4)		(0.5)		(50.1)
Impairment		(9.2)		—		—		—		(9.2)
Transfers and others		1.1		(97.1)		0.4		(0.2)		(95.8)
Foreign currency exchange differences		(13.6)		(8.2)		—		—		(21.8)
Net book value as at March 31, 2021	$	212.0	$	65.9	$	18.1	$	12.5	$	308.5

During the year ended March 31, 2021, depreciation of $47.8 million (2020 - $47.0 million) has been recorded in cost of sales and $2.3 million (2020 - $1.7 million) in selling, general and administrative expenses.

Transfers and others mainly represent transfers from right-of-use assets to property, plant and equipment when the Company obtains ownership of the underlying asset at the end of the lease term or through a purchase option.

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

During the year ended March 31, 2021, expenses of $19.5 million (2020 - $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 Leases

As at March 31, 2021, the net book value of property, plant and equipment leased under operating leases to third parties was $58.2 million (2020 - $72.8 million).

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


		2021		2020
Less than 1 year	$	28.6	$	38.3
Between 1 and 2 years		24.1		35.6
Between 2 and 3 years		20.6		30.4
Between 3 and 4 years		20.2		25.8
Between 4 and 5 years		17.9		25.3
More than 5 years		28.9		65.7
Total undiscounted lease payments receivable	$	140.3	$	221.1

Finance Leases

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


		2021		2020
Less than 1 year	$	17.2	$	19.5
Between 1 and 2 years		17.2		19.8
Between 2 and 3 years		20.6		27.4
Between 3 and 4 years		10.6		10.3
Between 4 and 5 years		12.4		11.6
More than 5 years		124.8		146.8
Total undiscounted lease payments receivable	$	202.8	$	235.4
Unearned finance income		(65.2)		(71.4)
Discounted unguaranteed residual values of leased assets		(9.1)		(9.0)
Total investment in finance leases	$	128.5	$	155.0
Current portion (Note 12)		13.6		16.8
Non-current portion (Note 18)	$	114.9	$	138.2