LEASES

12 Months Ended

Mar. 31, 2022

Leases as lessee

Right-of-use assets



					Machinery
	Buildings					and
	and land		Simulators		equipment			Aircraft	Total











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 3)		13.1		49.5		—		—		62.6
Depreciation		(29.0)		(17.2)		(3.4)		(0.5)		(50.1)
Impairment		(9.2)		—		—		—		(9.2)
Purchase of assets under lease (Note 13)		—		(96.5)		—		—		(96.5)
Transfers and others		1.1		(0.6)		0.4		(0.2)		0.7
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
Additions and remeasurements		59.4		60.0		0.2		—		119.6
Additions – business combinations (Note 3)		32.7		—		—		—		32.7
Depreciation		(31.2)		(13.8)		(2.6)		(0.8)		(48.4)
Impairment		(8.1)		—		—		—		(8.1)
Purchase of assets under lease (Note 13)		—		(21.7)		—		—		(21.7)
Transfers and others		(3.3)		0.5		(0.2)		—		(3.0)
Foreign currency exchange differences		(6.2)		(0.4)		—		—		(6.6)
Net book value as at March 31, 2022	$	255.3	$	90.5	$	15.5	$	11.7	$	373.0

During the year ended March 31, 2022, depreciation of $46.0 million (2021 – $47.8 million) has been recorded in cost of sales and $2.4 million (2021 – $2.3 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, 2022, expenses of $15.4 million (2021 – $19.5 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, 2022, the net book value of property, plant and equipment leased under operating leases to third parties was $51.8 million (2021 – $58.2 million).

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


		2022		2021
Less than 1 year	$	36.3	$	28.6
Between 1 and 2 years		24.1		24.1
Between 2 and 3 years		23.3		20.6
Between 3 and 4 years		21.0		20.2
Between 4 and 5 years		13.6		17.9
More than 5 years		26.8		28.9
Total undiscounted lease payments receivable	$	145.1	$	140.3

Finance Leases

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


		2022		2021
Less than 1 year	$	24.9	$	17.2
Between 1 and 2 years		12.0		17.2
Between 2 and 3 years		12.9		20.6
Between 3 and 4 years		11.1		10.6
Between 4 and 5 years		11.8		12.4
More than 5 years		114.5		124.8
Total undiscounted lease payments receivable	$	187.2	$	202.8
Unearned finance income		(59.1)		(65.2)
Discounted unguaranteed residual values of leased assets		(9.4)		(9.1)
Total investment in finance leases	$	118.7	$	128.5
Current portion (Note 10)		21.6		13.6
Non-current portion (Note 16)	$	97.1	$	114.9