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LEASES | 12 Months Ended
--- | ---
Mar. 31, 2024
Disclosure of leases [Abstract] |
LEASES | LEASES Leases as lessee Right-of-use assets
|  |  |  |  |  | Machinery |  |  |  |  |  |  |
|  |  | Buildings |  |  |  | and |  |  |  |  |  |  |  |
|  |  | and land | Simulators | equipment |  | Aircraft |  |  |  |  | Total
Net book value as at March 31, 2022 |  |  | $ | 255.3 |  | $ | 90.5 |  | $ | 15.5 |  | $ | 11.7 |  |  |  |  |  | $ | 373.0 |
Additions and remeasurements |  |  |  | 120.9 |  |  | 7.3 |  |  | — |  |  | — |  |  |  |  |  |  | 128.2 |
Depreciation |  |  |  | (36.6) |  |  | (9.9) |  |  | (2.8) |  |  | (0.8) |  |  |  |  |  |  | (50.1) |
Purchase of assets under lease (Note 13) |  |  |  | — |  |  | (34.6) |  |  | — |  |  | — |  |  |  |  |  |  | (34.6) |
Transfers and others |  |  |  | (6.1) |  |  | (2.3) |  |  | (0.3) |  |  | — |  |  |  |  |  |  | (8.7) |
Foreign currency exchange differences |  |  |  | 13.2 |  |  | 5.9 |  |  | — |  |  | — |  |  |  |  |  |  | 19.1 |
Net book value as at March 31, 2023 |  |  | $ | 346.7 |  | $ | 56.9 |  | $ | 12.4 |  | $ | 10.9 |  |  |  |  |  | $ | 426.9 |
Additions and remeasurements |  |  |  | 168.0 |  |  | 8.7 |  |  | 0.5 |  |  | — |  |  |  |  |  |  | 177.2 |
Disposal of discontinued operations (Note 2) |  |  |  | (9.8) |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | (9.8) |
Depreciation |  |  |  | (39.9) |  |  | (9.8) |  |  | (3.0) |  |  | (0.8) |  |  |  |  |  |  | (53.5) |
Impairment |  |  |  | (1.3) |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | (1.3) |
Transfers and others |  |  |  | 9.3 |  |  | (3.8) |  |  | — |  |  | — |  |  |  |  |  |  | 5.5 |
Foreign currency exchange differences |  |  |  | 0.9 |  |  | (0.1) |  |  | — |  |  | — |  |  |  |  |  |  | 0.8 |
Net book value as at March 31, 2024 |  |  | $ | 473.9 |  | $ | 51.9 |  | $ | 9.9 |  | $ | 10.1 |  |  |  |  |  | $ | 545.8 |
During the year ended March 31, 2024, depreciation of $51.4 million (2023 – $47.5 million) has been recorded in cost of sales, $1.5 million (2023 – $1.6 million) in selling, general and administrative expenses and $0.6 million (2023 – $1.0 million) in net income from discontinued operations. Short-term leases, leases of low-value assets and variable lease payments During the year ended March 31, 2024, expenses of $16.4 million (2023 – $16.7 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, 2024, the net book value of simulators leased under operating leases to third parties was $130.4 million (2023 – $76.1 million). Undiscounted lease payments to be received under operating leases are as follows:
|  | 2024 |  | 2023
Less than 1 year | $ | 63.0 |  | $ | 33.0 |
Between 1 and 2 years |  | 51.7 |  |  | 32.6 |
Between 2 and 3 years |  | 43.3 |  |  | 30.0 |
Between 3 and 4 years |  | 35.0 |  |  | 21.7 |
Between 4 and 5 years |  | 21.4 |  |  | 16.5 |
More than 5 years |  | 33.4 |  |  | 13.8 |
Total undiscounted lease payments receivable | $ | 247.8 |  | $ | 147.6 |
Finance Leases Undiscounted lease payments to be received under finance leases are as follows:
|  | 2024 |  |  |  | 2023 |  |
Less than 1 year | $ | 16.4 |  |  |  | $ | 16.6 |  |  |
Between 1 and 2 years |  | 22.8 |  |  |  |  | 14.6 |  |  |
Between 2 and 3 years |  | 17.4 |  |  |  |  | 15.1 |  |  |
Between 3 and 4 years |  | 16.0 |  |  |  |  | 16.3 |  |  |
Between 4 and 5 years |  | 16.0 |  |  |  |  | 13.6 |  |  |
More than 5 years |  | 128.9 |  |  |  |  | 128.2 |  |  |
Total undiscounted lease payments receivable | $ | 217.5 |  |  |  | $ | 204.4 |  |  |
Unearned finance income |  | (56.9) |  |  |  |  | (68.0) |  |  |
Discounted unguaranteed residual values of leased assets |  | (12.8) |  |  |  |  | (10.7) |  |  |
Total investment in finance leases | $ | 147.8 |  |  |  | $ | 125.7 |  |  |
Current portion (Note 10) |  | 11.9 |  |  |  |  | 13.5 |  |  |
Non-current portion (Note 16) | $ | 135.9 |  |  |  | $ | 112.2 |  |  |

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