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Leases (Tables) | 9 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Lease Assets and Liabilities Recorded in Consolidated Balance Sheet | The following table provides a summary of leases recorded on the consolidated balance sheet.
| Balance Sheet Location |  | December 31, 2019
Lease Assets |  |  |
Operating lease ROU assets | Other noncurrent assets | $ | 64.3
Finance lease ROU assets (a) | Property, plant and equipment - net |  | 8.6
Lease Liabilities |  |  |
Operating lease liabilities | Other current liabilities | $ | 11.1
Operating lease liabilities | Other noncurrent liabilities |  | 52.9
Finance lease liabilities | Long-term debt - current portion |  | 0.4
Finance lease liabilities | Long-term debt |  | 3.4
| (a) | Finance lease ROU assets were recorded net of accumulated amortization of $1.7 million as of December 31, 2019.
Components of Lease Expense | The components of lease expense were as follows:
|  | Three months ended December 31, 2019 |  |  | Nine months ended December 31, 2019 |
Operating lease expense (a) |  | $ | 5.4 |  |  | $ | 15.8 |
Finance lease expense: |  |  |  |  |  |  |  |
Depreciation of ROU assets |  |  | 0.2 |  |  |  | 0.4 |
Interest on lease liabilities |  |  | - |  |  |  | 0.1 |
Total lease expense |  | $ | 5.6 |  |  | $ | 16.3 |
| (a) | For the three and nine months ended December 31, 2019, operating lease expense included short-term lease expense of $1.0 million and $2.9 million, respectively. Variable lease expense was not significant.
Supplemental Cash Flow Information | Supplemental Cash Flow Information
|  | Three months ended December 31, 2019 |  |  | Nine months ended December 31, 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 3.0 |  |  | $ | 10.9 |
Financing cash flows for finance leases |  |  | 0.2 |  |  |  | 0.4 |
ROU assets obtained in exchange for lease liabilities |  |  |  |  |  |  |  |
Operating leases |  | $ | 1.9 |  |  | $ | 7.3 |
Finance leases |  |  | - |  |  |  | 0.1 |
Lease Term and Discount Rates | Lease Term and Discount Rates
| December 31, 2019
Weighted-average remaining lease term: |
Operating leases | 9.4 years
Finance leases | 9.1 years
Weighted-average discount rate: |
Operating leases | 3.5%
Finance leases | 4.8%
Maturity of Lease Liabilities under New Lease Accounting Guidance | Future minimum rental payments for leases with initial non-cancellable lease terms in excess of one year were as follows at December 31, 2019:
Fiscal Year |  | Operating Leases |  |  | Finance Leases |
Remainder of fiscal 2020 |  | $ | 3.4 |  |  | $ | 0.1 |
2021 |  |  | 12.8 |  |  |  | 0.5 |
2022 |  |  | 11.1 |  |  |  | 0.5 |
2023 |  |  | 9.1 |  |  |  | 0.5 |
2024 |  |  | 6.4 |  |  |  | 0.5 |
2025 and beyond |  |  | 32.6 |  |  |  | 2.6 |
Total lease payments |  |  | 75.4 |  |  |  | 4.7 |
Less: Interest |  |  | (11.4 | ) |  |  | (0.9 | )
Present value of lease liabilities |  | $ | 64.0 |  |  | $ | 3.8 |
Maturity of Lease Liabilities under Previous Lease Accounting Guidance | Future minimum rental payments for operating leases with initial non-cancellable lease terms in excess of one year were as follows at March 31, 2019:
Fiscal Year |  |  |
2020 |  | $ | 14.2 |
2021 |  |  | 12.4 |
2022 |  |  | 9.1 |
2023 |  |  | 7.1 |
2024 |  |  | 4.7 |
2025 and beyond |  |  | 22.9 |
Total |  | $ | 70.4 |

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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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