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Leases (Tables) | 12 Months Ended
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Mar. 31, 2022
Leases [Abstract] |
Lease Recorded on Consolidated Balance Sheets | The following table provides a summary of leases recorded on the consolidated balance sheets. The amounts as of March 31, 2021 exclude operating lease ROU assets and lease liabilities, which each totaled $6.1 million, that were classified as held for sale on the Company’s consolidated balance sheet; see Note 2 for additional information.
| - | Balance Sheet Location | - | March 31, 2022 |  | March 31, 2021
Lease Assets |  |  |  |  |  |  |  |
Operating lease ROU assets |  | Other noncurrent assets |  | $ | 52.1 |  | $ | 54.1
Finance lease ROU assets (a) |  | Property, plant and equipment - net |  |  | 7.7 |  |  | 8.3
Lease Liabilities |  |  |  |  |  |  |  |
Operating lease liabilities |  | Other current liabilities |  | $ | 12.7 |  | $ | 11.2
Operating lease liabilities |  | Other noncurrent liabilities |  |  | 41.2 |  |  | 44.8
Finance lease liabilities |  | Long-term debt - current portion |  |  | 0.4 |  |  | 0.4
Finance lease liabilities |  | Long-term debt |  |  | 2.8 |  |  | 3.2
(a) | Finance lease ROU assets were recorded net of accumulated amortization of $2.8 million and $2.4 million as of March 31, 2022 and 2021, respectively.
Components of Lease Expense | The components of lease expense were as follows:
|  | Years ended March 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Operating lease expense (a) |  | $ | 20.0 |  |  | $ | 19.5 |  |  | $ | 21.2 |
Finance lease expense: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of ROU assets |  |  | 0.5 |  |  |  | 0.5 |  |  |  | 0.5 |
Interest on lease liabilities |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 0.2 |
Total lease expense |  | $ | 20.7 |  |  | $ | 20.2 |  |  | $ | 21.9 |
(a) | In fiscal 2022, 2021, and 2020 operating lease expense included short-term lease expense of $4.2 million, $3.5 million, and $4.1 million respectively. Variable lease expense was not significant.
Supplemental Cash Flow Information | Supplemental Cash Flow Information
|  | Years ended March 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 15.7 |  |  | $ | 14.2 |  |  | $ | 14.7 |
Financing cash flows for finance leases |  |  | 0.6 |  |  |  | 0.6 |  |  |  | 0.5 |
ROU assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  | $ | 7.8 |  |  | $ | 9.8 |  |  | $ | 9.0 |
Finance leases |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.2 |
Lease Term and Discount Rates | Lease Term and Discount Rates
|  | March 31, 2022 |  |  | March 31, 2021 |
Weighted-average remaining lease term: |  |  |  |  |  |
Operating leases |  | 8.5 years |  |  | 6.9 years |
Finance leases |  | 6.8 years |  |  | 7.8 years |
Weighted-average discount rate: |  |  |  |  |  |
Operating leases |  |  | 3.4 | % |  |  | 3.3 | %
Finance leases |  |  | 4.6 | % |  |  | 4.7 | %
Maturity of Lease Liabilities | Future minimum rental payments for leases with initial non-cancellable lease terms in excess of one year were as follows at March 31, 2022:
Fiscal Year |  | Operating Leases |  |  | Finance Leases |
2023 |  | $ | 14.2 |  |  | $ | 0.6 |
2024 |  |  | 10.2 |  |  |  | 0.6 |
2025 |  |  | 7.8 |  |  |  | 0.6 |
2026 |  |  | 6.8 |  |  |  | 0.5 |
2027 |  |  | 6.2 |  |  |  | 0.5 |
2028 and beyond |  |  | 16.4 |  |  |  | 0.9 |
Total lease payments |  |  | 61.6 |  |  |  | 3.7 |
Less: Interest |  |  | (7.7 | ) |  |  | (0.5 | )
Present value of lease liabilities |  | $ | 53.9 |  |  | $ | 3.2 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980 + Details
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