Leases

6 Months Ended

Sep. 30, 2023

Note 16: Leases

Lease Assets and Liabilities

The following table provides a summary of leases recorded on the consolidated balance sheets. The September 30, 2023 amounts exclude operating lease right of use (“ROU”) assets and liabilities, which each totaled $0.6 million, that are classified as held for sale on the Company’s consolidated balance sheet. See Note 2 for additional information.

	Balance Sheet Location	September 30, 2023		March 31, 2023
Lease Assets
Operating lease ROU assets	Other noncurrent assets	$	58.2	$	59.1
Finance lease ROU assets (a)	Property, plant and equipment – net		6.7		7.1

Lease Liabilities
Operating lease liabilities	Other current liabilities	$	11.8	$	11.8
Operating lease liabilities	Other noncurrent liabilities		47.4		48.9
Finance lease liabilities	Long-term debt – current portion		0.4		0.4
Finance lease liabilities	Long-term debt		2.0		2.3

(a)

ROU assets were recorded net of accumulated amortization of $3.4 million and $3.2 million as of September 30, 2023 and March 31, 2023, respectively.

Components of Lease Expense

The components of lease expense were as follows:

	Three months ended September 30,				Six months ended September 30,
	2023		2022		2023		2022
Operating lease expense (a)	$	5.6	$	5.5	$	11.5	$	10.8
Finance lease expense:
Depreciation of ROU assets		0.2		0.2		0.3		0.3
Interest on lease liabilities		0.1		0.1		0.1		0.1
Total lease expense	$	5.9	$	5.8	$	11.9	$	11.2

(a)

For the three and six months ended September 30, 2023, operating lease expense included short-term lease expense of $1.4 million and $2.9 million, respectively. For the three and six months ended September 30, 2022, operating lease expense included short-term lease expense of $1.5 million and $2.8 million, respectively. Variable lease expense was not significant.