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Leases (Tables) | 12 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Leases Recorded on Consolidated Balance Sheets | The following table provides a summary of leases recorded on the consolidated balance sheets.
|  | Balance Sheet Location |  | March 31, 2024 |  |  | March 31, 2023 |
Lease Assets |  |  |  |  |  |  |  |
Operating lease ROU assets |  | Other noncurrent assets |  | $ | 76.0 |  |  | $ | 59.1 |
Finance lease ROU assets (a) |  | Property, plant and equipment - net |  |  | 6.5 |  |  |  | 7.1 |
Lease Liabilities |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | Other current liabilities |  | $ | 15.3 |  |  | $ | 11.8 |
Operating lease liabilities |  | Other noncurrent liabilities |  |  | 62.1 |  |  |  | 48.9 |
Finance lease liabilities |  | Long-term debt - current portion |  |  | 0.4 |  |  |  | 0.4 |
Finance lease liabilities |  | Long-term debt |  |  | 1.9 |  |  |  | 2.3 |
(a) | Finance lease ROU assets were recorded net of accumulated amortization of $3.7 million and $3.2 million as of March 31, 2024 and 2023, respectively.
Components of Lease Expense | The components of lease expense were as follows:
|  | Years ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Operating lease expense (a) |  | $ | 24.2 |  |  | $ | 21.9 |  |  | $ | 20.0 |
Finance lease expense: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of ROU assets |  |  | 0.5 |  |  |  | 0.5 |  |  |  | 0.5 |
Interest on lease liabilities |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.2 |
Total lease expense |  | $ | 24.8 |  |  | $ | 22.5 |  |  | $ | 20.7 |
(a) | In fiscal 2024, 2023, and 2022 operating lease expense included short-term lease expense of $5.4 million, $5.7 million, and $4.2 million respectively. Variable lease expense was not significant.
Supplemental Cash Flow Information | Supplemental cash flow information
|  | Years ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 16.9 |  |  | $ | 14.6 |  |  | $ | 15.7 |
Financing cash flows for finance leases |  |  | 0.5 |  |  |  | 0.5 |  |  |  | 0.6 |
ROU assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  | $ | 29.2 |  |  | $ | 21.2 |  |  | $ | 7.8 |
Finance leases |  |  | - |  |  |  | - |  |  |  | 0.1 |
Lease Term and Discount Rates | Lease term and discount rates
|  | March 31, 2024 |  |  | March 31, 2023 |
Weighted-average remaining lease term: |  |  |  |  |  |
Operating leases |  | 7.9 years |  |  | 8.3 years |
Finance leases |  | 4.9 years |  |  | 5.8 years |
Weighted-average discount rate: |  |  |  |  |  |
Operating leases |  |  | 4.4 | % |  |  | 3.7 | %
Finance leases |  |  | 4.7 | % |  |  | 4.6 | %
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, 2024:
Fiscal Year |  | Operating Leases |  |  | Finance Leases |
2025 |  | $ | 18.2 |  |  | $ | 0.5 |
2026 |  |  | 15.8 |  |  |  | 0.5 |
2027 |  |  | 12.3 |  |  |  | 0.5 |
2028 |  |  | 10.4 |  |  |  | 0.5 |
2029 |  |  | 8.8 |  |  |  | 0.5 |
2030 and beyond |  |  | 24.4 |  |  |  | - |
Total lease payments |  |  | 89.9 |  |  |  | 2.5 |
Less: interest |  |  | (12.5 | ) |  |  | (0.2 | )
Present value of lease liabilities |  | $ | 77.4 |  |  | $ | 2.3 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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