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v3.25.1

Leases (Tables) | 12 Months Ended
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Mar. 31, 2025
Leases. |
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, 2025 |  | March 31, 2024
Lease Assets |  |  |  | ​ |  |  | ​ |
Operating lease ROU assets |  | Other noncurrent assets | ​ | $ | 97.2 | ​ | $ | 76.0
Finance lease ROU assets (a) |  | Property, plant and equipment - net | ​ |  | 6.9 | ​ |  | 6.5
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Lease Liabilities |  |  | ​ |  |  | ​ |  |
Operating lease liabilities |  | Other current liabilities | ​ | $ | 18.0 | ​ | $ | 15.3
Operating lease liabilities |  | Other noncurrent liabilities | ​ |  | 80.6 | ​ |  | 62.1
Finance lease liabilities |  | Long-term debt - current portion | ​ |  | 0.5 | ​ |  | 0.4
Finance lease liabilities |  | Long-term debt | ​ |  | 2.2 | ​ |  | 1.9
____ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
(a) | Finance lease ROU assets were recorded net of accumulated amortization of $4.2 million and $3.7 million as of March 31, 2025 and 2024, respectively.
Components of Lease Expense | The components of lease expense were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended March 31,
​ |  | 2025 |  | 2024 |  | 2023
Operating lease expense (a) | ​ | $ | 31.9 | ​ | $ | 24.2 | ​ | $ | 21.9
Finance lease expense: | ​ |  | ​ | ​ |  |  | ​ |  |
Depreciation of ROU assets | ​ |  | 0.6 | ​ |  | 0.5 | ​ |  | 0.5
Interest on lease liabilities | ​ |  | 0.1 | ​ |  | 0.1 | ​ |  | 0.1
Total lease expense | ​ | $ | 32.6 | ​ | $ | 24.8 | ​ | $ | 22.5
____ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
(a) | In fiscal 2025, 2024, and 2023 operating lease expense included short-term lease expense of $7.3 million, $5.4 million, and $5.7 million respectively. Variable lease expense was not significant.
Supplemental Cash Flow Information | Supplemental cash flow information
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended March 31,
​ |  | 2025 |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  | ​ |  |  | ​ |  |  | ​ |
Operating cash flows for operating leases | ​ | $ | 22.4 | ​ | $ | 16.9 | ​ | $ | 14.6
Financing cash flows for finance leases | ​ |  | 0.6 | ​ |  | 0.5 | ​ |  | 0.5
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
ROU assets obtained in exchange for lease liabilities: | ​ |  | ​ | ​ |  |  | ​ |  |
Operating leases | ​ | $ | 42.2 | ​ | $ | 29.2 | ​ | $ | 21.2
Finance leases | ​ |  | 0.9 | ​ |  | — | ​ |  | —
Lease Term and Discount Rates | Lease term and discount rates
​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2025 |  | March 31, 2024 |
Weighted-average remaining lease term: |  |  |  |  | ​
Operating leases |  | 6.6 years |  | 7.9 years | ​
Finance leases |  | 6.3 years |  | 4.9 years | ​
​ | ​ | ​ | ​ | ​ | ​
Weighted-average discount rate: |  | ​ |  |  | ​
Operating leases |  | 5.4 | % | 4.4 | %
Finance leases |  | 4.8 | % | 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, 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​
Fiscal Year |  | Operating Leases |  | Finance Leases
2026 | ​ | $ | 22.8 | ​ | $ | 0.6
2027 | ​ |  | 20.5 | ​ |  | 0.6
2028 | ​ |  | 17.8 | ​ |  | 0.6
2029 | ​ |  | 14.2 | ​ |  | 0.5
2030 | ​ |  | 12.3 | ​ |  | 0.1
2031 and beyond | ​ |  | 30.6 | ​ |  | 0.7
Total lease payments | ​ |  | 118.2 | ​ |  | 3.1
Less: Interest | ​ |  | (19.6) | ​ |  | (0.4)
Present value of lease liabilities | ​ | $ | 98.6 | ​ | $ | 2.7
​

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