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Leases (Tables)

12 Months Ended

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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Tabular disclosure of lease term and discount rates.

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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

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