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Leases

9 Months Ended

Dec. 31, 2024

Note 16: Leases

Lease assets and liabilities

The following table provides a summary of leases recorded on the consolidated balance sheets.


	Balance Sheet Location	December 31, 2024		March 31, 2024
Lease Assets
Operating lease ROU assets	Other noncurrent assets	$	96.4	$	76.0
Finance lease ROU assets (a)	Property, plant and equipment - net		6.8		6.5

Lease Liabilities
Operating lease liabilities	Other current liabilities	$	19.7	$	15.3
Operating lease liabilities	Other noncurrent liabilities		78.5		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 right of use (“ROU”) assets were recorded net of accumulated amortization of $4.0 million and $3.7 million as of December 31, 2024 and March 31, 2024, respectively.

The increases in operating lease ROU assets and liabilities from March 31, 2024 to December 31, 2024 primarily resulted from the commencement of new facility leases. The Company is increasing its production capacity to support organic growth opportunities, including within its Data Center Cooling business.

Components of lease expense

The components of lease expense were as follows:


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023
Operating lease expense (a)	$	8.5	$	6.1	$	23.1	$	17.6
Finance lease expense:
Depreciation of ROU assets		0.1		0.1		0.4		0.4
Interest on lease liabilities		—		—		0.1		0.1
Total lease expense	$	8.6	$	6.2	$	23.6	$	18.1
____

(a)

For the three and nine months ended December 31, 2024, operating lease expense included short-term lease expense of $1.7 million and $4.8 million, respectively. For the three and nine months ended December 31, 2023, operating lease expense included short-term lease expense of $1.4 million and $4.3 million, respectively. Variable lease expense was not significant.