Leases (Tables)

12 Months Ended

Mar. 31, 2020

Leases [Abstract]

ROU Assets and Lease Liability Recorded on Consolidated Balance Sheets

ROU assets and lease liability balances recorded on the consolidated balance sheets are summarized as follows (in millions):

Leases	Classification	March 31, 2020
Assets:
Operating ROU assets	Other assets	$	71.1
Finance ROU assets	Property, plant and equipment, net (1)	27.3
Total ROU assets		$	98.4
Liabilities:
Current
Operating	Other current liabilities	$	12.8
Finance	Current maturities of debt	0.5
Non-current
Operating	Other liabilities	63.1
Finance	Long-term debt	27.4
Total lease liabilities		$	103.8

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(1)Finance lease assets are recorded net of accumulated amortization of $1.0 million as of March 31, 2020.

The weighted-average remaining lease terms and discount rates for leases are as follows:

Lease Term and Discount Rate	March 31, 2020
Weighted-average remaining lease terms (years):
Operating leases	6.7
Finance leases	27.8
Weighted-average discount rate:
Operating leases	4.6	%
Finance leases	5.7	%

Lease Costs

The components of lease expense reported in the consolidated statements of operations are as follows (in millions):

	Twelve Months Ended
	March 31, 2020
Operating lease expenses (1)	$	15.0
Finance lease expenses:
Depreciation of finance ROU assets (1)	1.0
Interest on lease liabilities (2)	1.6
Total finance lease expense	2.6
Variable and short-term lease expense (1)	4.4
Total lease expense	$	22.0

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(1)Included in cost of sales and selling, general and administrative expenses.

(2)Included in interest expense, net.

Cash paid for amounts included in the measurement of lease liabilities are as follows (in millions):

	Twelve Months Ended
	March 31, 2020
Operating cash flows from operating leases	$	14.4
Operating cash flows from finance leases	1.5
Financing cash flows from finance leases	0.4

        ROU assets obtained in exchange for lease liabilities are as follows (in millions):

	Twelve Months Ended
	March 31, 2020
Operating leases	$	43.4
Finance leases	1.0

Future Minimum Lease Payments Under Finance Leases

Future minimum lease payments under operating and finance leases as of March 31, 2020 are as follows (in millions):

Years ending March 31,	Operating Leases (1)		Finance Leases (1)
2021	14.6		2.1
2022	14.6		2.0
2023	14.3		2.0
2024	11.3		2.0
2025	9.0		2.0
Thereafter	28.5		44.7
Total future minimum lease payments	92.3		54.8
Less: Imputed interest	(16.4)		(26.9)
Total lease liabilities	$	75.9	$	27.9

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(1)Excludes legally binding minimum lease payments for leases signed but not yet commenced.

Future Minimum Lease Payments Under Operating Leases

Future minimum lease payments under operating and finance leases as of March 31, 2020 are as follows (in millions):

Years ending March 31,	Operating Leases (1)		Finance Leases (1)
2021	14.6		2.1
2022	14.6		2.0
2023	14.3		2.0
2024	11.3		2.0
2025	9.0		2.0
Thereafter	28.5		44.7
Total future minimum lease payments	92.3		54.8
Less: Imputed interest	(16.4)		(26.9)
Total lease liabilities	$	75.9	$	27.9

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(1)Excludes legally binding minimum lease payments for leases signed but not yet commenced.