Leases (Tables)

12 Months Ended

Mar. 31, 2022

Leases [Abstract]

Lease Recorded on Consolidated Balance Sheets

The following table provides a summary of leases recorded on the consolidated balance sheets. The amounts as of March 31, 2021 exclude operating lease ROU assets and lease liabilities, which each totaled $6.1 million, that were classified as held for sale on the Company’s consolidated balance sheet; see Note 2 for additional information.

	-	Balance Sheet Location	-	March 31, 2022		March 31, 2021
Lease Assets
Operating lease ROU assets		Other noncurrent assets		$	52.1	$	54.1
Finance lease ROU assets (a)		Property, plant and equipment - net			7.7		8.3
Lease Liabilities
Operating lease liabilities		Other current liabilities		$	12.7	$	11.2
Operating lease liabilities		Other noncurrent liabilities			41.2		44.8
Finance lease liabilities		Long-term debt - current portion			0.4		0.4
Finance lease liabilities		Long-term debt			2.8		3.2

(a) Finance lease ROU assets were recorded net of accumulated amortization of $2.8 million and $2.4 million as of March 31, 2022 and 2021, respectively.

Components of Lease Expense

The components of lease expense were as follows:

	Years ended March 31,
	2022		2021		2020
Operating lease expense (a)	$	20.0	$	19.5	$	21.2
Finance lease expense:
Depreciation of ROU assets		0.5		0.5		0.5
Interest on lease liabilities		0.2		0.2		0.2
Total lease expense	$	20.7	$	20.2	$	21.9

(a) In fiscal 2022, 2021, and 2020 operating lease expense included short-term lease expense of $4.2 million, $3.5 million, and $4.1 million respectively. Variable lease expense was not significant.

Supplemental Cash Flow Information

Supplemental Cash Flow Information

	Years ended March 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	15.7	$	14.2	$	14.7
Financing cash flows for finance leases		0.6		0.6		0.5
ROU assets obtained in exchange for lease liabilities:
Operating leases	$	7.8	$	9.8	$	9.0
Finance leases		0.1		0.1		0.2

Lease Term and Discount Rates

Lease Term and Discount Rates

	March 31, 2022			March 31, 2021
Weighted-average remaining lease term:
Operating leases	8.5 years			6.9 years
Finance leases	6.8 years			7.8 years
Weighted-average discount rate:
Operating leases		3.4	%		3.3	%
Finance leases		4.6	%		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, 2022:

Fiscal Year	Operating Leases			Finance Leases
2023	$	14.2		$	0.6
2024		10.2			0.6
2025		7.8			0.6
2026		6.8			0.5
2027		6.2			0.5
2028 and beyond		16.4			0.9
Total lease payments		61.6			3.7
Less: Interest		(7.7	)		(0.5	)
Present value of lease liabilities	$	53.9		$	3.2