Leases

6 Months Ended

Sep. 30, 2022

Note 15: Leases

Lease Assets and Liabilities

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

	Balance Sheet Location	September 30, 2022		March 31, 2022
Lease Assets
Operating lease ROU assets	Other noncurrent assets	$	52.3	$	52.1
Finance lease ROU assets (a)	Property, plant and equipment – net		6.9		7.7

Lease Liabilities
Operating lease liabilities	Other current liabilities	$	10.7	$	12.7
Operating lease liabilities	Other noncurrent liabilities		42.9		41.2
Finance lease liabilities	Long-term debt – current portion		0.4		0.4
Finance lease liabilities	Long-term debt		2.2		2.8

(a)

Finance lease right-of-use (“ROU”) assets were recorded net of accumulated amortization, which totaled $2.8 million at both September 30, 2022 and March 31, 2022.

Components of Lease Expense

The components of lease expense were as follows:

	Three months ended September 30,				Six months ended September 30,
	2022		2021		2022		2021
Operating lease expense (a)	$	5.5	$	4.8	$	10.8	$	9.4
Finance lease expense:
Depreciation of ROU assets		0.2		0.2		0.3		0.3
Interest on lease liabilities		0.1		0.1		0.1		0.1
Total lease expense	$	5.8	$	5.1	$	11.2	$	9.8

(a)

For the three and six months ended September 30, 2022, operating lease expense included short-term lease expense of $1.5 million and $2.8 million, respectively. For the three and six months ended September 30, 2021, operating lease expense included short-term lease expense of $1.0 million and $1.8 million, respectively. Variable lease expense was not significant.