Leases (Tables)

9 Months Ended

Dec. 31, 2023

Leases Recorded on Consolidated Balance Sheets

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

	Balance Sheet Location	December 31, 2023		March 31, 2023
Lease Assets
Operating lease ROU assets	Other noncurrent assets	$	71.6	$	59.1
Finance lease ROU assets (a)	Property, plant and equipment – net		6.8		7.1

Lease Liabilities
Operating lease liabilities	Other current liabilities	$	13.0	$	11.8
Operating lease liabilities	Other noncurrent liabilities		59.8		48.9
Finance lease liabilities	Long-term debt – current portion		0.4		0.4
Finance lease liabilities	Long-term debt		2.0		2.3

(a)

Finance right of use (“ROU”) assets were recorded net of accumulated amortization of $3.6 million and $3.2 million as of December 31, 2023 and March 31, 2023, respectively.

Components of Lease Expense

The components of lease expense were as follows:

	Three months ended December 31,				Nine months ended December 31,
	2023		2022		2023		2022
Operating lease expense (a)	$	6.1	$	5.2	$	17.6	$	16.0
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	$	6.2	$	5.3	$	18.1	$	16.5

(a)

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. For the three and nine months ended December 31, 2022, operating lease expense included short-term lease expense of $1.4 million and $4.2 million, respectively. Variable lease expense was not significant.