Leases (Tables)

9 Months Ended

Jan. 31, 2023

Leases [Abstract]

Right-of-use assets and lease liabilities recognized in the Condensed Consolidated Balance Sheet

The following table sets forth the right-of-use assets and lease liabilities recognized in the Condensed Consolidated Balance Sheets.

	January 31, 2023		April 30, 2022
Operating lease right-of-use assets	$	82.9	$	106.5
Operating lease liabilities:
Current operating lease liabilities	$	34.4	$	40.1
Noncurrent operating lease liabilities	56.3		76.2
Total operating lease liabilities	$	90.7	$	116.3
Finance lease right-of-use assets:
Machinery and equipment	$	8.6	$	8.1
Accumulated depreciation	(4.8)		(4.3)
Total property, plant, and equipment	$	3.8	$	3.8
Finance lease liabilities:
Other current liabilities	$	1.4	$	1.4
Other noncurrent liabilities	2.5		2.5
Total finance lease liabilities	$	3.9	$	3.9

Components of lease expense

The following table summarizes the components of lease expense.

	Three Months Ended January 31,				Nine Months Ended January 31,
	2023		2022		2023		2022
Operating lease cost	$	10.3	$	10.8	$	31.1	$	32.2
Finance lease cost:
Amortization of right-of-use assets	0.4		0.5		1.2		1.6
Interest on lease liabilities	0.1		—		0.1		0.1
Variable lease cost	7.2		5.9		18.9		16.9
Short-term lease cost	11.0		10.2		33.6		30.3
Sublease income	(0.3)		(0.3)		(0.9)		(0.9)
Net lease cost	$	28.7	$	27.1	$	84.0	$	80.2

Cash flow and noncash information related to leases

The following table sets forth cash flow and noncash information related to leases.

	Nine Months Ended January 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	33.2	$	33.7
Operating cash flows from finance leases	0.1		0.1
Financing cash flows from finance leases	1.3		1.7
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	7.2		2.9
Finance leases	1.5		1.2

Maturity of operating lease liabilities by fiscal year

The following table summarizes the maturity of our lease liabilities by fiscal year.

	January 31, 2023
	Operating Leases		Finance Leases
2023 (remainder of the year)	$	10.3	$	0.4
2024	32.5		1.5
2025	23.1		1.0
2026	19.9		0.7
2027	6.0		0.4
2028 and beyond	2.6		0.1
Total undiscounted minimum lease payments	$	94.4	$	4.1
Less: Imputed interest	3.7		0.2
Lease liabilities	$	90.7	$	3.9

Maturity of finance lease liabilities by fiscal year

The following table summarizes the maturity of our lease liabilities by fiscal year.

	January 31, 2023
	Operating Leases		Finance Leases
2023 (remainder of the year)	$	10.3	$	0.4
2024	32.5		1.5
2025	23.1		1.0
2026	19.9		0.7
2027	6.0		0.4
2028 and beyond	2.6		0.1
Total undiscounted minimum lease payments	$	94.4	$	4.1
Less: Imputed interest	3.7		0.2
Lease liabilities	$	90.7	$	3.9

Weighted average remaining lease tern and discount rate

The following table sets forth the weighted average remaining lease term and discount rate.

	January 31, 2023		April 30, 2022
Weighted average remaining lease term (in years):
Operating leases	3.2		3.6
Finance leases	3.2		3.3
Weighted average discount rate:
Operating leases	2.6	%	2.5	%
Finance leases	2.4	%	2.1	%