XML 108 R43.htm IDEA: XBRL DOCUMENT v3.19.3
Leases (Tables)
6 Months Ended
Sep. 30, 2019
Leases [Abstract]  
ROU Assets and Lease Liability Balances
The weighted-average remaining lease terms and discount rates for leases are as follows:
Lease Term and Discount Rate
 
September 30, 2019
Weighted-average remaining lease terms (years):
 
 
Operating leases
 
5.1

Finance leases
 
28.8

Weighted-average discount rate:
 
 
Operating leases
 
4.0
%
Finance leases
 
5.7
%

ROU assets and lease liability balances recorded on the condensed consolidated balance sheets are summarized as follows (in millions):
Leases
 
Classification
 
September 30, 2019
Assets:
 
 
 
 
Operating ROU assets
 
Other assets
 
$
40.9

Finance ROU assets
 
Property, plant and equipment, net (1)
 
27.0

Total ROU assets
 
 
 
$
67.9

 
 
 
 
 

Liabilities:
 
 
 
 
Current
 
 
 
 

Operating
 
Other current liabilities
 
$
10.5

Finance
 
Current maturities of debt
 
0.3

Non-current
 
 
 
 
Operating
 
Other liabilities
 
32.9

Finance
 
Long-term debt
 
26.9

Total lease liabilities
 
 
 
$
70.6

____________________
(1)
Finance lease assets are recorded net of accumulated amortization of $0.5 million as of September 30, 2019.
Components of Lease Expense
The components of lease expense reported in the condensed consolidated statements of operations are as follows (in millions):
 
 
Three Months Ended
 
Six Months Ended
 
 
September 30, 2019
Operating lease expenses (1)
 
$
3.7

 
$
7.3

Finance lease expenses:
 
 
 
 
Depreciation of finance ROU assets (1)
 
0.3

 
0.5

Interest on lease liabilities (2)
 
0.4

 
0.7

Total finance lease expense
 
0.7

 
1.2

Variable and short-term lease expense (1)
 
1.1

 
2.3

Total lease expense
 
$
5.5

 
$
10.8

____________________
(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):
 
 
Six Months Ended
 
 
September 30, 2019
Operating cash flows from operating leases
 
$
7.1

Operating cash flows from finance leases
 
0.8

Financing cash flows from finance leases
 
0.2



ROU assets obtained in exchange for lease liabilities are as follows (in millions):
 
 
Six Months Ended
 
 
September 30, 2019
Operating leases
 
$
2.8


Future Minimum Lease Payments, Finance Leases September 30, 2019 are as follows (in millions):
Years ending March 31,
 
Operating Leases (1)
 
Finance Leases (1)
2020 (excluding the six months ended September 30, 2019)
 
$
6.4

 
$
1.0

2021
 
10.8

 
1.9

2022
 
8.6

 
1.9

2023
 
7.5

 
1.9

2024
 
5.0

 
1.9

Thereafter
 
10.2

 
46.1

Total future minimum lease payments
 
48.5

 
54.7

Less: Imputed interest
 
(5.1
)
 
(27.5
)
Total lease liabilities
 
$
43.4

 
$
27.2

____________________
(1)
Excludes legally binding minimum lease payments for leases signed but not yet commenced.
Future Minimum Lease Payments, Operating Leases September 30, 2019 are as follows (in millions):
Years ending March 31,
 
Operating Leases (1)
 
Finance Leases (1)
2020 (excluding the six months ended September 30, 2019)
 
$
6.4

 
$
1.0

2021
 
10.8

 
1.9

2022
 
8.6

 
1.9

2023
 
7.5

 
1.9

2024
 
5.0

 
1.9

Thereafter
 
10.2

 
46.1

Total future minimum lease payments
 
48.5

 
54.7

Less: Imputed interest
 
(5.1
)
 
(27.5
)
Total lease liabilities
 
$
43.4

 
$
27.2

____________________
(1)
Excludes legally binding minimum lease payments for leases signed but not yet commenced.
Schedule of Future Minimum Rental Payments for Operating Leases for Topic 840
Future minimum rental payments for leases with initial terms in excess of one year as of March 31, 2019 are as follows (in millions):
Years ending March 31:
 
2020
$
14.6

2021
11.8

2022
9.6

2023
8.7

2024
6.4

Thereafter
56.3

Total future minimum lease payments
$
107.4