Leases (Tables)

9 Months Ended

Dec. 31, 2019

Leases [Abstract]

Lease Assets and Liabilities Recorded in Consolidated Balance Sheet

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

	Balance Sheet Location		December 31, 2019
Lease Assets
Operating lease ROU assets	Other noncurrent assets	$	64.3
Finance lease ROU assets (a)	Property, plant and equipment - net		8.6
Lease Liabilities
Operating lease liabilities	Other current liabilities	$	11.1
Operating lease liabilities	Other noncurrent liabilities		52.9
Finance lease liabilities	Long-term debt - current portion		0.4
Finance lease liabilities	Long-term debt		3.4

(a) Finance lease ROU assets were recorded net of accumulated amortization of $1.7 million as of December 31, 2019.

Components of Lease Expense

The components of lease expense were as follows:

	Three months ended December 31, 2019		Nine months ended December 31, 2019
Operating lease expense (a)	$	5.4	$	15.8
Finance lease expense:
Depreciation of ROU assets		0.2		0.4
Interest on lease liabilities		-		0.1
Total lease expense	$	5.6	$	16.3

(a) For the three and nine months ended December 31, 2019, operating lease expense included short-term lease expense of $1.0 million and $2.9 million, respectively. Variable lease expense was not significant.

Supplemental Cash Flow Information

Supplemental Cash Flow Information

	Three months ended December 31, 2019		Nine months ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	3.0	$	10.9
Financing cash flows for finance leases		0.2		0.4
ROU assets obtained in exchange for lease liabilities
Operating leases	$	1.9	$	7.3
Finance leases		-		0.1

Lease Term and Discount Rates

Lease Term and Discount Rates

	December 31, 2019
Weighted-average remaining lease term:
Operating leases	9.4 years
Finance leases	9.1 years
Weighted-average discount rate:
Operating leases	3.5%
Finance leases	4.8%

Maturity of Lease Liabilities under New Lease Accounting Guidance

Future minimum rental payments for leases with initial non-cancellable lease terms in excess of one year were as follows at December 31, 2019:

Fiscal Year	Operating Leases			Finance Leases
Remainder of fiscal 2020	$	3.4		$	0.1
2021		12.8			0.5
2022		11.1			0.5
2023		9.1			0.5
2024		6.4			0.5
2025 and beyond		32.6			2.6
Total lease payments		75.4			4.7
Less: Interest		(11.4	)		(0.9	)
Present value of lease liabilities	$	64.0		$	3.8

Maturity of Lease Liabilities under Previous Lease Accounting Guidance

Future minimum rental payments for operating leases with initial non-cancellable lease terms in excess of one year were as follows at March 31, 2019:

Fiscal Year
2020	$	14.2
2021		12.4
2022		9.1
2023		7.1
2024		4.7
2025 and beyond		22.9
Total	$	70.4