Leases (Tables)

12 Months Ended

Mar. 31, 2020

Leases [Abstract]

Lease Assets and Liabilities Recorded in Consolidated Balance Sheet

Lease Assets and Liabilities: The following table provides a summary of leases recorded on the consolidated balance sheet.

	Balance Sheet Location	March 31, 2020
Lease Assets
Operating lease ROU assets	Other noncurrent assets	$	61.4
Finance lease ROU assets (a)	Property, plant and equipment - net		8.5
Lease Liabilities
Operating lease liabilities	Other current liabilities	$	10.9
Operating lease liabilities	Other noncurrent liabilities		50.3
Finance lease liabilities	Long-term debt - current portion		0.4
Finance lease liabilities	Long-term debt		3.3

(a) Finance lease ROU assets were recorded net of accumulated amortization of $1.8 million as of March 31, 2020.

Components of Lease Expense

The components of lease expense were as follows:

	Year ended March 31, 2020
Operating lease expense (a)	$	21.2
Finance lease expense:
Depreciation of ROU assets		0.5
Interest on lease liabilities		0.2
Total lease expense	$	21.9

(a) In fiscal 2020, operating lease expense included short-term lease expense of $4.1 million. Variable lease expense was not significant.

Supplemental Cash Flow Information

Supplemental Cash Flow Information

	Year ended March 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	14.7
Financing cash flows for finance leases		0.5
ROU assets obtained in exchange for lease liabilities
Operating leases	$	9.0
Finance leases		0.2

Lease Term and Discount Rates

Lease Term and Discount Rates

	March 31, 2020
Weighted-average remaining lease term:
Operating leases	9.3 years
Finance leases	8.8 years
Weighted-average discount rate:
Operating leases		3.5	%
Finance leases		4.7	%

Maturity of Lease Liabilities under New Lease Accounting Guidance

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 March 31, 2020:

Fiscal Year	Operating Leases			Finance Leases
2021	$	12.8		$	0.5
2022		11.4			0.5
2023		9.3			0.5
2024		6.3			0.5
2025		5.8			0.5
2026 and beyond		26.2			2.0
Total lease payments		71.8			4.5
Less: Interest		(10.6	)		(0.8	)
Present value of lease liabilities	$	61.2		$	3.7

Maturity of Lease Liabilities under Previous Lease Accounting Guidance

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