Leases (Tables)

9 Months Ended

Dec. 31, 2021

Lease Recorded on Consolidated Balance Sheets

The following table provides a summary of leases recorded on the consolidated balance sheets. The amounts as of March 31, 2021 exclude operating lease right of use (“ROU”) assets and liabilities, which each totaled $6.1 million, that were classified as held for sale on the Company’s consolidated balance sheet; see Note 2 for additional information.

	Balance Sheet Location	December 31, 2021		March 31, 2021
Lease Assets
Operating lease ROU assets	Other noncurrent assets	$	52.8	$	54.1
Finance lease ROU assets (a)	Property, plant and equipment - net		8.0		8.3

Lease Liabilities
Operating lease liabilities	Other current liabilities	$	12.7	$	11.2
Operating lease liabilities	Other noncurrent liabilities		41.8		44.8
Finance lease liabilities	Long-term debt - current portion		0.4		0.4
Finance lease liabilities	Long-term debt		3.0		3.2

(a)

Finance lease ROU assets were recorded net of accumulated amortization of $2.7 million and $2.4 million as of December 31, 2021 and March 31, 2021, respectively.

Components of Lease Expense

The components of lease expense were as follows:

	Three months ended December 31,				Nine months ended December 31,
	2021		2020		2021		2020
Operating lease expense (a)	$	5.2	$	4.8	$	14.6	$	14.9
Finance lease expense:
Depreciation of ROU assets		0.1		0.2		0.4		0.4
Interest on lease liabilities		-		-		0.1		0.1
Total lease expense	$	5.3	$	5.0	$	15.1	$	15.4

(a)

For the three and nine months ended December 31, 2021, operating lease expense included short-term lease expense of $1.0 million and $2.8 million, respectively. For the three and nine months ended December 31, 2020, operating lease expense included short-term lease expense of $0.9 million and $2.7 million, respectively. Variable lease expense was not significant.