Note 15: Leases
Lease Assets and Liabilities
The following table provides a summary of leases recorded on
the consolidated balance sheets.
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Balance Sheet Location
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December 31, 2022
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March 31, 2022
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Lease Assets
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|
|
|
|
|
|
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Operating lease ROU assets
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Other noncurrent assets
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$
|
49.2
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|
$
|
52.1
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Finance lease ROU assets (a)
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Property, plant and equipment – net
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|
|
7.2
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|
|
|
7.7
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|
|
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|
|
|
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Lease Liabilities
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|
|
|
|
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|
|
|
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Operating lease liabilities
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Other current liabilities
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$
|
10.2
|
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|
$
|
12.7
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|
Operating lease liabilities
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Other noncurrent liabilities
|
|
|
40.4
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|
|
|
41.2
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Finance lease liabilities
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Long-term debt – current portion
|
|
|
0.4
|
|
|
|
0.4
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Finance lease liabilities
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|
Long-term debt
|
|
|
2.4
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|
|
|
2.8
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(a) |
Finance lease right-of-use (“ROU”) assets were recorded net of accumulated amortization of $3.0 million and $2.8 million as of December 31, 2022 and March 31, 2022, respectively.
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Components of Lease Expense
The components of lease expense were as follows:
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Three months ended
December 31,
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Nine months ended
December 31,
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2022
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2021
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2022
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|
2021
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Operating lease
expense (a)
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|
$
|
5.2
|
|
|
$
|
5.2
|
|
|
$
|
16.0
|
|
|
$
|
14.6
|
|
Finance lease
expense:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Depreciation of
ROU assets
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|
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0.1
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|
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|
0.1
|
|
|
|
0.4
|
|
|
|
0.4
|
|
Interest on
lease liabilities
|
|
|
-
|
|
|
|
-
|
|
|
|
0.1
|
|
|
|
0.1
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|
Total lease
expense
|
|
$
|
5.3
|
|
|
$
|
5.3
|
|
|
$
|
16.5
|
|
|
$
|
15.1
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(a)
|
For the three and nine months ended December 31, 2022, operating lease expense included short-term lease expense of $1.4 million and $4.2 million, respectively. 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. Variable lease expense was not significant.
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