Leases (Tables)

9 Months Ended

Dec. 31, 2022

Leases Recorded on Consolidated Balance Sheets

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

	Balance Sheet Location	December 31, 2022		March 31, 2022
Lease Assets
Operating lease ROU assets	Other noncurrent assets	$	49.2	$	52.1
Finance lease ROU assets (a)	Property, plant and equipment – net		7.2		7.7

Lease Liabilities
Operating lease liabilities	Other current liabilities	$	10.2	$	12.7
Operating lease liabilities	Other noncurrent liabilities		40.4		41.2
Finance lease liabilities	Long-term debt – current portion		0.4		0.4
Finance lease liabilities	Long-term debt		2.4		2.8

(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.

Components of Lease Expense

The components of lease expense were as follows:

	Three months ended December 31,				Nine months ended December 31,
	2022		2021		2022		2021
Operating lease expense (a)	$	5.2	$	5.2	$	16.0	$	14.6
Finance lease expense:
Depreciation of ROU assets		0.1		0.1		0.4		0.4
Interest on lease liabilities		-		-		0.1		0.1
Total lease expense	$	5.3	$	5.3	$	16.5	$	15.1

(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.