v3.26.1
Leases
 12 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
The Company’s lease portfolio consists primarily of real estate, forklifts at its manufacturing facilities and a fleet of vehicles primarily for sales representatives. The lease term for all of its leases includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate.
The following table represents the Company’s ROU assets and lease liabilities:
March 31
(Millions of US dollars)20262025
Assets:
Operating leases, net$133.4 $70.4 
Finance leases, net100.8 2.7 
Total right-of-use assets$234.2 $73.1 
Liabilities:
Operating leases:
Current$32.9 $21.6 
Non-Current114.3 63.9 
Total operating lease liabilities$147.2 $85.5 
Finance leases:
Current$5.6 $1.1 
Non-Current97.9 1.9 
Total finance lease liabilities$103.5 $3.0 
Total lease liabilities$250.7 $88.5 
The increase in lease assets and liabilities is primarily due to the acquisition of AZEK.
The following table represents the Company’s lease expense:
Years Ended March 31
(Millions of US dollars)202620252024
Operating leases$34.7 $25.1 $22.3 
Short-term leases7.1 6.6 4.6 
Finance leases7.0 1.2 1.1 
Interest on lease liabilities4.4 0.2 0.2 
Total lease expense$53.2 $33.1 $28.2 
The weighted-average remaining lease term of the Company’s leases is as follows:
March 31
(In Years)20262025
Operating leases7.06.3
Finance leases20.33.2

The weighted-average discount rate of the Company’s leases is as follows:
March 31
20262025
Operating leases6.5 %5.8 %
Finance leases6.0 %6.2 %
The following are future lease payments for non-cancellable leases at March 31, 2026:
Years ended March 31 (Millions of US dollars):
Operating
Leases		Finance
Leases		Total
Fiscal 2027
$40.4 $11.2 $51.6 
Fiscal 2028
35.2 9.9 45.1 
Fiscal 2029
25.9 8.4 34.3 
Fiscal 2030
16.6 8.0 24.6 
Fiscal 2031
12.0 7.7 19.7 
Thereafter56.7 145.4 202.1 
Total$186.8 $190.6 $377.4 
Less: imputed interest126.7 
Total lease liabilities$250.7 
Supplemental cash flow and other information related to leases were as follows:
Years Ended March 31
(Millions of US dollars)20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases$37.2 $27.4 
Operating cash flows used for finance leases3.7 0.2 
Financing cash flows used for finance leases4.8 1.2 
Non-cash ROU assets obtained in exchange for new lease liabilities65.0 34.3 
Non-cash remeasurements decreasing ROU assets and lease liabilities(6.5)(0.7)
Leases Leases
The Company’s lease portfolio consists primarily of real estate, forklifts at its manufacturing facilities and a fleet of vehicles primarily for sales representatives. The lease term for all of its leases includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate.
The following table represents the Company’s ROU assets and lease liabilities:
March 31
(Millions of US dollars)20262025
Assets:
Operating leases, net$133.4 $70.4 
Finance leases, net100.8 2.7 
Total right-of-use assets$234.2 $73.1 
Liabilities:
Operating leases:
Current$32.9 $21.6 
Non-Current114.3 63.9 
Total operating lease liabilities$147.2 $85.5 
Finance leases:
Current$5.6 $1.1 
Non-Current97.9 1.9 
Total finance lease liabilities$103.5 $3.0 
Total lease liabilities$250.7 $88.5 
The increase in lease assets and liabilities is primarily due to the acquisition of AZEK.
The following table represents the Company’s lease expense:
Years Ended March 31
(Millions of US dollars)202620252024
Operating leases$34.7 $25.1 $22.3 
Short-term leases7.1 6.6 4.6 
Finance leases7.0 1.2 1.1 
Interest on lease liabilities4.4 0.2 0.2 
Total lease expense$53.2 $33.1 $28.2 
The weighted-average remaining lease term of the Company’s leases is as follows:
March 31
(In Years)20262025
Operating leases7.06.3
Finance leases20.33.2

The weighted-average discount rate of the Company’s leases is as follows:
March 31
20262025
Operating leases6.5 %5.8 %
Finance leases6.0 %6.2 %
The following are future lease payments for non-cancellable leases at March 31, 2026:
Years ended March 31 (Millions of US dollars):
Operating
Leases		Finance
Leases		Total
Fiscal 2027
$40.4 $11.2 $51.6 
Fiscal 2028
35.2 9.9 45.1 
Fiscal 2029
25.9 8.4 34.3 
Fiscal 2030
16.6 8.0 24.6 
Fiscal 2031
12.0 7.7 19.7 
Thereafter56.7 145.4 202.1 
Total$186.8 $190.6 $377.4 
Less: imputed interest126.7 
Total lease liabilities$250.7 
Supplemental cash flow and other information related to leases were as follows:
Years Ended March 31
(Millions of US dollars)20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases$37.2 $27.4 
Operating cash flows used for finance leases3.7 0.2 
Financing cash flows used for finance leases4.8 1.2 
Non-cash ROU assets obtained in exchange for new lease liabilities65.0 34.3 
Non-cash remeasurements decreasing ROU assets and lease liabilities(6.5)(0.7)