v3.26.1
Leases (Tables)
12 Months Ended
Mar. 31, 2026
Leases  
Leases Recorded on Consolidated Balance Sheets

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

  ​ ​ ​

Balance Sheet Location

  ​ ​ ​

March 31, 2026

  ​ ​ ​

March 31, 2025

Lease Assets

 

  ​

 

  ​

 

  ​

Operating lease ROU assets

 

Other noncurrent assets

$

138.9

$

97.2

Finance lease ROU assets (a)

 

Property, plant and equipment - net

 

6.6

 

6.9

Lease Liabilities

 

  ​

 

  ​

 

  ​

Operating lease liabilities

 

Other current liabilities

$

26.3

$

18.0

Operating lease liabilities

 

Other noncurrent liabilities

 

117.5

 

80.6

Finance lease liabilities

 

Long-term debt - current portion

 

0.5

 

0.5

Finance lease liabilities

 

Long-term debt

 

1.8

 

2.2

____

(a)Finance lease ROU assets were recorded net of accumulated amortization of $4.8 million and $4.2 million as of March 31, 2026 and 2025, respectively.
Components of Lease Expense

The components of lease expense were as follows:

Years ended March 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2024

Operating lease expense (a)

$

46.5

$

31.9

$

24.2

Finance lease expense:

 

 

 

  ​

Depreciation of ROU assets

 

0.6

 

0.6

 

0.5

Interest on lease liabilities

 

0.1

 

0.1

 

0.1

Total lease expense

$

47.2

$

32.6

$

24.8

____

(a)During fiscal 2026, 2025 and 2024, operating lease expense included short-term lease expense of $12.0 million, $7.3 million, and $5.4 million, respectively. Variable lease expense was not significant.
Supplemental Cash Flow Information

Supplemental cash flow information

Years ended March 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2024

Cash paid for amounts included in the measurement of lease liabilities:

 

  ​

 

  ​

 

  ​

Operating cash flows for operating leases

$

27.6

$

22.4

$

16.9

Financing cash flows for finance leases

 

0.7

 

0.6

 

0.5

ROU assets obtained in exchange for lease liabilities:

 

 

 

  ​

Operating leases

$

54.2

$

42.2

$

29.2

Finance leases

 

 

0.9

 

Lease Term and Discount Rates

Lease term and discount rates

  ​ ​ ​

March 31, 2026

  ​ ​ ​

March 31, 2025

 

Weighted-average remaining lease term:

 

  ​

 

  ​

Operating leases

 

6.3 years

 

6.6 years

Finance leases

 

5.7 years

 

6.3 years

Weighted-average discount rate:

 

 

Operating leases

 

5.6

%  

5.4

%

Finance leases

 

4.8

%  

4.8

%

Maturity of Lease Liabilities

Future minimum lease payments for leases with initial non-cancellable lease terms in excess of one year were as follows at March 31, 2026:

Fiscal Year

  ​ ​ ​

Operating Leases

  ​ ​ ​

Finance Leases

2027

$

33.6

$

0.6

2028

 

31.4

 

0.6

2029

 

23.2

 

0.6

2030

 

23.4

 

0.1

2031

 

18.8

 

0.1

2032 and beyond

 

41.2

 

0.6

Total lease payments

 

171.6

 

2.6

Less: Interest

 

(27.8)

 

(0.3)

Present value of lease liabilities

$

143.8

$

2.3