LEASES

9 Months Ended

Dec. 31, 2024

(H) LEASES

We lease certain real estate, buildings, and equipment, including railcars and barges. Certain of these leases contain escalations of rent over the term of the lease, as well as options for us to extend the term of the lease at the end of the original term. These extensions range from periods of 1 to 20 years. Our lease agreements do not contain material residual value guarantees or material restrictive covenants. In calculating the present value of future minimum lease payments, we use the rate implicit in the lease if it can be determined. Otherwise, we use our incremental borrowing rate in effect at the commencement of the lease to determine the present value of the future minimum lease payments. Additionally, we lease certain equipment under short-term leases with initial terms of less than 12 months, which are not recorded on the balance sheet. During December 2024 we extended the term of the lease of our corporate office from May 2029 to January 2036.

Lease expense for our operating and short-term leases is as follows:


	For the Three Months Ended December 31,				For the Nine Months Ended December 31,
	2024		2023		2024		2023
	(dollars in thousands)
Operating Lease Cost	$	1,982	$	1,921	$	5,933	$	6,148
Short-Term Lease Cost		317		187		962		601
Total Lease Cost	$	2,299	$	2,108	$	6,895	$	6,749

The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows:


	December 31,		March 31,
	2024		2024
	(dollars in thousands)
Operating Leases
Operating Lease Right-of-Use Assets	$	34,227	$	19,373

Current Operating Lease Liabilities	$	5,074	$	7,899
Noncurrent Operating Lease Liabilities		34,951		19,037
Total Operating Lease Liabilities	$	40,025	$	26,936

Future payments for operating leases are as follows (dollars in thousands):


Fiscal Year	Amount
2025 (remaining three months)	$	1,893
2026		4,959
2027		4,183
2028		3,495
2029		3,530
Thereafter		34,094
Total Lease Payments	$	52,154
Less: Imputed Interest		(12,129	)
Present Value of Lease Liabilities	$	40,025

Weighted-Average Remaining Lease Term (in years)		11.2
Weighted-Average Discount Rate		3.30	%