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Leases (Tables) | 3 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Summary of Components of Lease Expenses | The components of lease expense are as follows:
|  | Three Months Ended |  |  | Three Months Ended |
|  | June 30, 2024 |  |  | June 30, 2023 |
Operating lease expense |  | $ | 2,237,000 |  |  | $ | 2,763,000 |
Finance lease expense |  |  | 21,000 |  |  |  | 22,000 |
Short-term lease expense |  |  | 96,000 |  |  |  | 7,000 |
Variable lease expense |  |  | 136,000 |  |  |  | 269,000 |
Total lease expenses |  | $ | 2,490,000 |  |  | $ | 3,061,000 |
Summary of Lease Related Assets and Liabilities Recorded in Balance Sheet Related to Operating Leases | The following table presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets related to its operating leases:
|  | June 30, 2024 |  |  | March 31, 2024 |
Right-of-use asset, net |  | $ | 23,241,000 |  |  | $ | 24,058,000 |
Short-term lease liability |  | $ | 8,734,000 |  |  | $ | 8,864,000 |
Long-term lease liability |  |  | 21,714,000 |  |  |  | 22,533,000 |
Total lease liabilities |  | $ | 30,448,000 |  |  | $ | 31,397,000 |
Weighted average remaining operating lease term |  | 4.07 years |  |  | 4.11 years |
Weighted average remaining finance lease term |  | 1 year |  |  | 1.25 years |
Weighted average discount rate |  |  | 3.9 | % |  |  | 3.7 | %
Schedule of Supplemental Cash Flow Information Related to Operating Leases | Supplemental cash flow information related to operating leases for the three months ended June 30, 2024 and 2023 was as follows:
|  | Three Months Ended |  |  | Three Months Ended |
|  | June 30, 2024 |  |  | June 30, 2023 |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 2,369,000 |  |  | $ | 2,758,000 |
Operating lease liabilities arising from obtaining ROU assets |  | $ | 50,207,000 |  |  | $ | 53,496,000 |
Finance lease liabilities arising from obtaining ROU assets |  | $ | 358,000 |  |  | $ | 358,000 |
Additions/(reductions) to ROU assets resulting from additions/(reductions) to operating lease liabilities |  | $ | 550,000 |  |  | $ | (324,000 | )
Summary of Maturities of Operating Lease Liabilities | As of June 30, 2024, maturities of operating lease liabilities for each of the next five years and thereafter are as follows:
2025 |  | $ | 7,377,000 |
2026 |  |  | 8,097,000 |
2027 |  |  | 6,446,000 |
2028 |  |  | 5,524,000 |
2029 |  |  | 3,405,000 |
Thereafter |  |  | 2,407,000 |
Total lease payments |  |  | 33,256,000 |
Less interest |  |  | (2,808,000 | )
Total lease liabilities |  | $ | 30,448,000 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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