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v3.23.1

Leases | 12 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Leases | Leases The components of lease expense for the years ended March 31, 2023 and 2022 were as follows:
| March 31,
(In thousands) | 2023 |  | 2022
Finance lease cost: |  |  |
Amortization of right-of-use assets | $ | 2,658 |  |  | $ | 2,579 |
Interest on lease liabilities | 170 |  |  | 239 |
Operating lease cost | 6,495 |  |  | 6,670 |
Short term lease cost | 153 |  |  | 107 |
Variable lease cost | 59,735 |  |  | 42,868 |
Total net lease cost | $ | 69,211 |  |  | $ | 52,463 |
As of March 31, 2023, the maturities of lease liabilities were as follows:
(In thousands) |  |  |  |  |  |
Year Ending March 31, |  | Operating Leases |  | Financing Leases |  | Total
2024 |  | $ | 7,389 |  |  | $ | 2,922 |  |  | $ | 10,311 |
2025 |  | 4,745 |  |  | 1,509 |  |  | 6,254 |
2026 |  | 2,260 |  |  | 96 |  |  | 2,356 |
2027 |  | 1,887 |  |  | 80 |  |  | 1,967 |
2028 |  | 1,434 |  |  | — |  |  | 1,434 |
Thereafter |  | 257 |  |  | — |  |  | 257 |
Total undiscounted lease payments |  | 17,972 |  |  | 4,607 |  |  | 22,579 |
Less amount of lease payments representing interest |  | (1,170) |  |  | (106) |  |  | (1,276) |
Total present value of lease payments |  | $ | 16,802 |  |  | $ | 4,501 |  |  | $ | 21,303 |
The weighted average remaining lease term and weighted average discount rate were as follows:
|  |  | March 31, 2023
Weighted average remaining lease term (years) |  |
| Operating leases |  | 3.28
| Financing leases |  | 1.68
Weighted average discount rate |  |
| Operating leases |  | 3.39 | %
| Financing leases |  | 2.95 | %
Under our Master Services Agreement with GEODIS Logistics LLC ("GEODIS"), GEODIS purchased certain assets for our use that went into service during 2022 and 2021. The noncash lease liability arising from obtaining ROU assets was $0.5 million for the assets that went into service in 2022 and $5.2 million for assets that went into service in 2021. These amounts represent noncash financing activities.
Leases | Leases The components of lease expense for the years ended March 31, 2023 and 2022 were as follows:
| March 31,
(In thousands) | 2023 |  | 2022
Finance lease cost: |  |  |
Amortization of right-of-use assets | $ | 2,658 |  |  | $ | 2,579 |
Interest on lease liabilities | 170 |  |  | 239 |
Operating lease cost | 6,495 |  |  | 6,670 |
Short term lease cost | 153 |  |  | 107 |
Variable lease cost | 59,735 |  |  | 42,868 |
Total net lease cost | $ | 69,211 |  |  | $ | 52,463 |
As of March 31, 2023, the maturities of lease liabilities were as follows:
(In thousands) |  |  |  |  |  |
Year Ending March 31, |  | Operating Leases |  | Financing Leases |  | Total
2024 |  | $ | 7,389 |  |  | $ | 2,922 |  |  | $ | 10,311 |
2025 |  | 4,745 |  |  | 1,509 |  |  | 6,254 |
2026 |  | 2,260 |  |  | 96 |  |  | 2,356 |
2027 |  | 1,887 |  |  | 80 |  |  | 1,967 |
2028 |  | 1,434 |  |  | — |  |  | 1,434 |
Thereafter |  | 257 |  |  | — |  |  | 257 |
Total undiscounted lease payments |  | 17,972 |  |  | 4,607 |  |  | 22,579 |
Less amount of lease payments representing interest |  | (1,170) |  |  | (106) |  |  | (1,276) |
Total present value of lease payments |  | $ | 16,802 |  |  | $ | 4,501 |  |  | $ | 21,303 |
The weighted average remaining lease term and weighted average discount rate were as follows:
|  |  | March 31, 2023
Weighted average remaining lease term (years) |  |
| Operating leases |  | 3.28
| Financing leases |  | 1.68
Weighted average discount rate |  |
| Operating leases |  | 3.39 | %
| Financing leases |  | 2.95 | %
Under our Master Services Agreement with GEODIS Logistics LLC ("GEODIS"), GEODIS purchased certain assets for our use that went into service during 2022 and 2021. The noncash lease liability arising from obtaining ROU assets was $0.5 million for the assets that went into service in 2022 and $5.2 million for assets that went into service in 2021. These amounts represent noncash financing activities.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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