Property and Equipment, Net

9 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and equipment consisted of the following:


	As of December 31, 2024		As of March 31, 2024
Leasehold and tenant improvements	$	440,319	$	495,181
Furniture, fixtures and displays	305,918		301,897
Buildings	213,832		68,230
Software	280,314		350,811
Office equipment	138,483		139,223
Plant equipment	190,103		178,316
Land	73,244		82,410
Construction in progress (1)	20,800		175,960
Other	25,846		28,910
Subtotal property and equipment	1,688,859		1,820,938
Accumulated depreciation	(1,038,215)		(1,156,435)
Property and equipment, net	$	650,644	$	664,503

(1) Construction in progress primarily includes costs incurred for construction of corporate offices, leasehold improvements and in-store fixtures and displays not yet placed in use.

During the three months ended December 31, 2024, the Company relocated to its new global headquarters. As a result of vacating its former global headquarters, the Company performed an impairment analysis and recognized an impairment charge of $28.4 million within selling, general and administrative expenses on the Condensed Consolidated Statements of Operations to reduce the carrying value to its estimated fair value. Additionally, during the three months ended December 31, 2024, the property and equipment associated with the new global headquarters, which had been previously classified as construction in progress, were placed into service.

Depreciation expense related to property and equipment for the three and nine months ended December 31, 2024 was $30.9 million and $95.6 million, respectively (three and nine months ended December 31, 2023: $33.5 million and $101.0 million, respectively).