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Leases | 12 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Lessee, Operating Leases | LEASES The Company, as a lessee, enters into operating leases for land, buildings, equipment, and vehicles. For all operating leases with terms greater than 12 months and with fixed payment arrangements, a lease liability and corresponding right-of-use asset are recognized in the balance sheet for the term of the lease by calculating the net present value of future lease payments. On the date of lease commencement, the present value of lease liabilities is determined by discounting the future lease payments by the Company’s collateralized incremental borrowing rate, adjusted for the lease term and currency of the lease payments. If a lease contains a renewal option that the Company is reasonably certain to exercise, the Company accounts for the original lease term and expected renewal term in the calculation of the lease liability and right-of-use asset. The following table sets forth the right-of-use assets and lease liabilities for operating leases included in the Company’s consolidated balance sheet:
(in thousands) |  | March 31, 2023 |  | March 31, 2022
Assets |  |  |  |
Operating lease right-of-use assets |  | $ | 40,505 |  |  | $ | 40,243 |
Liabilities |  |  |  |
Current portion of operating lease liabilities |  | $ | 11,404 |  |  | $ | 10,303 |
Long-term operating lease liabilities |  | 25,540 |  |  | 29,617 |
Total operating lease liabilities |  | $ | 36,944 |  |  | $ | 39,920 |
The following table sets forth the location and amount of operating lease costs included in the Company's consolidated statement of income:
|  | Fiscal Year Ended March 31, |  | Fiscal Year Ended March 31,
(in thousands) |  | 2023 |  | 2022
Income Statement Location |  |  |  |
Cost of goods sold |  | $ | 11,036 |  |  | $ | 10,874 |
Selling, general, and administrative expenses |  | 10,890 |  |  | 9,676 |
Total operating lease costs(1) |  | $ | 21,926 |  |  | $ | 20,550 |
(1)Includes variable operating lease costs. The following table reconciles the undiscounted cash flows to the operating lease liabilities in the Company’s consolidated balance sheet:
(in thousands) |  | March 31, 2023
Maturity of Operating Lease Liabilities |  |
2024 |  | $ | 13,023 |
2025 |  | 10,061 |
2026 |  | 6,324 |
2027 |  | 4,627 |
2028 |  | 2,908 |
2029 and thereafter |  | 6,256 |
Total undiscounted cash flows for operating leases |  | $ | 43,199 |
Less: Imputed interest |  | (6,255) |
Total operating lease liabilities |  | $ | 36,944 |
As of March 31, 2023, the Company had entered into no additional operating leases that have not yet commenced. The following table sets forth supplemental information related to operating leases:
|  | Fiscal Year Ended March 31, |  | Fiscal Year Ended March 31,
(in thousands, except lease term and incremental borrowing rate) |  | 2023 |  | 2022
Supplemental Cash Flow Information |  |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 13,818 |  |  |  | $ | 12,018 |  |
Right-of-use assets obtained in exchange for new operating leases |  | 13,536 |  |  |  | 22,506 |  |
Weighted Average Remaining Lease Term (years) |  | 4.86 |  |  | 5.51 |
Weighted Average Collateralized Incremental Borrowing Rate |  | 5.93 |  | % |  | 5.43 |  | %
As part of the acquisition of Shank's, the Company recognized $8.5 million of operating lease right-of-use assets and corresponding operating lease liabilities on the opening balance sheet related to leases of Shank's facilities. The facilities were subsequently purchased in the three months ended December 31, 2021 and therefore excluded from the lease disclosures above.

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- References No definition available. + 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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