XML 35 R18.htm IDEA: XBRL DOCUMENT v3.25.1
Leases
 12 Months Ended
Mar. 31, 2025
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:
March 31, 2025March 31, 2024
Assets
   Operating lease right-of-use assets$34,260 $32,510 
Liabilities
    Current portion of operating lease liabilities$10,742 $10,356 
    Long-term operating lease liabilities20,608 19,302 
          Total operating lease liabilities$31,350 $29,658 
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,
202520242023
Income Statement Location
   Cost of goods sold$14,987 $11,806 $11,036 
   Selling, general, and administrative expenses9,572 10,691 10,890 
          Total operating lease costs(1)
$24,559 $22,497 $21,926 
(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:
March 31, 2025
Fiscal Year Maturity of Operating Lease Liabilities
2026$12,383 
20278,277 
20285,874 
20294,345 
20303,088 
2031 and thereafter3,070 
          Total undiscounted cash flows for operating leases$37,037 
          Less: Imputed interest(5,687)
Total operating lease liabilities$31,350 
As of March 31, 2025, 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,
(in thousands, except lease term and incremental borrowing rate)202520242023
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of operating lease liabilities$14,156 $13,898 $13,818 
Right-of-use assets obtained in exchange for new operating leases15,406 8,507 13,536 
Weighted Average Remaining Lease Term (years)
4.464.594.86
Weighted Average Collateralized Incremental Borrowing Rate
6.92 %6.10 %5.93 %