Leases

12 Months Ended

Mar. 31, 2023

10. Leases

The Company leases various facilities in North America and Asia under operating leases expiring through August 2033. The Company also has finance leases for certain office and manufacturing equipment, which generally range from three to five years. The Company has material non-functional currency leases, which resulted in a remeasurement gains of $6,515,000, $1,989,000, and $9,893,000 during the years ended March 31, 2023, 2022, and 2021, respectively. These remeasurement gains are included in foreign exchange impact of lease liabilities and forward contracts in the consolidated statements of operations.

Balance sheet information for leases is comprised of the following:

		March 31, 2023		March 31, 2022
Leases	Classification
Assets:
Operating	Operating lease assets	$	87,619,000	$	81,997,000
Finance	Plant and equipment		5,549,000		7,470,000
Total leased assets		$	93,168,000	$	89,467,000

Liabilities:
Current
Operating	Operating lease liabilities	$	8,767,000	$	6,788,000
Finance	Other current liabilities		1,851,000		2,330,000
Long-term
Operating	Long-term operating lease liabilities		79,318,000		80,803,000
Finance	Other liabilities		2,742,000		3,425,000
Total lease liabilities		$	92,678,000	$	93,346,000

Lease cost recognized in the consolidated statement of operations is comprised of the following:

	Years Ended March 31,
	2023		2022		2021
Lease cost
Operating lease cost	$	13,176,000	$	12,472,000	$	11,527,000
Short-term lease cost		1,686,000		1,462,000		1,383,000
Variable lease cost		761,000		1,011,000		825,000
Finance lease cost:
Amortization of finance lease assets		1,983,000		2,088,000		1,762,000
Interest on finance lease liabilities		262,000		345,000		379,000
Total lease cost	$	17,868,000	$	17,378,000	$	15,876,000

Maturities of lease commitments at March 31, 2023 were as follows:

Maturity of lease liabilities by fiscal year	Operating Leases			Finance Leases			Total
2024	$	13,567,000		$	2,064,000		$	15,631,000
2025		12,535,000			1,569,000			14,104,000
2026		12,099,000			837,000			12,936,000
2027		10,816,000			346,000			11,162,000
2028		10,725,000			186,000			10,911,000
Thereafter		53,929,000			6,000			53,935,000
Total lease payments		113,671,000			5,008,000			118,679,000
Less amount representing interest		(25,586,000	)		(415,000	)		(26,001,000	)
Present value of lease liabilities	$	88,085,000		$	4,593,000		$	92,678,000

Other information about leases is as follows:

	March 31, 2023			March 31, 2022
Lease term and discount rate
Weighted-average remaining lease term (years):
Finance leases		2.9			2.9
Operating leases		9.0			10.4
Weighted-average discount rate:
Finance leases		5.9	%		5.1	%
Operating leases		5.8	%		5.7	%