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Leases | 12 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Leases | 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 $5,187,000, $6,515,000, and $1,989,000 during the years ended March 31, 2024, 2023, and 2022, 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, 2024 |  |  | March 31, 2023 |
Leases | Classification |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Operating | Operating lease assets |  | $ | 83,973,000 |  |  | $ | 87,619,000 |
Finance | Plant and equipment |  |  | 4,611,000 |  |  |  | 5,549,000 |
Total leased assets |  |  | $ | 88,584,000 |  |  | $ | 93,168,000 |
Liabilities: |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |
Operating | Operating lease liabilities |  | $ | 8,319,000 |  |  | $ | 8,767,000 |
Finance | Other current liabilities |  |  | 1,585,000 |  |  |  | 1,851,000 |
Long-term |  |  |  |  |  |  |  |  |
Operating | Long-term operating lease liabilities |  |  | 72,240,000 |  |  |  | 79,318,000 |
Finance | Other liabilities |  |  | 1,893,000 |  |  |  | 2,742,000 |
Total lease liabilities |  |  | $ | 84,037,000 |  |  | $ | 92,678,000 |
Lease cost recognized in the consolidated statement of operations is comprised of the following:
|  | Years Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Lease cost |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 15,047,000 |  |  | $ | 13,176,000 |  |  | $ | 12,472,000 |
Short-term lease cost |  |  | 1,263,000 |  |  |  | 1,686,000 |  |  |  | 1,462,000 |
Variable lease cost |  |  | 667,000 |  |  |  | 761,000 |  |  |  | 1,011,000 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of finance lease assets |  |  | 1,508,000 |  |  |  | 1,983,000 |  |  |  | 2,088,000 |
Interest on finance lease liabilities |  |  | 219,000 |  |  |  | 262,000 |  |  |  | 345,000 |
Total lease cost |  | $ | 18,704,000 |  |  | $ | 17,868,000 |  |  | $ | 17,378,000 |
Maturities of lease commitments at March 31, 2024 were as follows:
Maturity of lease liabilities by fiscal year |  | Operating Leases |  |  | Finance Leases |  |  | Total |
2025 |  | $ | 12,676,000 |  |  | $ | 1,753,000 |  |  | $ | 14,429,000 |
2026 |  |  | 12,374,000 |  |  |  | 1,015,000 |  |  |  | 13,389,000 |
2027 |  |  | 11,194,000 |  |  |  | 524,000 |  |  |  | 11,718,000 |
2028 |  |  | 10,928,000 |  |  |  | 364,000 |  |  |  | 11,292,000 |
2029 |  |  | 11,126,000 |  |  |  | 169,000 |  |  |  | 11,295,000 |
Thereafter |  |  | 43,461,000 |  |  |  | - |  |  |  | 43,461,000 |
Total lease payments |  |  | 101,759,000 |  |  |  | 3,825,000 |  |  |  | 105,584,000 |
Less: amount representing interest |  |  | (21,200,000 | ) |  |  | (347,000 | ) |  |  | (21,547,000 | )
Present value of lease liabilities |  | $ | 80,559,000 |  |  | $ | 3,478,000 |  |  | $ | 84,037,000 |
Other information about leases is as follows:
|  | March 31, 2024 |  |  | March 31, 2023 |
Lease term and discount rate |  |  |  |  |  |
Weighted-average remaining lease term (years): |  |  |  |  |  |
Finance leases |  |  | 2.8 |  |  |  | 2.9 |
Operating leases |  |  | 8.3 |  |  |  | 9.0 |
Weighted-average discount rate: |  |  |  |  |  |  |  |
Finance leases |  |  | 6.4 | % |  |  | 5.9 | %
Operating leases |  |  | 5.8 | % |  |  | 5.8 | %

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- Definition The entire disclosure for operating and finance leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating and finance lease liability. + References No definition available. + Details
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- References No definition available. + Details
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