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Leases | 12 Months Ended
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Mar. 31, 2025
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 loss of $11,713,000 and remeasurement gains of $5,187,000 and $6,515,000 during the years ended March 31, 2025, 2024, and 2023, respectively. These remeasurement losses and gains are included in foreign exchange impact of lease liabilities and forward contracts in the consolidated statements of operations. During the year ended March 31, 2025, the Company ceased manufacturing operations at its Torrance, California facility as a part of its on-going strategy to utilize its global footprint to enhance its operating efficiencies. This represented a significant change to the use of this right-of-use asset, which required a reassessment of the Company’s asset groups. The Company concluded that this right-of-use asset was no longer part of the Hard Parts asset group. The Company performed a test for recoverability (using Level 3 inputs) which resulted in no impairment at March 31, 2025. Any future changes to the assumptions and estimates from those anticipated may affect the carrying value of right-of-use assets and could result in impairment charges. Balance sheet information for leases is comprised of the following:
|  |  |  |  | March 31, 2025 |  |  |  | March 31, 2024 |
Leases |  | Classification |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Operating |  | Operating lease assets |  | $ | 66,603,000 |  |  | $ | 83,973,000 |
Finance |  | Plant and equipment |  |  | 4,296,000 |  |  |  | 4,611,000 |
Total leased assets |  |  |  | $ | 70,899,000 |  |  | $ | 88,584,000 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |
Operating |  | Operating lease liabilities |  | $ | 9,982,000 |  |  | $ | 8,319,000 |
Finance |  | Other current liabilities |  |  | 1,222,000 |  |  |  | 1,585,000 |
Long-term |  |  |  |  |  |  |  |  |  |
Operating |  | Long-term operating lease liabilities |  |  | 65,308,000 |  |  |  | 72,240,000 |
Finance |  | Other liabilities |  |  | 1,954,000 |  |  |  | 1,893,000 |
Total lease liabilities |  |  |  | $ | 78,466,000 |  |  | $ | 84,037,000 |
Lease cost recognized in the consolidated statements of operations is comprised of the following:
|  | Years Ended March 31,
|  |  | 2025 |  |  |  | 2024 |  |  |  | 2023 |
Lease cost |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 14,057,000 |  |  | $ | 15,047,000 |  |  | $ | 13,176,000 |
Short-term lease cost |  |  | 1,221,000 |  |  |  | 1,263,000 |  |  |  | 1,686,000 |
Variable lease cost |  |  | 511,000 |  |  |  | 667,000 |  |  |  | 761,000 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of finance lease assets |  |  | 1,234,000 |  |  |  | 1,508,000 |  |  |  | 1,983,000 |
Interest on finance lease liabilities |  |  | 191,000 |  |  |  | 219,000 |  |  |  | 262,000 |
Total lease cost |  | $ | 17,214,000 |  |  | $ | 18,704,000 |  |  | $ | 17,868,000 |
Maturities of lease commitments at March 31, 2025 were as follows:
Maturity of lease liabilities by Year Ending March 31, |  |  | Operating Leases |  |  |  | Finance Leases |  |  |  | Total |
2026 |  | $ | 13,983,000 |  |  | $ | 1,396,000 |  |  | $ | 15,379,000 |
2027 |  |  | 12,200,000 |  |  |  | 905,000 |  |  |  | 13,105,000 |
2028 |  |  | 11,560,000 |  |  |  | 650,000 |  |  |  | 12,210,000 |
2029 |  |  | 11,160,000 |  |  |  | 420,000 |  |  |  | 11,580,000 |
2030 |  |  | 11,370,000 |  |  |  | 186,000 |  |  |  | 11,556,000 |
Thereafter |  |  | 32,119,000 |  |  |  | - |  |  |  | 32,119,000 |
Total lease payments |  |  | 92,392,000 |  |  |  | 3,557,000 |  |  |  | 95,949,000 |
Less: amount representing interest |  |  | (17,102,000 | ) |  |  | (381,000 | ) |  |  | (17,483,000 | )
Present value of lease liabilities |  | $ | 75,290,000 |  |  | $ | 3,176,000 |  |  | $ | 78,466,000 |
Other information about leases is as follows:
|  | March 31, 2025 |  | March 31, 2024
Lease term and discount rate |  |  |  |  |  |  |  |
Weighted-average remaining lease term (years): |  |  |  |  |  |  |  |
Finance leases |  |  | 3.2 |  |  |  | 2.8 |
Operating leases |  |  | 7.3 |  |  |  | 8.3 |
Weighted-average discount rate: |  |  |  |  |  |  |  |
Finance leases |  |  | 7.0 | % |  |  | 6.4 | %
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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