Leases

12 Months Ended

Mar. 31, 2024

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, 2024		March 31, 2023
Assets
Operating lease right-of-use assets	$	32,510	$	40,505
Liabilities
Current portion of operating lease liabilities	$	10,356	$	11,404
Long-term operating lease liabilities	19,302		25,540
Total operating lease liabilities	$	29,658	$	36,944

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,
	2024		2023		2022
Income Statement Location
Cost of goods sold	$	11,806	$	11,036	$	10,874
Selling, general, and administrative expenses	10,691		10,890		9,676
Total operating lease costs(1)	$	22,497	$	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:

	March 31, 2024
Fiscal Year Maturity of Operating Lease Liabilities
2025	$	11,661
2026	7,632
2027	5,085
2028	3,405
2029	2,498
2030 and thereafter	4,290
Total undiscounted cash flows for operating leases	$	34,571
Less: Imputed interest	(4,913)
Total operating lease liabilities	$	29,658

As of March 31, 2024, 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)	2024			2023			2022
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of operating lease liabilities	$	13,898		$	13,818		$	12,018
Right-of-use assets obtained in exchange for new operating leases	8,507			13,536			22,506
Weighted Average Remaining Lease Term (years)	4.59			4.86			5.51
Weighted Average Collateralized Incremental Borrowing Rate	6.10		%	5.93		%	5.43		%