LESSEE ACCOUNTING

9 Months Ended

Dec. 31, 2023

5.	LESSEE ACCOUNTING

We lease office space for periods up to six years and lease warehouse space for periods of up to ten years, and we have some lease options that can be exercised to extend beyond those lease term limits. We recognize our right-of-use assets as part of property, equipment, and other assets. We recognize the current and long-term portions of our lease liability as part of other current liabilities and other liabilities, respectively. We recognized rent expense as part of selling, general and administrative expenses. We recognized rent expense of $1.4 million and $1.3 million for the three months ended December 31, 2023, and December 31, 2022, respectively, and $4.4 million and $3.8 million for the nine months ended December 31, 2023, and 2022, respectively.