Leases (Tables)
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12 Months Ended |
Mar. 31, 2024 |
Leases [Abstract] |
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Components of Lease Expense |
The components of lease expense for the years ended March 31, 2024 and 2023 were as follows: | | | | | | | | | | | | | March 31, | (In thousands) | 2024 | | 2023 | Finance lease cost: | | | | Amortization of right-of-use assets | $ | 2,658 | | | $ | 2,658 | | Interest on lease liabilities | 88 | | | 170 | | Operating lease cost | 6,564 | | | 6,495 | | Short term lease cost | 132 | | | 153 | | Variable lease cost | 61,069 | | | 59,735 | | | | | | Total net lease cost | $ | 70,511 | | | $ | 69,211 | |
The weighted average remaining lease term and weighted average discount rate were as follows: | | | | | | | | | | | | | | | March 31, 2024 | Weighted average remaining lease term (years) | | | | Operating leases | | 4.13 | | Financing leases | | 0.87 | Weighted average discount rate | | | | Operating leases | | 4.48 | % | | Financing leases | | 2.92 | % |
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Maturities of Operating Leases |
As of March 31, 2024, the maturities of lease liabilities were as follows: | | | | | | | | | | | | | | | | | | | | | (In thousands) | | | | | | | Year Ending March 31, | | Operating Leases | | Financing Leases | | Total | 2025 | | $ | 5,109 | | | $ | 1,509 | | | $ | 6,618 | | 2026 | | 2,626 | | | 96 | | | 2,722 | | 2027 | | 2,207 | | | 80 | | | 2,287 | | 2028 | | 1,726 | | | — | | | 1,726 | | 2029 | | 367 | | | — | | | 367 | | Thereafter | | 1,565 | | | — | | | 1,565 | | Total undiscounted lease payments | | 13,600 | | | 1,685 | | | 15,285 | | Less amount of lease payments representing interest | | (1,414) | | | (19) | | | (1,433) | | Total present value of lease payments | | $ | 12,186 | | | $ | 1,666 | | | $ | 13,852 | |
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Maturities of Finance Leases |
As of March 31, 2024, the maturities of lease liabilities were as follows: | | | | | | | | | | | | | | | | | | | | | (In thousands) | | | | | | | Year Ending March 31, | | Operating Leases | | Financing Leases | | Total | 2025 | | $ | 5,109 | | | $ | 1,509 | | | $ | 6,618 | | 2026 | | 2,626 | | | 96 | | | 2,722 | | 2027 | | 2,207 | | | 80 | | | 2,287 | | 2028 | | 1,726 | | | — | | | 1,726 | | 2029 | | 367 | | | — | | | 367 | | Thereafter | | 1,565 | | | — | | | 1,565 | | Total undiscounted lease payments | | 13,600 | | | 1,685 | | | 15,285 | | Less amount of lease payments representing interest | | (1,414) | | | (19) | | | (1,433) | | Total present value of lease payments | | $ | 12,186 | | | $ | 1,666 | | | $ | 13,852 | |
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