LEASES

12 Months Ended

Mar. 31, 2024

Leases [Abstract]

LEASES

LEASES:

Right-of-use assets and lease liabilities balances consist of the following (dollars in thousands):

	March 31, 2024			March 31, 2023
Right-of-use assets included in other assets, net	$	24,471		$	24,604
Short-term lease liabilities included in other accrued expenses	$	10,125		$	9,929
Long-term lease liabilities included in other liabilities	$	32,097		$	37,243
Supplemental balance sheet information:
Weighted average remaining lease term	5.3 years			5.6 years
Weighted average discount rate	5.3		%	3.5		%

The Company leases its office facilities under non-cancellable operating leases that expire at various dates through fiscal 2031. Certain leases contain provisions for property-related costs that are variable in nature for which the Company is responsible, including common area maintenance and other property operating services. These costs are calculated based on a variety of factors including property values, tax and utility rates, property service fees, and other factors. Operating lease costs were $9.2 million, $11.6 million, and $11.6 million for fiscal years ended March 31, 2024, 2023, and 2022, respectively.

During the fiscal year ended March 31, 2024, the Company recorded $1.9 million of right-of-use asset impairment charges included in gains, losses and other items, net in the consolidated statements of operations related to certain leased office facilities. During the fiscal 2023, the Company recorded $24.6 million of right-of-use asset impairment charges and $2.9 million of non-lease component restructuring charges that are included in gains, losses and other items, net in the consolidated statements of operations related to the exit from certain leased office facilities. Please refer to Note 4, Restructuring, Impairment and Other Charges for further details.

The following table presents future minimum payments under all operating leases (including operating leases with a duration of one year or less) as of March 31, 2024:  

	Amount
Fiscal 2025	$	10,282
Fiscal 2026	8,668
Fiscal 2027	8,265
Fiscal 2028	8,454
Fiscal 2029	8,529
Thereafter	4,299
Total undiscounted lease commitments	48,497
Less: Interest and short-term leases	6,275
Total discounted operating lease liabilities	$	42,222

Future minimum payments as of March 31, 2024 related to restructuring plans as a result of the Company's exit from certain leased office facilities (see Note 4) are as follows (dollars in thousands): Fiscal 2025: $2,698; and Fiscal 2026: $1,799.