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Leases (Tables)
12 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Summary of Lease Cost

The components of the Company's lease costs, weighted average lease terms and discount rates are presented in the tables below:

 

 

 

Fiscal Years Ended

 

 

 

March 31, 2023

 

 

March 31, 2022

 

 

March 31, 2021

 

 

 

(In thousands)

 

Lease cost:

 

 

 

 

 

 

 

 

 

Operating lease cost

 

$

87,627

 

 

$

68,822

 

 

$

63,576

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

Depreciation of assets obtained under finance leases

 

 

11,947

 

 

 

11,961

 

 

 

13,656

 

Interest on lease liabilities

 

 

2,441

 

 

 

2,749

 

 

 

3,314

 

Short-term lease cost

 

 

14,410

 

 

 

10,514

 

 

 

5,618

 

Variable lease cost

 

 

15,261

 

 

 

8,752

 

 

 

7,176

 

Net lease cost

 

$

131,686

 

 

$

102,798

 

 

$

93,340

 

Summary of Operating and Finance Lease Costs Weighted Average Lease Terms and Discount Rates

 

 

As of

 

 

As of

 

 

As of

 

 

 

March 31, 2023

 

 

March 31, 2022

 

 

March 31, 2021

 

Lease term and discount rate:

 

 

 

 

 

 

 

 

 

Weighted average remaining lease term (in years):

 

 

 

 

 

 

 

 

 

Operating leases

 

 

6.3

 

 

 

7.0

 

 

 

7.4

 

Finance leases

 

3.4

 

 

4.4

 

 

 

5.3

 

 

 

 

 

 

 

 

 

 

 

Weighted average discount rate:

 

 

 

 

 

 

 

 

 

Operating leases

 

 

5.7

%

 

 

5.4

%

 

 

5.4

%

Finance leases

 

 

6.3

%

 

 

5.4

%

 

 

5.4

%

Summary of Components of the Consolidated Statements of Cash Flow for Operating and Finance Leases

The following table details components of the consolidated statements of cash flows for operating and finance leases:

 

 

 

Fiscal Years Ended

 

 

 

March 31, 2023

 

 

March 31, 2022

 

 

March 31, 2021

 

 

 

(In thousands)

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

69,595

 

 

$

68,763

 

 

$

63,167

 

Operating cash flows from finance leases

 

 

2,449

 

 

 

3,024

 

 

 

3,108

 

Financing cash flows from finance leases

 

 

11,572

 

 

 

10,749

 

 

 

10,900

 

 

 

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for lease liabilities:

 

 

 

 

 

 

 

 

 

Operating leases

 

$

9,817

 

 

$

61,599

 

 

$

66,162

 

Finance leases

 

 

2,232

 

 

 

 

 

 

2,076

 

Summary of Maturities of Lease Liabilities

The following table presents maturities of the Company’s lease liabilities as of March 31, 2023:

 

 

 

Operating Leases

 

 

Finance Leases

 

 

 

(In thousands)

 

Expected for fiscal year 2024

 

$

67,803

 

 

$

13,230

 

Expected for fiscal year 2025

 

 

64,508

 

 

 

12,000

 

Expected for fiscal year 2026

 

 

61,466

 

 

 

12,000

 

Expected for fiscal year 2027

 

 

58,239

 

 

 

3,000

 

Expected for fiscal year 2028

 

 

50,820

 

 

 

 

Thereafter

 

 

83,618

 

 

 

 

Total future lease payments required

 

 

386,454

 

 

 

40,230

 

Less: interest

 

 

62,809

 

 

 

3,825

 

Total

 

$

323,645

 

 

$

36,405