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Leases (Tables)
12 Months Ended
Mar. 31, 2024
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, 2024

 

 

March 31, 2023

 

 

March 31, 2022

 

 

 

(In thousands)

 

Lease cost:

 

 

 

 

 

 

 

 

 

Operating lease cost

 

$

105,365

 

 

$

87,627

 

 

$

68,822

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

Depreciation of assets obtained under finance leases

 

 

11,824

 

 

 

11,947

 

 

 

11,961

 

Interest on lease liabilities

 

 

2,018

 

 

 

2,441

 

 

 

2,749

 

Short-term lease cost

 

 

13,990

 

 

 

14,410

 

 

 

10,514

 

Variable lease cost

 

 

13,214

 

 

 

15,261

 

 

 

8,752

 

Net lease cost

 

$

146,411

 

 

$

131,686

 

 

$

102,798

 

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

 

 

As of

 

 

As of

 

 

As of

 

 

 

March 31, 2024

 

 

March 31, 2023

 

 

March 31, 2022

 

Lease term and discount rate:

 

 

 

 

 

 

 

 

 

Weighted average remaining lease term (in years):

 

 

 

 

 

 

 

 

 

Operating leases

 

 

7.3

 

 

 

6.3

 

 

 

7.0

 

Finance leases

 

2.4

 

 

3.4

 

 

 

4.4

 

 

 

 

 

 

 

 

 

 

 

Weighted average discount rate:

 

 

 

 

 

 

 

 

 

Operating leases

 

 

6.2

%

 

 

5.7

%

 

 

5.4

%

Finance leases

 

 

6.3

%

 

 

6.3

%

 

 

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, 2024

 

 

March 31, 2023

 

 

March 31, 2022

 

 

 

(In thousands)

 

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

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

93,350

 

 

$

69,595

 

 

$

68,763

 

Operating cash flows from finance leases

 

 

2,074

 

 

 

2,449

 

 

 

3,024

 

Financing cash flows from finance leases

 

 

11,941

 

 

 

11,572

 

 

 

10,749

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Operating leases

 

$

29,035

 

 

$

9,817

 

 

$

61,599

 

Finance leases

 

 

1,946

 

 

 

2,232

 

 

 

 

Summary of Maturities of Lease Liabilities

The following table presents maturities of the Company’s lease liabilities as of March 31, 2024:

 

 

 

Operating Leases

 

 

Finance Leases

 

 

 

(In thousands)

 

Expected for fiscal year 2025

 

$

93,650

 

 

$

13,549

 

Expected for fiscal year 2026

 

 

80,699

 

 

 

12,085

 

Expected for fiscal year 2027

 

 

76,013

 

 

 

3,031

 

Expected for fiscal year 2028

 

 

68,061

 

 

 

32

 

Expected for fiscal year 2029

 

 

64,977

 

 

 

14

 

Thereafter

 

 

191,140

 

 

 

 

Total future lease payments required

 

 

574,540

 

 

 

28,711

 

Less: interest

 

 

123,335

 

 

 

1,940

 

Total

 

$

451,205

 

 

$

26,771