Property and Equipment, net

12 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Note 8. Property and Equipment, net

The components of property and equipment, net are as follows:


	March 31, 2022			March 31, 2021
	(in thousands)
Land	$	10,643		$	10,875
Building and building improvements		152,374			148,870
Leasehold improvements		1,810			439
Machinery, equipment and computer software		104,407			91,784
Furniture and fixtures		15,420			15,608
Construction in progress		19,898			10,906
Total cost		304,552			278,482
Less accumulated depreciation		(102,062	)		(81,353	)
Property and equipment, net	$	202,490		$	197,129

In March 2021, the Company acquired the building adjacent to its corporate headquarters that it had previously been leasing in Danvers, Massachusetts. The total acquisition cost for the land and building was approximately $17.5 million, with $3.4 million being recorded to land and $13.8 million being recorded to building and building improvements. In addition, the Company reclassified $11.0 million in leasehold improvements and $4.7 million in right-of-use assets and recorded a $0.5 million adjustment to remove the prior lease liability due to the termination of the lease agreement upon the property acquisition.

Depreciation expense related to property and equipment was $25.9 million, $23.1 million, and $20.1 million for the fiscal years ending March 31, 2022, 2021 and 2020, respectively.