Property and Equipment

12 Months Ended

Mar. 31, 2017

Property Plant And Equipment [Abstract]

Property and Equipment

Note 6. Property and Equipment

The components of property and equipment are as follows:

	March 31, 2017			March 31, 2016
	(in $000's)
Land	$	4,046		$	-
Building and building improvements		10,900			-
Capital lease asset		16,784			-
Leasehold improvements		34,854			11,833
Machinery and equipment		27,989			25,211
Furniture and fixtures		3,899			1,510
Construction in progress		9,257			3,712
Total cost		107,729			42,266
Less accumulated depreciation		(19,952	)		(19,082	)
	$	87,777		$	23,184

In August 2016, the Company entered into an amended lease agreement for its existing corporate headquarters in Danvers, Massachusetts (see Note 11). The Company recorded $16.8 million for this lease as a capital lease asset with depreciation expense being recorded on a straight line basis over 15 years.  

In December 2016, the Company entered into a purchase and sale agreement to acquire its existing European headquarters in Aachen, Germany, consisting of 33,000 square feet of space. Pursuant to the purchase and sale agreement, the Company acquired the property in February 2017. The acquisition cost for the land and building was approximately $12.6 million, with $4.0 million being recorded to land and $8.6 million being recorded to the building and building improvements.

Depreciation expense related to property and equipment was $6.2 million, $3.3 million, and $2.7 million for the fiscal years ending March 31, 2017, 2016 and 2015, respectively.