Property and Equipment

12 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Note 8. Property and Equipment

The components of property and equipment are as follows:

	March 31, 2021			March 31, 2020
	(in $000's)
Land	$	10,875		$	7,179
Building and building improvements		148,870			100,176
Leasehold improvements		439			14,546
Machinery and equipment		91,784			71,636
Furniture and fixtures		15,608			14,600
Construction in progress		10,906			15,075
Total cost		278,482			223,212
Less accumulated depreciation		(81,353	)		(58,281	)
	$	197,129		$	164,931

In March 2021, the Company acquired the building adjacent to its corporate headquarters that it had 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 $23.1 million, $20.1 million, and $13.9 million for the fiscal years ending March 31, 2021, 2020 and 2019, respectively.