Property and Equipment, Net

12 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following: 

	As of March 31, 2023		As of March 31, 2022		As of December 31, 2021
Leasehold and tenant improvements	$	462,721	$	461,394	$	462,588
Furniture, fixtures and displays	289,539		263,749		259,534
Buildings	48,632		48,382		48,382
Software	380,586		339,722		333,560
Office equipment	132,301		132,452		132,629
Plant equipment	178,194		178,188		178,187
Land	83,626		83,626		83,626
Construction in progress (1)	143,243		64,869		52,598
Other	17,837		5,751		5,545
Subtotal property and equipment	1,736,679		1,578,133		1,556,649
Accumulated depreciation	(1,063,943)		(976,768)		(949,423)
Property and equipment, net	$	672,736	$	601,365	$	607,226

(1) Construction in progress primarily includes costs incurred for construction of corporate offices, software systems, leasehold improvements and in-store fixtures and displays not yet placed in use.

Depreciation expense related to property and equipment was $135.7 million for Fiscal 2023 (Fiscal 2021: $139.2 million; Fiscal 2020: $154.4 million; Transition Period: $34.5 million).