LEASES

3 Months Ended

Jun. 30, 2024

Leases [Abstract]

LEASES

NOTE 8 — LEASES

From time to time, Orion leases assets from third parties. Orion also leases certain assets to third parties.

Orion accounts for leases in accordance with Accounting Standards Codification ("ASC") 842. Under ASC 842, both finance and operating lease ROU assets and lease liabilities for leases with initial terms in excess of 12 months are recognized at the commencement date based on the present value of lease payments over the lease term. Orion recognizes lease expense for leases with an initial term of 12 months or less, referred to as short term leases, on a straight-line basis over the lease term.

A summary of Orion’s assets leased from third parties follows (dollars in thousands):

	Balance sheet classification	June 30, 2024		March 31, 2024
Assets
Operating lease assets	Other long-term assets	$	1,591	$	1,770
Liabilities
Current liabilities
Operating lease liabilities	Accrued expenses and other	$	1,010	$	990
Non-current liabilities
Operating lease liabilities	Other long-term liabilities		881		1,121
Total lease liabilities		$	1,891	$	2,111

Orion had operating lease costs of $0.4 million for the three months ended June 30, 2024 and 2023, respectively.

The estimated maturity of lease liabilities for each of the remaining years is shown below (dollars in thousands):

Maturity of Lease Liabilities	Operating Leases
Fiscal 2025 (period remaining)	$	815
Fiscal 2026		983
Fiscal 2027		177
Thereafter		—
Total lease payments	$	1,975
Less: Interest		(84	)
Present value of lease liabilities	$	1,891