PROPERTY AND EQUIPMENT, NET

12 Months Ended

Mar. 31, 2022

Property Plant And Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 8 — PROPERTY AND EQUIPMENT

Property and equipment are stated at cost. Expenditures for additions and improvements are capitalized, while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets, are expensed as incurred. Properties and equipment sold, or otherwise disposed of, are removed from the property and equipment accounts, with gains or losses on disposal credited or charged to income from operations.

Orion periodically reviews the carrying values of property and equipment for impairment in accordance with ASC 360, Property, Plant and Equipment, if events or changes in circumstances indicate that the assets may be impaired. The estimated future undiscounted cash flows expected to result from the use of the assets and their eventual disposition are compared to the assets' carrying amount to determine if a write down to market value is required.

Property and equipment were comprised of the following (dollars in thousands):

	March 31, 2022			March 31, 2021
Land and land improvements	$	433		$	433
Buildings and building improvements		9,491			9,477
Furniture, fixtures and office equipment		7,650			7,372
Leasehold improvements		490			340
Equipment leased to customers		4,997			4,997
Plant equipment		11,130			12,451
Vehicles		796			—
Construction in progress		3			135
		34,990			35,205
Less: accumulated depreciation and amortization		(23,524	)		(23,836	)
Net property and equipment	$	11,466		$	11,369

Depreciation is recognized over the estimated useful lives of the respective assets, using the straight-line method. Orion recorded depreciation expense of $1.3 million, $1.2 million and $1.2 million for the years ended March 31, 2022, 2021 and 2020, respectively.

Depreciable lives by asset category are as follows:

Land improvements	10-15 years
Buildings and building improvements	10-39 years
Furniture, fixtures and office equipment	2-10 years
Leasehold improvements	Shorter of asset life or life of lease
Equipment leased to customers under Power Purchase Agreements	20 years
Plant equipment	3-10 years
Vehicles	5-7 years

No interest was capitalized for construction in progress during fiscal 2022 or fiscal 2021.