LEASES

12 Months Ended

Mar. 31, 2023

Leases [Abstract]

LEASES

LEASES:

Right-of-use assets and lease liabilities balances consist of the following (dollars in thousands):

	March 31, 2023			March 31, 2022
Right-of-use assets included in other assets, net	$	24,604		$	59,459
Short-term lease liabilities included in other accrued expenses	$	9,929		$	8,984
Long-term lease liabilities included in other liabilities	$	37,243		$	52,241
Supplemental balance sheet information:
Weighted average remaining lease term	5.6 years			6.4 years
Weighted average discount rate	3.5		%	3.6		%

The Company leases its office facilities under non-cancellable operating leases that expire at various dates through fiscal 2030. Certain leases contain provisions for property-related costs that are variable in nature for which the Company is responsible, including common area maintenance and other property operating services. These costs are calculated based on a variety of factors including property values, tax and utility rates, property service fees, and other factors. Operating lease costs were $11.6 million, $11.6 million, and $11.6 million for the twelve months ended March 31, 2023, 2022, and 2021, respectively.

During the twelve months ended March 31, 2023, the Company recorded $24.6 million of right-of-use asset impairment charges and $2.9 million of non-lease component restructuring charges that are included in gains, losses and other items, net in the consolidated statements of operations related to the exit from certain leased office facilities. Please refer to Note 4, Restructuring, Impairment and Other Charges for further details.

Future minimum payments under all operating leases (including operating leases with a duration of one year or less) as of March 31, 2023 are as follows (dollars in thousands):  

	Amount
Fiscal 2024	$	10,090
Fiscal 2025	9,116
Fiscal 2026	8,283
Fiscal 2027	8,017
Fiscal 2028	8,238
Thereafter	8,346
Total undiscounted lease commitments	52,090
Less: Interest and short-term leases	4,918
Total discounted operating lease liabilities	$	47,172

Future minimum payments as of March 31, 2023 related to restructuring plans as a result of the Company's exit from certain leased office facilities (see Note 4) are as follows (dollars in thousands): Fiscal 2024: $2,698; Fiscal 2025: $2,698; and Fiscal 2026: $1,799.