LEASES

6 Months Ended

Sep. 30, 2023

Leases [Abstract]

LEASES

LEASES:

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

	September 30, 2023			March 31, 2023
Right-of-use assets included in other assets, net	$	26,989		$	24,604
Short-term lease liabilities included in other accrued expenses	$	9,852		$	9,929
Long-term lease liabilities included in other liabilities	$	36,172		$	37,243
Supplemental balance sheet information:
Weighted average remaining lease term	5.7 years			5.6 years
Weighted average discount rate	5.0		%	3.5		%

The Company leases its office facilities under non-cancellable operating leases that expire at various dates through fiscal 2031. 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 $4.7 million and $6.2 million for the six months ended September 30, 2023, and 2022, respectively.

During the six months ended September 30, 2023, the Company recorded $1.9 million of right-of-use asset impairment charges and $0.4 million of non-lease component restructuring charges that are included in gains, losses and other items, net in the condensed consolidated statements of operations related to certain leased office facilities. Please refer to Note 13, Restructuring, Impairment and Other Charges for further details.

The following table presents future minimum payments under all operating leases (including operating leases with a duration of one year or less) as of September 30, 2023. The amount for fiscal 2024 represents the remaining six months ending March 31, 2024. All other periods represent fiscal years ending March 31 (dollars in thousands):  

	Amount
Fiscal 2024	$	5,190
Fiscal 2025	9,885
Fiscal 2026	8,654
Fiscal 2027	8,265
Fiscal 2028	8,454
Thereafter	12,828
Total undiscounted lease commitments	53,276
Less: Interest and short-term leases	7,252
Total discounted operating lease liabilities	$	46,024

Future minimum payments as of September 30, 2023 related to restructuring plans as a result of the Company's exit from certain leased office facilities (see Note 13) are as follows (dollars in thousands): Fiscal 2024: $1,349; Fiscal 2025: $2,698; and Fiscal 2026: $1,799.