LEASES

6 Months Ended

Sep. 30, 2023

(H) LEASES

We lease certain real estate, buildings, and equipment. Certain of these leases contain escalations of rent over the term of the lease, as well as options for us to extend the term of the lease at the end of the original term. These extensions range from periods of 1 to 20 years. Our lease agreements do not contain material residual value guarantees or material restrictive covenants. In calculating the present value of future minimum lease payments, we use the rate implicit in the lease if it can be determined. Otherwise, we use our incremental borrowing rate in effect at the commencement of the lease to determine the present value of the future minimum lease payments. Additionally, we lease certain equipment under short-term leases with initial terms of less than 12 months, which are not recorded on the balance sheet.

Lease expense for our operating and short-term leases is as follows:


	For the Three Months Ended September 30,				For the Six Months Ended September 30,
	2023		2022		2023		2022
	(dollars in thousands)
Operating Lease Cost	$	1,953	$	1,671	$	4,227	$	3,398
Short-term Lease Cost		191		126		414		275
Total Lease Cost	$	2,144	$	1,797	$	4,641	$	3,673

The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows:


	September 30,		March 31,
	2023		2023
	(dollars in thousands)
Operating Leases
Operating Lease Right-of-Use Assets	$	22,068	$	20,759

Current Operating Lease Liabilities	$	8,205	$	6,009
Noncurrent Operating Lease Liabilities		22,699		24,940
Total Operating Lease Liabilities	$	30,904	$	30,949

Future payments for operating leases are as follows (dollars in thousands):


Fiscal Year	Amount
2024 (remaining six months)	$	4,580
2025		8,653
2026		4,776
2027		3,606
2028		2,735
Thereafter		13,665
Total Lease Payments	$	38,015
Less: Imputed Interest		(7,111	)
Present Value of Lease Liabilities	$	30,904

Weighted-Average Remaining Lease Term (in years)		9.2
Weighted-Average Discount Rate		4.19	%