LEASES

3 Months Ended

Jun. 30, 2024

(G) LEASES

We lease certain real estate, buildings, and equipment, including railcars and barges. 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 one year 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 June 30,
	2024		2023
	(dollars in thousands)
Operating Lease Cost	$	2,047	$	2,274
Short-term Lease Cost		341		223
Total Lease Cost	$	2,388	$	2,497

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


	June 30,		March 31,
	2024		2024
	(dollars in thousands)
Operating Leases
Operating Lease Right-of-Use Assets	$	17,970	$	19,373

Current Operating Lease Liabilities	$	7,008	$	7,899
Noncurrent Operating Lease Liabilities		17,902		19,037
Total Operating Lease Liabilities	$	24,910	$	26,936

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


Fiscal Year	Amount
2025 (remaining nine months)	$	6,355
2026		4,784
2027		3,618
2028		2,752
2029		2,675
Thereafter		11,016
Total Lease Payments	$	31,200
Less: Imputed Interest		(6,290	)
Present Value of Lease Liabilities	$	24,910

Weighted-Average Remaining Lease Term (in years)		9.8
Weighted-Average Discount Rate		4.21	%