LEASES

12 Months Ended

Mar. 31, 2025

Leases [Abstract]

LEASES

(E) Leases

We lease certain real estate, buildings, and equipment, including rail cars 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 twenty 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. These short-term equipment leases are not recorded on the balance sheet.

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

	For the Years Ended March 31,
	2025		2024		2023
	(dollars in thousands)
Operating Lease Cost	$	7,953	$	8,030	$	7,339
Short-term Lease Cost		1,306		691		593
Total Lease Cost	$	9,259	$	8,721	$	7,932

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

	March 31,
	2025		2024
	(dollars in thousands)
Operating Leases:
Operating Lease Right-of-Use Assets	$	29,313	$	19,373
Current Operating Lease Liabilities	$	4,032	$	7,899
Noncurrent Operating Lease Liabilities		33,597		19,037
Total Operating Lease Liabilities	$	37,629	$	26,936

Future payments for operating leases are as follows:

	Amount
Fiscal Year	(dollars in thousands)
2025	$	5,015
2026		4,239
2027		3,550
2028		3,586
2029		3,725
Thereafter		30,002
Total Lease Payments	$	50,117
Less: Imputed Interest		(12,488	)
Present Value of Lease Liabilities	$	37,629
Weighted-Average Remaining Lease Term (in years)		12.6
Weighted-Average Discount Rate		4.32	%