Leases

12 Months Ended

Mar. 31, 2026

LEASES

Nature of the Company’s Leases - The Company has operating and finance leases for plants, yards, corporate offices, tractors, trailers and other equipment. The Company’s leases have remaining terms of less than one year to 12 years. A portion of the Company’s real estate leases include an option to extend the leases for up to 5 years. The

Company has included renewal options which are reasonably certain to be exercised in its right-of-use assets and lease liabilities. The Company’s lease payments are generally fixed.

Supplemental balance sheet information related to leases as of the periods presented was as follows:


(Amounts in thousands)	Balance Sheet Classification	2026			2025
Operating leases
Right-of-use assets	Other assets	$	73,757		$	68,826
Current lease liabilities	Other accrued liabilities	21,303			19,456
Non-current lease liabilities	Other liabilities	52,896			48,781
Total operating lease liabilities		$	74,199		$	68,237
Finance leases
Right-of-use assets	Property, plant and equipment	151,536			159,553
Current lease liabilities	Current maturities of finance lease obligations	38,136			33,143
Non-current lease liabilities	Long-term finance lease obligations	121,935			131,000
Total finance lease liabilities		$	160,071		$	164,143

Weighted average lease term (in years):
Operating leases		4.48			4.74
Finance leases		4.60			5.04
Weighted average discount rate:
Operating leases		5.74		%	5.71		%
Finance leases		6.45		%	6.38		%

Lease Cost - The components of lease cost for the years ended March 31, 2026, 2025, and 2024 were:


(Amounts in thousands)	Income Statement Classification	2026		2025		2024
Operating lease cost
Operating lease cost	Cost of goods sold	$	21,055	$	20,470	$	17,325
Operating lease cost	Selling, general and administrative	1,763		1,691		1,562
Short-term lease cost	Cost of goods sold	3,425		6,237		8,856
Total operating lease cost		$	26,243	$	28,398	$	27,743
Finance lease cost
Amortization of right-of-use assets	Cost of goods sold	38,519		27,974		13,707
Amortization of right-of-use assets	Selling, general and administrative	415		820		820
Interest on lease liabilities	Interest expense	11,277		7,666		2,833
Total finance lease cost		$	50,211	$	36,460	$	17,360

Supplemental cash flow information related to leases for the periods presented were as follows:


(Amounts in thousands)	2026		2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	22,818	$	22,161	$	18,887
Operating cash flows used for finance leases	10,840		7,013		2,726
Financing cash flows used for finance leases	40,602		25,487		12,145
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	11,298		26,286		20,511
Finance leases	42,687		110,198		53,241

The following is a schedule by year of future minimum lease payments on a rolling twelve-month basis under operating and finance leases and the present value of the net minimum lease payments as of March 31, 2026:


(Amounts in thousands)	Operating Leases		Finance Leases
Year 1	$	23,773	$	47,252
Year 2	18,733		42,976
Year 3	13,096		34,108
Year 4	11,289		27,342
Year 5	7,657		21,194
Thereafter	8,754		12,909
Total minimum lease payments	$	83,302	$	185,781
Less: amount representing interest	9,103		25,710
Present value of net minimum lease payments	$	74,199	$	160,071

Leases

LEASES

Company has included renewal options which are reasonably certain to be exercised in its right-of-use assets and lease liabilities. The Company’s lease payments are generally fixed.

Supplemental balance sheet information related to leases as of the periods presented was as follows:


(Amounts in thousands)	Balance Sheet Classification	2026			2025
Operating leases
Right-of-use assets	Other assets	$	73,757		$	68,826
Current lease liabilities	Other accrued liabilities	21,303			19,456
Non-current lease liabilities	Other liabilities	52,896			48,781
Total operating lease liabilities		$	74,199		$	68,237
Finance leases
Right-of-use assets	Property, plant and equipment	151,536			159,553
Current lease liabilities	Current maturities of finance lease obligations	38,136			33,143
Non-current lease liabilities	Long-term finance lease obligations	121,935			131,000
Total finance lease liabilities		$	160,071		$	164,143

Weighted average lease term (in years):
Operating leases		4.48			4.74
Finance leases		4.60			5.04
Weighted average discount rate:
Operating leases		5.74		%	5.71		%
Finance leases		6.45		%	6.38		%

Lease Cost - The components of lease cost for the years ended March 31, 2026, 2025, and 2024 were:


(Amounts in thousands)	Income Statement Classification	2026		2025		2024
Operating lease cost
Operating lease cost	Cost of goods sold	$	21,055	$	20,470	$	17,325
Operating lease cost	Selling, general and administrative	1,763		1,691		1,562
Short-term lease cost	Cost of goods sold	3,425		6,237		8,856
Total operating lease cost		$	26,243	$	28,398	$	27,743
Finance lease cost
Amortization of right-of-use assets	Cost of goods sold	38,519		27,974		13,707
Amortization of right-of-use assets	Selling, general and administrative	415		820		820
Interest on lease liabilities	Interest expense	11,277		7,666		2,833
Total finance lease cost		$	50,211	$	36,460	$	17,360

Supplemental cash flow information related to leases for the periods presented were as follows:


(Amounts in thousands)	2026		2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	22,818	$	22,161	$	18,887
Operating cash flows used for finance leases	10,840		7,013		2,726
Financing cash flows used for finance leases	40,602		25,487		12,145
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	11,298		26,286		20,511
Finance leases	42,687		110,198		53,241


(Amounts in thousands)	Operating Leases		Finance Leases
Year 1	$	23,773	$	47,252
Year 2	18,733		42,976
Year 3	13,096		34,108
Year 4	11,289		27,342
Year 5	7,657		21,194
Thereafter	8,754		12,909
Total minimum lease payments	$	83,302	$	185,781
Less: amount representing interest	9,103		25,710
Present value of net minimum lease payments	$	74,199	$	160,071