Annual report pursuant to Section 13 and 15(d)

Property, Plant, Equipment and Rental Assets

v3.24.3
Property, Plant, Equipment and Rental Assets
12 Months Ended
Mar. 31, 2024
Property, Plant, Equipment and Rental Assets  
Property, Plant, Equipment and Rental Assets

5. Property, Plant, Equipment and Rental Assets

Property, plant, equipment and rental assets consisted of the following (in thousands):

March 31,

March 31,

    

2024

    

2023

 

Machinery, equipment, automobiles and furniture

$

14,921

$

14,760

 

Leasehold improvements

 

8,889

 

8,868

 

Molds and tooling

3,476

3,516

Rental assets

31,762

26,868

 

59,048

 

54,012

Less: accumulated depreciation

 

(33,194)

 

(29,737)

Total property, plant, equipment and rental assets, net

$

25,854

$

24,275

The Company regularly assesses the useful lives of property and equipment and retires assets no longer in service. Depreciation expense for property, plant, equipment and rental assets was $4.0 million and $3.2 million for Fiscal 2024 and 2023, respectively. Inventory converted to rental assets during Fiscal 2024 was $0.3 million. Depreciation expense recorded to cost of sales during Fiscal 2024 and 2023, was $3.8 million and $3.1 million, respectively.