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Leases | 12 Months Ended
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Mar. 31, 2021
Leases [Abstract] |
Leases | Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued accounting standards update ASU No. 2016-02, Leases. Under the new guidance, we recognized lease liabilities and right-of-use assets for our long-term leases. We adopted the new guidance on April 1, 2019 using the optional transition method, which allows for the prospective application of the standard, and as a result, we did not record an adjustment to retained earnings. In addition, we elected the package of practical expedients, for all of its leases, permitted under the transition guidance within the standard, which allowed us to carry forward our historical lease classification, to not reassess prior conclusions related to initial direct costs and to not reassess whether any expired or existing contracts are or contain leases. We also elected the lessee practical expedient to combine lease and non-lease components for new leases and modified leases. We also made an accounting policy election in accordance with the new standard to apply accounting similar to ASC 840 to short-term leases, which are defined as leases that have a term of 12 months or less. Our lease liabilities relate primarily to operating leases for our global office infrastructure. These operating leases expire at various dates through fiscal 2031. We did not have any finance leases for either the years ended March 31, 2021 or 2020. Net lease cost recognized in our Consolidated Statements of Operations is summarized as follows:
|  |  | Year Ended March 31,
|  |  | 2021 |  | 2020
Operating lease cost |  |  | $ | 9,048 |  |  | $ | 8,795 |
Short-term lease cost |  |  | 232 |  |  | 410 |
Variable lease cost |  |  | 1,938 |  |  | 2,088 |
Net lease cost |  |  | $ | 11,218 |  |  | $ | 11,293 |
Disclosures related to periods prior to the adoption of the new lease standard Rental expense was $11,474 for the year ended March 31, 2019. Cash flow information
|  |  | Year Ended March 31,
|  |  | 2021 |  | 2020
Cash paid for operating lease liabilities |  |  | $ | 10,370 |  |  | $ | 9,476 |
Additions of operating lease assets |  |  | $ | 17,603 |  |  | $ | 8,448 |
As of March 31, 2021, the minimum lease commitment amount for operating leases signed but not yet commenced, was immaterial. As of March 31, 2021, the maturities of lease liabilities based on the total minimum lease commitment amount including options to extend lease terms that are reasonably certain of being exercised are as follows:
2022 | $ | 7,526 |
2023 | 4,816 |
2024 | 4,071 |
2025 | 3,978 |
2026 | 2,143 |
Thereafter | 2,535 |
Total Minimum Lease Payments | $ | 25,069 |
Less: Imputed Interest | (2,181) |
Present value of operating lease liabilities | $ | 22,888 |
Less: Current Portion of operating lease liabilities | 7,469 |
Long-term operating lease liabilities | $ | 15,419 |
The weighted-average discount rate was 4% for operating leases recognized in the Consolidated Balance Sheets for both the years ended March 31, 2021 and 2020. The weighted-average remaining operating lease term was 4.43 years and 3.09 years for the years ended March 31, 2021 and 2020, respectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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