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LEASES

3 Months Ended

Jun. 30, 2019

Leases [Abstract]

LEASES

(H) LEASES

We lease certain real estate, buildings and equipment. 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 twelve 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, 2019
		(dollars in thousands)
Operating Lease Cost		$	3,947
Short-term Lease Cost			584
Total Lease Cost		$	4,531

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

		For the Three Months Ended June 30, 2019
		(dollars in thousands)
Operating Leases:
Operating Lease Right of Use Assets		$	63,344
Current Operating Lease Liabilities		$	11,990
Noncurrent Operating Lease Liabilities			55,884
Total Operating Lease Liabilities		$	67,874

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

Fiscal Year		Amount
2020 (remaining nine months)		$	10,912
2021			11,876
2022			10,398
2023			9,947
2024			8,396
Thereafter			29,497
Total Lease Payments		$	81,026
Less: Imputed Interest			(13,152	)
Present Value of Lease Liabilities		$	67,874
Weighted Average Remaining Lease Term (in years)			8.8
Weighted Average Discount Rate			3.75	%

As disclosed in our March 31, 2019 Form 10-K, future minimum lease payments were as follows (dollars in thousands):

Fiscal Year		Amount
2020		$	14,613
2021			11,487
2022			9,979
2023			9,784
2024			8,347
Thereafter			24,793
Total Lease Payments		$	79,003

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- References

No definition available.

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI http://asc.fasb.org/topic&trid=2208923

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