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LEASES | 9 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
LEASES | (J) LEASES We lease certain real estate, buildings, and equipment, including rail cars. 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. 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 Three Months Ended December 31, 2019 |  |  | For the Nine Months Ended December 31, 2019 |
|  | (dollars in thousands) |
Operating Lease Cost |  | $ | 3,730 |  |  | $ | 11,639 |
Short-term Lease Cost |  |  | 228 |  |  |  | 1,310 |
Total Lease Cost |  | $ | 3,958 |  |  | $ | 12,949 |
The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows:
|  | For the Nine Months Ended December 31, 2019 |
|  | (dollars in thousands) |
Operating Leases: |  |  |  |
Operating Lease Right-of-Use Assets |  | $ | 29,346 |
Current Operating Lease Liabilities |  | $ | 10,601 |
Noncurrent Operating Lease Liabilities |  |  | 51,939 |
Total Operating Lease Liabilities |  | $ | 62,540 |
During the quarter ended December 31, 2019, we recognized a $29.1 million impairment related to Right-of-Use assets used by our Oil and Gas Proppants business. See Footnote (C) for additional information about the impairment loss. Future payments for operating leases are as follows:
|  | Amount |
Fiscal Year |  | (dollars in thousands) |
2020 (remaining three months) |  | $ | 3,318 |
2021 |  |  | 11,931 |
2022 |  |  | 10,618 |
2023 |  |  | 10,131 |
2024 |  |  | 8,585 |
Thereafter |  |  | 30,945 |
Total Lease Payments |  | $ | 75,528 |
Less: Imputed Interest |  |  | (12,988 | )
Present Value of Lease Liabilities |  | $ | 62,540 |
Weighted Average Remaining Lease Term (in years) |  |  | 9.2 |
Weighted Average Discount Rate |  |  | 3.75 | %
As disclosed in our March 31, 2019 Form 10-K, future minimum lease payments were as follows:
|  | Amount |
Fiscal Year |  | (dollars in thousands) |
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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- 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 + Details
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