LEASES

3 Months Ended

Jun. 30, 2020

(I) 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,
	2020		2019
	(dollars in thousands)
Operating Lease Cost	$	2,006	$	3,947
Short-term Lease Cost		759		584
Total Lease Cost	$	2,765	$	4,531

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

	June 30,		March 31,
	2020		2020
	(dollars in thousands)
Operating Leases:
Operating Lease Right-of-Use Assets	$	29,904	$	30,530

Current Operating Lease Liabilities	$	10,436	$	10,207
Noncurrent Operating Lease Liabilities		47,478		49,809
Total Operating Lease Liabilities	$	57,914	$	60,016

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

Fiscal Year	Amount
2021 (remaining nine months)	$	9,301
2022		10,887
2023		10,062
2024		8,216
2025		6,879
Thereafter		24,624
Total Lease Payments	$	69,969
Less: Imputed Interest		(12,055	)
Present Value of Lease Liabilities	$	57,914

Weighted-Average Remaining Lease Term (in years)		9.1
Weighted-Average Discount Rate		3.78	%