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LEASES
6 Months Ended
Sep. 30, 2020
Leases [Abstract]  
LEASES

(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 included in continuing operations is as follows:

 

 

 

For the Three Months Ended September 30,

 

 

For the Six Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(dollars in thousands)

 

Operating Lease Cost

 

$

1,767

 

 

$

2,098

 

 

$

3,563

 

 

$

4,008

 

Short-term Lease Cost

 

 

857

 

 

 

460

 

 

 

1,607

 

 

 

919

 

Total Lease Cost

 

$

2,624

 

 

$

2,558

 

 

$

5,170

 

 

$

4,927

 

 

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

 

 

 

September 30,

 

 

March 31,

 

 

 

2020

 

 

2020

 

 

 

(dollars in thousands)

 

Operating Leases:

 

 

 

 

 

 

 

 

Operating Lease Right-of-Use Assets

 

$

28,139

 

 

$

29,483

 

 

 

 

 

 

 

 

 

 

Current Operating Lease Liabilities

 

$

6,810

 

 

$

6,585

 

Noncurrent Operating Lease Liabilities

 

 

37,419

 

 

 

40,239

 

Total Operating Lease Liabilities

 

$

44,229

 

 

$

46,824

 

 

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

 

Fiscal Year

 

Amount

 

2021 (remaining six months)

 

$

4,239

 

2022

 

 

7,556

 

2023

 

 

6,969

 

2024

 

 

6,007

 

2025

 

 

5,651

 

Thereafter

 

 

24,585

 

Total Lease Payments

 

$

55,007

 

Less: Imputed Interest

 

 

(10,778

)

Present Value of Lease Liabilities

 

$

44,229

 

 

 

 

 

 

Weighted-Average Remaining Lease Term (in years)

 

 

9.1

 

Weighted-Average Discount Rate

 

 

3.78

%