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LEASES | 12 Months Ended
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Mar. 31, 2021
Leases [Abstract] |
LEASES | (F) Leases We lease certain real estate, buildings, and equipment, including rail cars and barges. 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 Years Ended March 31, |
|  | 2021 |  |  | 2020 |
|  | (dollars in thousands) |
Operating Lease Cost |  | $ | 6,757 |  |  | $ | 7,966 |
Short-term Lease Cost |  |  | 2,562 |  |  |  | 1,279 |
Total Lease Cost |  | $ | 9,319 |  |  | $ | 9,245 |
The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows:
|  | As of March 31, |
|  | 2021 |  |  | 2020 |
|  | (dollars in thousands) |
Operating Leases: |  |  |  |  |  |  |  |
Operating Lease Right-of-Use Assets |  | $ | 25,811 |  |  | $ | 29,483 |
Current Operating Lease Liabilities |  | $ | 6,343 |  |  | $ | 6,585 |
Noncurrent Operating Lease Liabilities |  |  | 34,444 |  |  |  | 40,239 |
Total Operating Lease Liabilities |  | $ | 40,787 |  |  | $ | 46,824 |
Future payments for operating leases are as follows:
|  | Amount |
Fiscal Year |  | (dollars in thousands) |
2022 |  | $ | 7,556 |
2023 |  |  | 6,969 |
2024 |  |  | 6,007 |
2025 |  |  | 5,651 |
2026 |  |  | 4,170 |
Thereafter |  |  | 20,416 |
Total Lease Payments |  | $ | 50,769 |
Less: Imputed Interest |  |  | (9,982 | )
Present Value of Lease Liabilities |  | $ | 40,787 |
Weighted Average Remaining Lease Term (in years) |  |  | 10.5 |
Weighted Average Discount Rate |  |  | 3.79 | %

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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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