LEASES

9 Months Ended

Dec. 31, 2021

(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 December 31,				For the Nine Months Ended December 31,
	2021		2020		2021		2020
	(dollars in thousands)
Operating Lease Cost	$	1,512	$	1,642	$	4,592	$	5,205
Short-term Lease Cost		233		418		1,044		2,025
Total Lease Cost	$	1,745	$	2,060	$	5,636	$	7,230

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


	December 31,		March 31,
	2021		2021
	(dollars in thousands)
Operating Leases
Operating Lease Right-of-Use Assets	$	23,923	$	25,811

Current Operating Lease Liabilities	$	7,004	$	6,343
Noncurrent Operating Lease Liabilities		29,960		34,444
Total Operating Lease Liabilities	$	36,964	$	40,787

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


Fiscal Year	Amount
2022 (remaining three months)	$	2,036
2023		7,829
2024		5,949
2025		5,589
2026		4,118
Thereafter		20,371
Total Lease Payments	$	45,892
Less: Imputed Interest		(8,928	)
Present Value of Lease Liabilities	$	36,964

Weighted-Average Remaining Lease Term (in years)		10.2
Weighted-Average Discount Rate		3.79	%