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Leases (Tables) | 12 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
Balance Sheet Information | A reconciliation of the balance sheet line items that were impacted or created as a result of the Company’s adoption of ASC 842 as of March 31, 2020 and March 31, 2019 is as follows (in thousands):
|  | Classification |  | March 31, 2020 |  | March 31, 2019
Assets |  |  |  |  |  |
Operating lease assets (a) |  | Other assets |  | $ | 13,668 |  |  | $ | 4,445 |
Finance lease assets (b) |  | Other assets |  | 2,094 |  |  | 3,089 |
Total leased assets |  |  |  | $ | 15,762 |  |  | $ | 7,534 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating (a) |  | Accrued expenses and other current liabilities |  | $ | 3,083 |  |  | $ | 4,172 |
Finance |  | Current portion of long-term debt and finance lease obligations |  | 812 |  |  | 771 |
Noncurrent |  |  |  |  |  |
Operating (a) |  | Long-term operating lease obligations |  | 11,239 |  |  | 15,898 |
Finance |  | Long-term debt and finance lease obligations |  | 2,200 |  |  | 3,012 |
Total lease liabilities |  |  |  | $ | 17,334 |  |  | $ | 23,853 |
___________________ (a) In accordance with ASC 842, $15.7 million of ROU assets related to operating leases were derecognized in the transition period for the three months ended March 31, 2019 in connection with the Restructuring Plan. Pursuant to ASC 842, each related lease liability is derecognized only after the Company is released from that liability. The Company recognized a gain of $1.9 million in restructuring expenses related to the derecognition of lease liabilities in connection with the Restructuring Plan in the transition period for the three months ended March 31, 2019. See Note 15, “Restructuring and other related costs” for further details on the Restructuring Plan and the gain recorded on lease liabilities derecognized in the year ended March 31, 2020 and the transition period for the three months ended March 31, 2019, respectively. (b) Finance leases are recorded net of accumulated amortization of $2.9 million and $1.9 million as of March 31, 2020 and March 31, 2019, respectively.
Components of Lease Expense | he components of operating and finance lease costs were as follows (in thousands):
|  | Classification |  | Twelve months ended March 31, 2020 |  | Three months ended March 31, 2019 (transition period)
Operating lease cost |  | Selling, general and administrative (“SG&A”) expenses |  | $ | 2,950 |  |  | $ | 1,195 |
Gain from extinguishment of lease liabilities |  | Restructuring expense (income) |  | (7,733 | ) |  | (1,866 | )
Acceleration of rent expense |  | Restructuring expenses |  | — |  |  | 16,106 |
Finance lease cost |  |  |  |  |  |
Amortization of leased assets |  | SG&A expenses |  | 996 |  |  | 254 |
Interest on lease liabilities |  | Interest expense, net |  | 179 |  |  | 50 |
Total lease (gain) cost |  |  |  | $ | (3,608 | ) |  | $ | 15,739 |
he weighted average remaining lease term (in years) and discount rate were as follows:
|  | March 31, 2020 |  | March 31, 2019
Weighted-average remaining lease term |  |  |  |
Operating leases |  | 6.8 years |  |  | 5.9 years |
Finance leases |  | 3.3 years |  |  | 4.3 years |
Weighted-average discount rate |  |  |  |
Operating leases |  | 3.7 | % |  | 4.8 | %
Finance leases |  | 5.2 | % |  | 5.2 | %
Maturities of Operating Lease Liabilities | As of March 31, 2020, the aggregate future minimum lease payments under non-cancellable leases presented in accordance with ASC 842 are as follows (in thousands):
|  | Operating leases |  | Finance leases |  | Total
2021 |  | 3,540 |  |  | 950 |  |  | 4,490 |
2022 |  | 2,350 |  |  | 907 |  |  | 3,257 |
2023 |  | 1,924 |  |  | 1,208 |  |  | 3,132 |
2024 |  | 1,962 |  |  | 235 |  |  | 2,197 |
2025 |  | 1,547 |  |  | — |  |  | 1,547 |
Thereafter |  | 4,748 |  |  | — |  |  | 4,748 |
Total lease payments |  | 16,071 |  |  | 3,300 |  |  | 19,371 |
Less: Interest |  | 1,749 |  |  | 288 |  |  |
Present value of lease liabilities |  | $ | 14,322 |  |  | $ | 3,012 |  |  |
Maturities of Finance Lease Liabilities | As of March 31, 2020, the aggregate future minimum lease payments under non-cancellable leases presented in accordance with ASC 842 are as follows (in thousands):
|  | Operating leases |  | Finance leases |  | Total
2021 |  | 3,540 |  |  | 950 |  |  | 4,490 |
2022 |  | 2,350 |  |  | 907 |  |  | 3,257 |
2023 |  | 1,924 |  |  | 1,208 |  |  | 3,132 |
2024 |  | 1,962 |  |  | 235 |  |  | 2,197 |
2025 |  | 1,547 |  |  | — |  |  | 1,547 |
Thereafter |  | 4,748 |  |  | — |  |  | 4,748 |
Total lease payments |  | 16,071 |  |  | 3,300 |  |  | 19,371 |
Less: Interest |  | 1,749 |  |  | 288 |  |  |
Present value of lease liabilities |  | $ | 14,322 |  |  | $ | 3,012 |  |  |
Schedule of Future Minimum Lease Payments | As of December 31, 2018 the aggregate future minimum lease payments under non-cancellable leases presented in accordance with ASC 840 were as follows (in thousands):
Year ending December 31, |  |  |
2019 |  | $ | 5,375 |
2020 |  | 5,210 |
2021 |  | 3,876 |
2022 |  | 2,832 |
2023 |  | 2,858 |
2024 and thereafter |  | 7,167 |
Total |  | $ | 27,318 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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