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Leases (Tables) | 12 Months Ended
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Mar. 31, 2021
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, 2021 and March 31, 2020 is as follows (in thousands):
|  | Classification |  | March 31, 2021 |  | March 31, 2020
Assets |  |  |  |  |  |
Operating lease assets (a) |  | Other assets |  | $ | 22,691 |  |  | $ | 13,668 |
Finance lease assets (b) |  | Other assets |  | 1,100 |  |  | 2,094 |
Total leased assets |  |  |  | $ | 23,791 |  |  | $ | 15,762 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating (a) |  | Accrued expenses and other current liabilities |  | $ | 4,292 |  |  | $ | 3,083 |
Finance |  | Current portion of long-term debt and finance lease obligations |  | 812 |  |  | 812 |
Noncurrent |  |  |  |  |  |
Operating (a) |  | Long-term operating lease obligations |  | 20,084 |  |  | 11,239 |
Finance |  | Long-term debt and finance lease obligations |  | 1,388 |  |  | 2,200 |
Total lease liabilities |  |  |  | $ | 26,576 |  |  | $ | 17,334 |
___________________ (a) In accordance with ASC 842, $15.7 million of ROU assets related to operating leases were derecognized in the three-month transition period ended March 31, 2019 in connection with the 2019 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 2019 Restructuring Plan in the three-month transition period ended March 31, 2019. See Note 15 Restructuring and other related costs to consolidated financial statements in Part IV, Item 15 “Exhibits, financial statement schedules” under the heading "2019 Restructuring Plan" for the 2019 Restructuring Plan and the gain recorded on lease liabilities derecognized in the year ended March 31, 2020 and the three-month transition period ended March 31, 2019, respectively. During the year ended March 31, 2021, the Company implemented the 2021 Restructuring Plan to record the charge for impairment of ROA assets related to the manufacturing plant closure in accordance with the equipment lease agreements. The amount was immaterial as of March 31, 2021. See Note 15 Restructuring and other related costs to consolidated financial statements in Part IV, Item 15 “Exhibits, financial statement schedules” under the heading "2021 Restructuring Plan" for further details. (b) Finance leases are recorded net of accumulated amortization of $3.2 million and $2.9 million as of March 31, 2021 and March 31, 2020, respectively.
Components of Lease Expense | For the years ended March 31, 2021, March 31, 2020 and the transition period for the three-month transition period ended March 31, 2019, the components of operating and finance lease costs were as follows (in thousands):
|  |  |  |  |  |  | Year ended March 31, |  | Three months ended March 31, (transition period)
|  | Classification |  | 2021 |  | 2020 |  | 2019
Operating lease cost |  | Selling, general and administrative (“SG&A”) expenses |  | $ | 4,756 |  |  | $ | 2,950 |  |  | $ | 1,195 |
Gain from extinguishment of lease liabilities |  | Restructuring income |  | — |  |  | (7,733) |  |  | (1,866) |
Acceleration of rent expense |  | Restructuring expenses |  | — |  |  | — |  |  | 16,106 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of leased assets |  | SG&A expenses |  | 970 |  |  | 996 |  |  | 254 |
Interest on lease liabilities |  | Interest expense, net |  | 137 |  |  | 179 |  |  | 50 |
Total lease cost (gain) |  |  |  | $ | 5,863 |  |  | $ | (3,608) |  |  | $ | 15,739 |
As of March 31, 2021 and March 31, 2020, the weighted average remaining lease term (in years) and discount rate were as follows:
|  | March 31, 2021 |  | March 31, 2020
Weighted-average remaining lease term |  |  |  |
Operating leases |  | 6.0 years |  | 6.8 years
Finance leases |  | 2.3 years |  | 3.3 years
Weighted-average discount rate |  |  |  |
Operating leases |  | 2.8 | % |  | 3.7 | %
Finance leases |  | 5.2 | % |  | 5.2 | %
Maturities of Operating Lease Liabilities | As of March 31, 2021, 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
2022 |  | 4,823 |  |  | 907 |  |  | 5,730 |
2023 |  | 4,857 |  |  | 1,208 |  |  | 6,065 |
2024 |  | 4,884 |  |  | 235 |  |  | 5,119 |
2025 |  | 4,075 |  |  | — |  |  | 4,075 |
2026 |  | 3,091 |  |  | — |  |  | 3,091 |
Thereafter |  | 4,605 |  |  | — |  |  | 4,605 |
Total lease payments |  | 26,335 |  |  | 2,350 |  |  | 28,685 |
Less: Interest |  | 1,959 |  |  | 150 |  |  |
Present value of lease liabilities |  | $ | 24,376 |  |  | $ | 2,200 |  |  |
Maturities of Finance Lease Liabilities | As of March 31, 2021, 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
2022 |  | 4,823 |  |  | 907 |  |  | 5,730 |
2023 |  | 4,857 |  |  | 1,208 |  |  | 6,065 |
2024 |  | 4,884 |  |  | 235 |  |  | 5,119 |
2025 |  | 4,075 |  |  | — |  |  | 4,075 |
2026 |  | 3,091 |  |  | — |  |  | 3,091 |
Thereafter |  | 4,605 |  |  | — |  |  | 4,605 |
Total lease payments |  | 26,335 |  |  | 2,350 |  |  | 28,685 |
Less: Interest |  | 1,959 |  |  | 150 |  |  |
Present value of lease liabilities |  | $ | 24,376 |  |  | $ | 2,200 |  |  |

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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=121609121&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=121609121&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=121609121&loc=SL77918701-209980 + Details
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