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Leases (Tables) | 6 Months Ended
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Sep. 30, 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 September 30, 2021, March 31, 2021 and September 30, 2020 were as follows (in thousands):
|  | Classification |  | September 30, 2021 |  | March 31, 2021 |  | September 30, 2020
Assets |  |  |  |  |  |  |  |
Operating lease assets |  | Other assets |  | $ | 20,270 |  |  | $ | 22,691 |  |  | $ | 21,548 |
Finance lease assets (a) |  | Other assets |  | 874 |  |  | 1,100 |  |  | 1,599 |
Total leased assets |  |  |  | $ | 21,144 |  |  | $ | 23,791 |  |  | $ | 23,147 |
Liabilities |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |
Operating |  | Accrued expenses and other current liabilities |  | $ | 4,233 |  |  | $ | 4,292 |  |  | $ | 3,374 |
Finance |  | Current portion of long-term debt and finance lease obligations |  | 774 |  |  | 812 |  |  | 812 |
Noncurrent |  |  |  |  |  |  |  |
Operating |  | Long-term operating lease obligations |  | 17,919 |  |  | 20,084 |  |  | 19,185 |
Finance |  | Long-term debt and finance lease obligations |  | 1,029 |  |  | 1,388 |  |  | 1,799 |
Total lease liabilities |  |  |  | $ | 23,955 |  |  | $ | 26,576 |  |  | $ | 25,170 |
_____________________ (a) Finance leases are recorded net of accumulated amortization of $2.8 million, $3.2 million and $3.4 million as of September 30, 2021, March 31, 2021 and September 30, 2020, respectively. As of September 30, 2021 and September 30, 2020, the weighted-average remaining lease term (in years) and discount rate were as follows:
|  | September 30, 2021 |  | September 30, 2020
Weighted-average remaining lease term |  |  |  |
Operating leases |  | 5.6 years |  | 6.5 years
Finance leases |  | 2.3 years |  | 2.8 years
Weighted-average discount rate |  |  |  |
Operating leases |  | 2.8 | % |  | 2.8 | %
Finance leases |  | 3.0 | % |  | 5.2 | %
Components of Lease Expense | For the three and six months ended September 30, 2021 and September 30, 2020, the components of operating and finance lease costs were as follows (in thousands):
|  |  |  |  |  | Three months ended September 30, |  | Six months ended September 30,
|  | Classification |  | 2021 |  | 2020 |  | 2021 |  | 2020
Operating lease cost |  | Selling, general and administrative (“SG&A”) expenses |  | $ | 1,242 |  |  | $ | 1,046 |  |  | $ | 2,312 |  |  | $ | 2,126 |
Finance lease cost |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  | SG&A expenses |  | 105 |  |  | 247 |  |  | 226 |  |  | 495 |
Interest on lease liabilities |  | Interest expense, net |  | 15 |  |  | 36 |  |  | 39 |  |  | 74 |
Total lease cost |  |  |  | $ | 1,362 |  |  | $ | 1,329 |  |  | $ | 2,577 |  |  | $ | 2,695 |
Maturities of Operating Lease Liabilities | As of September 30, 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
Remainder of Fiscal 2022 |  | $ | 2,322 |  |  | $ | 408 |  |  | $ | 2,730 |
2023 |  | 4,864 |  |  | 816 |  |  | 5,680 |
2024 |  | 4,890 |  |  | 582 |  |  | 5,472 |
2025 |  | 4,075 |  |  | 58 |  |  | 4,133 |
2026 |  | 3,091 |  |  | — |  |  | 3,091 |
Thereafter |  | 4,606 |  |  | — |  |  | 4,606 |
Total lease payments |  | 23,848 |  |  | 1,864 |  |  | 25,712 |
Less: Interest |  | 1,696 |  |  | 61 |  |  | 1,757 |
Present value of lease liabilities |  | $ | 22,152 |  |  | $ | 1,803 |  |  | $ | 23,955 |
Maturities of Finance Lease Liabilities | As of September 30, 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
Remainder of Fiscal 2022 |  | $ | 2,322 |  |  | $ | 408 |  |  | $ | 2,730 |
2023 |  | 4,864 |  |  | 816 |  |  | 5,680 |
2024 |  | 4,890 |  |  | 582 |  |  | 5,472 |
2025 |  | 4,075 |  |  | 58 |  |  | 4,133 |
2026 |  | 3,091 |  |  | — |  |  | 3,091 |
Thereafter |  | 4,606 |  |  | — |  |  | 4,606 |
Total lease payments |  | 23,848 |  |  | 1,864 |  |  | 25,712 |
Less: Interest |  | 1,696 |  |  | 61 |  |  | 1,757 |
Present value of lease liabilities |  | $ | 22,152 |  |  | $ | 1,803 |  |  | $ | 23,955 |

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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=123408670&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=123408670&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=123408670&loc=SL77918701-209980 + Details
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