Leases (Tables)

6 Months Ended

Sep. 30, 2021

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

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(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