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Leases | 9 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Leases | Note 6 – Leases The Company’s operating leases consist primarily of leases for office space, data centers and satellite ground facilities and have remaining terms from less than one year to ten years, some of which include renewal options, and some of which include options to terminate the leases within one year. Certain earth station leases have renewal terms that have been deemed to be reasonably certain to be exercised and as such have been recognized as part of the Company’s right-of-use assets and lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company recognized right-of-use assets and lease liabilities for such leases in connection with its adoption of ASC 842 as of April 1, 2019 (see Note 1 — Basis of Presentation — Leases for more information). The Company reports operating lease right-of-use assets in operating lease right-of-use assets and the current and non-current portions of its operating lease liabilities in accrued and other liabilities and non-current operating lease liabilities, respectively. The Company’s finance leases consist primarily of satellite lifetime Ka-band capacity leases and have remaining terms from one to seven years. The Company reports assets obtained under finance leases in property, equipment and satellites, net and the current and non-current portions of its finance lease liabilities in current portion of long-term debt and other long-term debt, respectively. The components of the Company's lease costs, weighted average lease terms and discount rates are presented in the tables below:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | December 31, 2019 |  |  | December 31, 2019 |
|  | (In thousands) |
Lease cost: |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 15,348 |  |  | $ | 45,728 |
Finance lease cost: |  |  |  |  |  |  |  |
Depreciation of assets obtained under finance leases |  |  | 3,659 |  |  |  | 7,676 |
Interest on lease liabilities |  |  | 924 |  |  |  | 1,254 |
Short-term lease cost |  |  | 1,474 |  |  |  | 3,491 |
Variable lease cost |  |  | 2,724 |  |  |  | 6,446 |
Net lease cost |  | $ | 24,129 |  |  | $ | 64,595 |
|  | As of |
|  | December 31, 2019 |
Lease term and discount rate: |  |  |  |
Weighted average remaining lease term (in years): |  |  |  |
Operating leases |  |  | 7.2 |
Finance leases |  |  | 6.6 |
Weighted average discount rate: |  |  |  |
Operating leases |  |  | 5.4 | %
Finance leases |  |  | 5.4 | %
The following table details components of the condensed consolidated statements of cash flows for operating and finance leases:
|  | Nine Months Ended |
|  | December 31, 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 44,522 |
Operating cash flows from finance leases |  | $ | 955 |
Financing cash flows from finance leases |  | $ | 5,495 |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |  |
Operating leases |  | $ | 17,900 |
Finance leases |  | $ | 72,711 |
The following table presents maturities of the Company’s lease liabilities as of December 31, 2019:
|  | Operating Leases |  |  | Finance Leases |
|  | (In thousands) |
Expected for the remainder of fiscal year 2020 |  | $ | 13,596 |  |  | $ | 3,450 |
Expected for fiscal year 2021 |  |  | 60,671 |  |  |  | 13,350 |
Expected for fiscal year 2022 |  |  | 58,438 |  |  |  | 12,000 |
Expected for fiscal year 2023 |  |  | 52,817 |  |  |  | 12,000 |
Expected for fiscal year 2024 |  |  | 52,572 |  |  |  | 12,000 |
Thereafter |  |  | 165,166 |  |  |  | 27,000 |
Total future lease payments required |  |  | 403,260 |  |  |  | 79,800 |
Less: interest |  |  | 71,271 |  |  |  | 12,285 |
Total |  | $ | 331,989 |  |  | $ | 67,515 |
As of December 31, 2019, the Company had $93.0 million of additional lease commitments that will commence in the future between fiscal years 2020 and 2021 with lease terms of three to 12 years. As discussed in Note 1 — Basis of Presentation, the Company has adopted ASC 842 using the optional transition method presenting prior period amounts and disclosures under ASC 840. The following table presents the Company's future minimum lease payments for operating leases under ASC 840 at March 31, 2019:
|  | Operating Leases |
|  | March 31, 2019 |
|  | (In thousands) |
Expected for fiscal year 2020 |  | $ | 59,164 |
Expected for fiscal year 2021 |  |  | 59,452 |
Expected for fiscal year 2022 |  |  | 57,500 |
Expected for fiscal year 2023 |  |  | 50,933 |
Expected for fiscal year 2024 |  |  | 51,000 |
Thereafter |  |  | 183,077 |
Total minimum payments required |  | $ | 461,126 |
Rent expense was $53.5 million for the fiscal year ended March 31, 2019.

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