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Leases | 12 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
Leases | Leases The components of lease expense for the year ended March 31, 2020 were as follows:
(In thousands) |  |  |
Finance lease cost: |  |  |  |
Amortization of right-of-use assets |  |  | $ | 522 |
Interest on lease liabilities |  |  | 84 |
Operating lease cost |  |  | 7,914 |
Short term lease cost |  |  | 104 |
Variable lease cost |  |  | 64,230 |
Sublease income |  |  | (3,441) |
Total net lease cost |  |  | $ | 69,413 |
As of March 31, 2020, the maturities of lease liabilities were as follows:
(In thousands) |  |  |  |  |  |
Year Ending March 31, |  | Operating Leases |  | Financing Leases |  | Total
2021 |  | $ | 7,019 |  |  |  | $ | 1,404 |  |  | $ | 8,423 |
2022 |  | 6,497 |  |  |  | 1,404 |  |  | 7,901 |
2023 |  | 6,305 |  |  |  | 1,404 |  |  | 7,709 |
2024 |  | 6,294 |  |  |  | 1,404 |  |  | 7,698 |
2025 |  | 4,123 |  |  |  | 700 |  |  | 4,823 |
Thereafter |  | 4,973 |  |  |  | — |  |  | 4,973 |
Total undiscounted lease payments |  | 35,211 |  |  |  | 6,316 |  |  | 41,527 |
Less amount of lease payments representing interest |  | (4,722) |  |  |  | (470) |  |  | (5,192) |
Total present value of lease payments |  | $ | 30,489 |  |  |  | $ | 5,846 |  |  | $ | 36,335 |
The weighted average remaining lease term and weighted average discount rate were as follows:
|  |  | March 31, 2020
Weighted average remaining lease term (years) |  |  |
| Operating leases |  | 5.40
| Financing leases |  | 4.50
Weighted average discount rate |  |  |
| Operating leases |  | 5.28 | %
| Financing leases |  | 3.55 | %
The following table summarizes future minimum lease payments for our operating leases as of March 31, 2019, before adoption of Topic 842:
(In thousands) | Facilities |  | Equipment |  | Total
Year Ending March 31, |  |  |  |  |
2020 | $ | 2,828 |  |  | $ | 314 |  |  | $ | 3,142 |
2021 | 2,633 |  |  | 248 |  |  | 2,881 |
2022 | 2,265 |  |  | 213 |  |  | 2,478 |
2023 | 1,684 |  |  | 105 |  |  | 1,789 |
2024 | 1,705 |  |  | — |  |  | 1,705 |
Thereafter | 6,780 |  |  | — |  |  | 6,780 |
| $ | 17,895 |  |  | $ | 880 |  |  | $ | 18,775 |
In May 2019, we entered into a Master Logistics Services Agreement with GEODIS Logistics LLC (“GEODIS”), pursuant to which GEODIS serves as a new third party logistics provider. The agreement has an initial term of five years with an option to renew for an additional five year term. Under the Master Logistics Services Agreement, we authorized GEODIS to lease a facility under a five year term. The lease commenced in July 2019, and the lease and non-lease components were recorded in our second quarter fiscal year 2020 financial statements. The ROU asset and operating lease liability at lease commencement was $18.9 million. In late fiscal 2020, we recorded a finance lease for assets purchased by GEODIS for our use per the Master Logistics Service Agreement.
Leases | Leases The components of lease expense for the year ended March 31, 2020 were as follows:
(In thousands) |  |  |
Finance lease cost: |  |  |  |
Amortization of right-of-use assets |  |  | $ | 522 |
Interest on lease liabilities |  |  | 84 |
Operating lease cost |  |  | 7,914 |
Short term lease cost |  |  | 104 |
Variable lease cost |  |  | 64,230 |
Sublease income |  |  | (3,441) |
Total net lease cost |  |  | $ | 69,413 |
As of March 31, 2020, the maturities of lease liabilities were as follows:
(In thousands) |  |  |  |  |  |
Year Ending March 31, |  | Operating Leases |  | Financing Leases |  | Total
2021 |  | $ | 7,019 |  |  |  | $ | 1,404 |  |  | $ | 8,423 |
2022 |  | 6,497 |  |  |  | 1,404 |  |  | 7,901 |
2023 |  | 6,305 |  |  |  | 1,404 |  |  | 7,709 |
2024 |  | 6,294 |  |  |  | 1,404 |  |  | 7,698 |
2025 |  | 4,123 |  |  |  | 700 |  |  | 4,823 |
Thereafter |  | 4,973 |  |  |  | — |  |  | 4,973 |
Total undiscounted lease payments |  | 35,211 |  |  |  | 6,316 |  |  | 41,527 |
Less amount of lease payments representing interest |  | (4,722) |  |  |  | (470) |  |  | (5,192) |
Total present value of lease payments |  | $ | 30,489 |  |  |  | $ | 5,846 |  |  | $ | 36,335 |
The weighted average remaining lease term and weighted average discount rate were as follows:
|  |  | March 31, 2020
Weighted average remaining lease term (years) |  |  |
| Operating leases |  | 5.40
| Financing leases |  | 4.50
Weighted average discount rate |  |  |
| Operating leases |  | 5.28 | %
| Financing leases |  | 3.55 | %
The following table summarizes future minimum lease payments for our operating leases as of March 31, 2019, before adoption of Topic 842:
(In thousands) | Facilities |  | Equipment |  | Total
Year Ending March 31, |  |  |  |  |
2020 | $ | 2,828 |  |  | $ | 314 |  |  | $ | 3,142 |
2021 | 2,633 |  |  | 248 |  |  | 2,881 |
2022 | 2,265 |  |  | 213 |  |  | 2,478 |
2023 | 1,684 |  |  | 105 |  |  | 1,789 |
2024 | 1,705 |  |  | — |  |  | 1,705 |
Thereafter | 6,780 |  |  | — |  |  | 6,780 |
| $ | 17,895 |  |  | $ | 880 |  |  | $ | 18,775 |
In May 2019, we entered into a Master Logistics Services Agreement with GEODIS Logistics LLC (“GEODIS”), pursuant to which GEODIS serves as a new third party logistics provider. The agreement has an initial term of five years with an option to renew for an additional five year term. Under the Master Logistics Services Agreement, we authorized GEODIS to lease a facility under a five year term. The lease commenced in July 2019, and the lease and non-lease components were recorded in our second quarter fiscal year 2020 financial statements. The ROU asset and operating lease liability at lease commencement was $18.9 million. In late fiscal 2020, we recorded a finance lease for assets purchased by GEODIS for our use per the Master Logistics Service Agreement.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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