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Leases
 12 Months Ended
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 liabilities84  
Operating lease cost7,914  
Short term lease cost104  
Variable lease cost64,230  
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 LeasesFinancing LeasesTotal
2021$7,019  $1,404  $8,423  
20226,497  1,404  7,901  
20236,305  1,404  7,709  
20246,294  1,404  7,698  
20254,123  700  4,823  
Thereafter4,973  —  4,973  
Total undiscounted lease payments35,211  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 leases5.40
Financing leases4.50
Weighted average discount rate
Operating leases5.28 %
Financing leases3.55 %


The following table summarizes future minimum lease payments for our operating leases as of March 31, 2019, before adoption of Topic 842:
(In thousands)FacilitiesEquipmentTotal
Year Ending March 31,   
2020$2,828  $314  $3,142  
20212,633  248  2,881  
20222,265  213  2,478  
20231,684  105  1,789  
20241,705  —  1,705  
Thereafter6,780  —  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 liabilities84  
Operating lease cost7,914  
Short term lease cost104  
Variable lease cost64,230  
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 LeasesFinancing LeasesTotal
2021$7,019  $1,404  $8,423  
20226,497  1,404  7,901  
20236,305  1,404  7,709  
20246,294  1,404  7,698  
20254,123  700  4,823  
Thereafter4,973  —  4,973  
Total undiscounted lease payments35,211  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 leases5.40
Financing leases4.50
Weighted average discount rate
Operating leases5.28 %
Financing leases3.55 %


The following table summarizes future minimum lease payments for our operating leases as of March 31, 2019, before adoption of Topic 842:
(In thousands)FacilitiesEquipmentTotal
Year Ending March 31,   
2020$2,828  $314  $3,142  
20212,633  248  2,881  
20222,265  213  2,478  
20231,684  105  1,789  
20241,705  —  1,705  
Thereafter6,780  —  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.