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v3.20.2

Leases | 3 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
Leases | Leases We lease real estate and equipment for use in our operations. The components of lease expense for the three months ended June 30, 2020 and 2019 were as follows:
|  |  |  |  |  | Three Months Ended June 30, |  |
(In thousands) |  |  |  |  |  | 2020 |  | 2019
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  |  |  | $ | 325 |  |  | $ | — |
Interest on lease liabilities |  |  |  |  |  | 50 |  |  | — |
Operating lease cost |  |  |  |  |  | 1,697 |  |  | 1,216 |
Short term lease cost |  |  |  |  |  | 23 |  |  | 23 |
Variable lease cost |  |  |  |  |  | 11,707 |  |  | 16,599 |
Sublease income |  |  |  |  |  | (54) |  |  | (914) |
Total net lease cost |  |  |  |  |  | $ | 13,748 |  |  | $ | 16,924 |
As of June 30, 2020, the maturities of lease liabilities were as follows:
(In thousands) |  |  |  |  |  |
Year Ending March 31, |  | Operating Leases |  | Financing Lease |  | Total
2021 (Remaining nine months ending March 31, 2021) |  | $ | 5,250 |  |  | $ | 1,052 |  |  | $ | 6,302 |
2022 |  | 6,585 |  |  | 1,404 |  |  | 7,989 |
2023 |  | 6,317 |  |  | 1,404 |  |  | 7,721 |
2024 |  | 6,304 |  |  | 1,404 |  |  | 7,708 |
2025 |  | 4,132 |  |  | 700 |  |  | 4,832 |
Thereafter |  | 4,974 |  |  | — |  |  | 4,974 |
Total undiscounted lease payments |  | 33,562 |  |  | 5,964 |  |  | 39,526 |
Less amount of lease payments representing interest |  | (4,350) |  |  | (420) |  |  | (4,770) |
Total present value of lease payments |  | $ | 29,212 |  |  | $ | 5,544 |  |  | $ | 34,756 |
The weighted average remaining lease term and weighted average discount rate were as follows:
|  |  | June 30, 2020
Weighted average remaining lease term (years) |  |  |
| Operating leases |  | 5.28
| Financing leases |  | 4.25
Weighted average discount rate |  |  |
| Operating leases |  | 5.27 | %
| Financing leases |  | 3.55 %
Under our Master Services Agreement with GEODIS Logistics LLC ("GEODIS"), GEODIS has agreed to purchase certain assets for our use in the future. Under this agreement there is approximately $5.0 million of finance lease liabilities that are expected to commence in the second quarter of fiscal 2021.
Leases | Leases We lease real estate and equipment for use in our operations. The components of lease expense for the three months ended June 30, 2020 and 2019 were as follows:
|  |  |  |  |  | Three Months Ended June 30, |  |
(In thousands) |  |  |  |  |  | 2020 |  | 2019
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  |  |  | $ | 325 |  |  | $ | — |
Interest on lease liabilities |  |  |  |  |  | 50 |  |  | — |
Operating lease cost |  |  |  |  |  | 1,697 |  |  | 1,216 |
Short term lease cost |  |  |  |  |  | 23 |  |  | 23 |
Variable lease cost |  |  |  |  |  | 11,707 |  |  | 16,599 |
Sublease income |  |  |  |  |  | (54) |  |  | (914) |
Total net lease cost |  |  |  |  |  | $ | 13,748 |  |  | $ | 16,924 |
As of June 30, 2020, the maturities of lease liabilities were as follows:
(In thousands) |  |  |  |  |  |
Year Ending March 31, |  | Operating Leases |  | Financing Lease |  | Total
2021 (Remaining nine months ending March 31, 2021) |  | $ | 5,250 |  |  | $ | 1,052 |  |  | $ | 6,302 |
2022 |  | 6,585 |  |  | 1,404 |  |  | 7,989 |
2023 |  | 6,317 |  |  | 1,404 |  |  | 7,721 |
2024 |  | 6,304 |  |  | 1,404 |  |  | 7,708 |
2025 |  | 4,132 |  |  | 700 |  |  | 4,832 |
Thereafter |  | 4,974 |  |  | — |  |  | 4,974 |
Total undiscounted lease payments |  | 33,562 |  |  | 5,964 |  |  | 39,526 |
Less amount of lease payments representing interest |  | (4,350) |  |  | (420) |  |  | (4,770) |
Total present value of lease payments |  | $ | 29,212 |  |  | $ | 5,544 |  |  | $ | 34,756 |
The weighted average remaining lease term and weighted average discount rate were as follows:
|  |  | June 30, 2020
Weighted average remaining lease term (years) |  |  |
| Operating leases |  | 5.28
| Financing leases |  | 4.25
Weighted average discount rate |  |  |
| Operating leases |  | 5.27 | %
| Financing leases |  | 3.55 %
Under our Master Services Agreement with GEODIS Logistics LLC ("GEODIS"), GEODIS has agreed to purchase certain assets for our use in the future. Under this agreement there is approximately $5.0 million of finance lease liabilities that are expected to commence in the second quarter of fiscal 2021.

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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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