XML 28 R14.htm IDEA: XBRL DOCUMENT v3.22.1
Leases
 12 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases Leases
The components of lease expense for the years ended March 31, 2022 and 2021 were as follows:
March 31,
(In thousands)20222021
Finance lease cost:
     Amortization of right-of-use assets$2,579 $2,039 
     Interest on lease liabilities239 254 
Operating lease cost6,670 6,754 
Short term lease cost107 85 
Variable lease cost42,868 46,771 
Sublease income— (188)
Total net lease cost$52,463 $55,715 
As of March 31, 2022, the maturities of lease liabilities were as follows:
(In thousands)
Year Ending March 31,Operating LeasesFinancing LeasesTotal
2023$6,931 $2,922 $9,853 
20246,804 2,922 9,726 
20254,624 1,509 6,133 
20262,212 96 2,308 
20271,889 80 1,969 
Thereafter1,705 — 1,705 
Total undiscounted lease payments24,165 7,529 31,694 
Less amount of lease payments representing interest(1,717)(276)(1,993)
Total present value of lease payments$22,448 $7,253 $29,701 

The weighted average remaining lease term and weighted average discount rate were as follows:
March 31, 2022
Weighted average remaining lease term (years)
Operating leases4.03
Financing leases2.64
Weighted average discount rate
Operating leases3.03 %
Financing leases2.96 %

Under our Master Services Agreement with GEODIS Logistics LLC ("GEODIS"), GEODIS purchased certain assets for our use that went into service during 2022, 2021 and 2020. The noncash lease liability arising from obtaining ROU assets was $0.5 million for the assets that went into service in 2022, $5.2 million for the assets that went into service in 2021 and $6.4 million for assets that went into service in 2020. These amounts represent noncash financing activities.
Leases Leases
The components of lease expense for the years ended March 31, 2022 and 2021 were as follows:
March 31,
(In thousands)20222021
Finance lease cost:
     Amortization of right-of-use assets$2,579 $2,039 
     Interest on lease liabilities239 254 
Operating lease cost6,670 6,754 
Short term lease cost107 85 
Variable lease cost42,868 46,771 
Sublease income— (188)
Total net lease cost$52,463 $55,715 
As of March 31, 2022, the maturities of lease liabilities were as follows:
(In thousands)
Year Ending March 31,Operating LeasesFinancing LeasesTotal
2023$6,931 $2,922 $9,853 
20246,804 2,922 9,726 
20254,624 1,509 6,133 
20262,212 96 2,308 
20271,889 80 1,969 
Thereafter1,705 — 1,705 
Total undiscounted lease payments24,165 7,529 31,694 
Less amount of lease payments representing interest(1,717)(276)(1,993)
Total present value of lease payments$22,448 $7,253 $29,701 

The weighted average remaining lease term and weighted average discount rate were as follows:
March 31, 2022
Weighted average remaining lease term (years)
Operating leases4.03
Financing leases2.64
Weighted average discount rate
Operating leases3.03 %
Financing leases2.96 %

Under our Master Services Agreement with GEODIS Logistics LLC ("GEODIS"), GEODIS purchased certain assets for our use that went into service during 2022, 2021 and 2020. The noncash lease liability arising from obtaining ROU assets was $0.5 million for the assets that went into service in 2022, $5.2 million for the assets that went into service in 2021 and $6.4 million for assets that went into service in 2020. These amounts represent noncash financing activities.