Leases

6 Months Ended

Sep. 30, 2022

The Company enters into operating leases domestically and internationally to lease certain warehouse space, office facilities, space for its Brand and Factory House stores, and certain equipment under non-cancelable operating leases. The leases expire at various dates through 2035, excluding extensions at the Company's option, and include provisions for rental adjustments. Short-term lease payments were not material for the three and six months ended September 30, 2022 and 2021.

Lease Costs and Other Information

The Company recognizes lease expense on a straight-line basis over the lease term.

The following table illustrates operating and variable lease costs, included in selling, general and administrative expenses within the Company's Condensed Consolidated Statements of Operations, for the periods indicated:


	Three months ended September 30,				Six months ended September 30,
	2022		2021		2022		2021
Operating lease costs	$	36,010	$	35,630	$	71,565	$	72,038
Variable lease costs	$	4,360	$	4,650	$	7,983	$	9,105

There are no residual value guarantees that exist, and there are no restrictions or covenants imposed by leases. The Company rents or subleases excess office facilities and warehouse space to third parties. Sublease income is not material.

The weighted average remaining lease term and discount rate for the periods indicated below were as follows:


	As of September 30, 2022		As of March 31, 2022
Weighted average remaining lease term (in years)	8.24		8.69
Weighted average discount rate	4.26	%	3.72	%

Supplemental Cash Flow Information

The following table presents supplemental information relating to cash flow arising from lease transactions:


	Three months ended September 30,				Six months ended September 30,
	2022		2021		2022		2021
Operating cash outflows from operating leases	$	42,254	$	44,161	$	84,119	$	89,126
Leased assets obtained in exchange for new operating lease liabilities	$	87,971	$	5,348	$	107,560	$	14,322

Maturity of Lease Liabilities

The following table presents the future minimum lease payments under the Company's operating lease liabilities as of September 30, 2022:


Fiscal year ending March 31,
2023 (six months ending)	$	79,425
2024	165,195
2025	145,072
2026	113,355
2027	95,046
2028 and thereafter	397,650
Total lease payments	$	995,743
Less: Interest	158,532
Total present value of lease liabilities	$	837,211

As of September 30, 2022, the Company has additional operating lease obligations that have not yet commenced of approximately $3.3 million, which are not reflected in the table above.