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LESSEE ACCOUNTING | 6 Months Ended
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Sep. 30, 2019
LESSEE ACCOUNTING [Abstract] |
LESSEE ACCOUNTING |
5. | LESSEE ACCOUNTING
We lease office space for periods up to 6 years. We recognize our right-of-use assets as part of property, equipment and other assets. We recognize the current and long-term portions of our lease liability as part of other current liabilities and other liabilities, respectively. We recognized rent expense of $1.5 million and $3.1 million as part of selling, general, and administrative expenses during the three and six months ended September 30, 2019. Supplemental information about the remaining lease terms and discount rates applied as of September 30, 2019:
Lease term and Discount Rate |  | September 30, 2019 |
Weighted average remaining lease term (months) |  |  | 41 |
Weighted average discount rate |  |  | 4.0 | %
Future lease payments under our operating leases as of September 30, 2019 (in thousands):
|  | September 30, 2019 |
Remainder of year ending March 31, 2020 |  | $ | 2,609 |
Year ending March 31, 2021 |  |  | 5,341 |
Year ending March 31, 2022 |  |  | 3,783 |
Year ending March 31, 2023 |  |  | 2,804 |
Year ending March 31, 2024 |  |  | 1,053 |
Thereafter |  |  | 632 |
Total lease payments |  | $ | 16,221 |
Less: Interest |  |  | (1,035 | )
Present value of lease liabilities |  | $ | 15,186 |
As of September 30, 2019, the Company has one additional office lease in Limerick, PA that had not yet commenced with a total commitment of $592 thousand.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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- References No definition available. + Details
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