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Leases | 9 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases of Lessee Disclosure | LEASES The Company, as a lessee, enters into operating leases for land, buildings, equipment, and vehicles. For all operating leases with terms greater than 12 months and with fixed payment arrangements, a lease liability and corresponding right-of-use asset are recognized in the balance sheet for the term of the lease by calculating the net present value of future lease payments. On the date of lease commencement, the present value of lease liabilities is determined by discounting the future lease payments by the Company’s collateralized incremental borrowing rate, adjusted for the lease term and currency of the lease payments. If a lease contains a renewal option that the Company is reasonably certain to exercise, the Company accounts for the original lease term and expected renewal term in the calculation of the lease liability and right-of-use asset. The following table sets forth the right-of-use assets and lease liabilities for operating leases included in the Company’s consolidated balance sheet:
(in thousands of dollars) |  | December 31, 2020 |  | December 31, 2019 |  | March 31, 2020
Assets |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 34,717 |  |  | $ | 34,230 |  |  | $ | 39,256 |
Liabilities |  |  |  |  |  |
Current portion of operating lease liabilities |  | $ | 9,014 |  |  | $ | 8,394 |  |  | $ | 9,823 |
Long-term operating lease liabilities |  | 22,709 |  |  | 23,465 |  |  | 25,893 |
Total operating lease liabilities |  | $ | 31,723 |  |  | $ | 31,859 |  |  | $ | 35,716 |
The following table sets forth the location and amount of operating lease costs included in the Company's consolidated statement of income:
|  | Three Months Ended December 31, |  | Nine Months Ended December 31,
(in thousands of dollars) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Income Statement Location |  |  |  |  |  |  |  |
Cost of goods sold |  | $ | 3,401 |  |  | $ | 2,786 |  |  | $ | 9,531 |  |  | $ | 7,995 |
Selling, general, and administrative expenses |  | 2,520 |  |  | 2,132 |  |  | 7,176 |  |  | 6,182 |
Total operating lease costs(1) |  | $ | 5,921 |  |  | $ | 4,918 |  |  | $ | 16,707 |  |  | $ | 14,177 |
(1)Includes variable operating lease costs. The following table reconciles the undiscounted cash flows to the operating lease liabilities in the Company’s consolidated balance sheet:
(in thousands of dollars) |  | December 31, 2020
Maturity of Operating Lease Liabilities |  |
2021(excluding the nine months ended December 31, 2020) |  | $ | 3,158 |
2022 |  | 8,760 |
2023 |  | 7,038 |
2024 |  | 5,302 |
2025 |  | 4,286 |
2026 and thereafter |  | 7,264 |
Total undiscounted cash flows for operating leases |  | $ | 35,808 |
Less: Imputed interest |  | (4,085) |
Total operating lease liabilities |  | $ | 31,723 |
As of December 31, 2020, the Company had no leases that did not yet commence. The following table sets forth supplemental information related to operating leases:
|  | Three Months Ended December 31, |  | Nine Months Ended December 31,
(in thousands, except lease term and incremental borrowing rate) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Supplemental Cash Flow Information |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 3,171 |  |  | $ | 3,805 |  |  | $ | 9,358 |  |  | $ | 11,064 |
Right-of-use assets obtained in exchange for new operating leases |  | 1,532 |  |  | 1,512 |  |  | 3,122 |  |  | 5,613 |
Weighted Average Remaining Lease Term (years) |  |  |  |  |  | 5.33 |  | 6.01
Weighted Average Collateralized Incremental Borrowing Rate |  |  |  |  |  | 4.21 | % |  | 4.82 | %

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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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