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LEASES | 9 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
LEASES | LEASES Accounting Policies and Matters Requiring Management's Judgment When determining the economic life of a lease the Company adopts a convention of applying an economic life equal to the useful life as specified in its accounting policy. Refer to Note 1, “Property and Equipment,” to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2020 for a description of the Company's accounting policy regarding useful lives. The Company uses its effective annual interest rate, adjusted for certain assumptions, as the discount rate when evaluating leases under Topic 842. Management applies the adjusted effective annual interest rate to leases entered for the entirety of the subsequent year. Based on its historical practice, the Company believes it is reasonably certain to exercise a given option associated with a given office space lease. Therefore, the Company classifies all lease options for office space as “reasonably certain” unless it has specific knowledge to the contrary for a given lease. The Company does not believe it is reasonably certain to exercise any options associated with its office equipment leases. Periodic Disclosures The Company's leases consist of real estate leases for office space as well as office equipment leases, all of which were classified as operating at December 31, 2020. Both the real estate and office equipment leases range from three years to five years, and generally contain options to extend which mirror the original terms of the lease. The following table reports information about the Company's lease cost for the three and nine months ended December 31, 2020 and 2019:
|  | Three months ended December 31, |  | Nine months ended December 31,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Lease Cost |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 6,939,330 |  |  | $ | 6,636,596 |  |  | $ | 21,027,265 |  |  | $ | 19,289,946 |
Short-term lease cost |  | — |  |  | 1,800 |  |  | 1,800 |  |  | 1,800 |
Variable lease cost |  | 882,559 |  |  | 835,637 |  |  | 2,659,932 |  |  | 2,450,322 |
Total lease cost |  | $ | 7,821,889 |  |  | $ | 7,474,033 |  |  | $ | 23,688,997 |  |  | $ | 21,742,068 |
The following table reports other information about the Company's leases for the three and nine months ended December 31, 2020 and 2019:
|  | Three months ended December 31, |  | Nine months ended December 31,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Other Lease Information |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 6,845,544 |  |  | $ | 6,515,141 |  |  | $ | 20,694,712 |  |  | $ | 18,818,335 |
Right-of-use assets obtained in exchange for new operating lease liabilities(1) |  | $ | 2,116,215 |  |  | $ | 8,182,788 |  |  | $ | 9,748,709 |  |  | $ | 31,476,079 |
Weighted average remaining lease term — operating leases |  | 7.3 years |  | 8.5 years |  | 7.3 years |  | 8.5 years
Weighted-average discount rate — operating leases |  | 6.3 | % |  | 6.7 | % |  | 6.3 | % |  | 6.7 | %
_______________________________________________________ (1) In May 2019 the Company executed a new 10 year lease agreement for its corporate headquarters in Greenville, South Carolina. The lease payments commenced in December 2019; however, execution of the lease agreement triggered recognition of the right-of-use asset in May 2019 for approximately $15.6 million. The following table reports information about the maturity of the Company's operating leases as of December 31, 2020:
|  |  |  | December 31, 2020 |  |
Operating lease liability maturity analysis |  |  |  |  |  |
Fiscal 2021 |  |  |  | $ | 6,779,218 |  |  |
Fiscal 2022 |  |  |  | 24,901,962 |  |  |
Fiscal 2023 |  |  |  | 20,560,663 |  |  |
Fiscal 2024 |  |  |  | 16,573,622 |  |  |
Fiscal 2025 |  |  |  | 12,182,488 |  |  |
Fiscal 2026 |  |  |  | 8,500,529 |  |  |
Thereafter |  |  |  | 30,535,307 |  |  |
Total undiscounted lease liability |  |  |  | 120,033,789 |  |  |
Imputed interest |  |  |  | 25,649,254 |  |  |
Total discounted lease liability |  |  |  | $ | 94,384,535 |  |  |
The Company had no leases with related parties at December 31, 2020 or March 31, 2020.

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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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