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Leases | 6 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Leases |
9. | Leases
The Company leases various facilities in North America and Asia under operating leases expiring through December 2032. The Company has two non-cancellable lease agreements for two buildings in Mexico which were executed, but had not commenced as of September 30, 2019, and accordingly were not included in the operating lease assets and operating lease liabilities as of September 30, 2019. Total commitments for the 15-year lease terms of these agreements is $25,542,000.The Company also has finance leases for certain office and manufacturing equipment, which generally range from three to five years. The Company determines if an arrangement contains a lease at inception. Lease assets and lease liabilities are recorded based on the present value of lease payments over the lease term, which includes the minimum unconditional term of the lease. Certain of the Company’s leases include options to extend the leases for up to five years. When the Company has the option to extend the lease term, terminate the lease before the contractual expiration date, or purchase the leased asset, and it is reasonably certain that it will exercise the option, the option is considered in determining the classification and measurement of the lease. The lease assets are recorded net of any lease incentives received. Lease assets are tested for impairment in the same manner as long-lived assets used in operations. As the rate implicit for each of its leases is not readily determinable, the Company uses its incremental borrowing rate, based on the information available at the lease commencement date, for each of its leases in determining the present value of its expected lease payments. The Company’s incremental borrowing rate is determined by analyzing and combining an applicable risk-free rate, a financial spread adjustment and any lease specific adjustment. Certain leases contain provisions for property-related costs that are variable in nature for which the Company is responsible, including common area maintenance and other property operating services, which are expensed as incurred and not included in the determination of lease assets and lease liabilities. These costs are calculated based on a variety of factors including property values, tax and utility rates, property services fees, and other factors. The Company records rent expense for operating leases, some of which have escalating rent payments, on a straight-line basis over the lease term. Balance sheet information for leases is as follows:
|  |  |  | September 30, 2019 |
Leases |  | Classification |  |  |
Assets: |  |  |  |  |
Operating |  | Operating lease assets |  | $ | 49,262,000 |
Finance |  | Plant and equipment |  |  | 7,079,000 |
Total leased assets |  |  |  | $ | 56,341,000 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Operating lease liabilities |  | $ | 4,487,000 |
Finance |  | Other current liabilities |  |  | 2,036,000 |
Long-term |  |  |  |  |  |
Operating |  | Long-term operating lease liabilities |  |  | 47,925,000 |
Finance |  | Other liabilities |  |  | 4,149,000 |
Total lease liabilities |  |  |  | $ | 58,597,000 |
Lease cost recognized in the condensed consolidated statement of operations is as follows:
|  | Three Months Ended September 30, |  |  | Six Months Ended September 30, |
|  | 2019 |  |  | 2019 |
Lease cost |  |  |  |  |  |
Operating lease cost |  | $ | 1,987,000 |  |  | $ | 3,885,000 |
Short-term lease cost |  |  | 295,000 |  |  |  | 698,000 |
Variable lease cost |  |  | 157,000 |  |  |  | 287,000 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of finance lease assets |  |  | 372,000 |  |  |  | 730,000 |
Interest on finance lease liabilities |  |  | 73,000 |  |  |  | 141,000 |
Total lease cost |  | $ | 2,884,000 |  |  | $ | 5,741,000 |
Maturities of lease commitments at September 30, 2019 were as follows:
Maturity of lease liabilities |  | Operating Leases |  |  | Finance Leases |  |  | Total |
2020 - remaining six months |  | $ | 3,799,000 |  |  | $ | 1,172,000 |  |  | $ | 4,971,000 |
2021 |  |  | 6,957,000 |  |  |  | 2,074,000 |  |  |  | 9,031,000 |
2022 |  |  | 6,168,000 |  |  |  | 1,740,000 |  |  |  | 7,908,000 |
2023 |  |  | 4,968,000 |  |  |  | 1,131,000 |  |  |  | 6,099,000 |
2024 |  |  | 4,866,000 |  |  |  | 472,000 |  |  |  | 5,338,000 |
Thereafter |  |  | 47,268,000 |  |  |  | 113,000 |  |  |  | 47,381,000 |
Total lease payments |  |  | 74,026,000 |  |  |  | 6,702,000 |  |  |  | 80,728,000 |
Less amount representing interest |  |  | (21,614,000 | ) |  |  | (517,000 | ) |  |  | (22,131,000 | )
Present value of lease liabilities |  | $ | 52,412,000 |  |  | $ | 6,185,000 |  |  | $ | 58,597,000 |
Other information about leases is as follows:
|  | Six Months Ended September 30, 2019 |
Lease term and discount rate |  |  |
Weighted-average remaining lease term (years): |
Finance leases |  |  | 3.4 |
Operating leases |  |  | 12.0 |
Weighted-average discount rate: |
Finance leases |  |  | 4.8 | %
Operating leases |  |  | 5.6 | %

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- Definition The entire disclosure for operating and finance leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating and finance lease liability. + References No definition available. + Details
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- References No definition available. + Details
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