Leases (Tables)

12 Months Ended

Mar. 31, 2020

Balance sheet information for leases is comprised of the following:

		March 31, 2020
Leases	Classification
Assets:
Operating	Operating lease assets	$	53,029,000
Finance (1)	Plant and equipment		6,922,000
Total leased assets		$	59,951,000

Liabilities:
Current
Operating	Operating lease liabilities	$	5,104,000
Finance	Other current liabilities		2,059,000
Long-term
Operating	Long-term operating lease liabilities		61,425,000
Finance	Other liabilities		3,905,000
Total lease liabilities		$	72,493,000

(1)	The Company had $5,403,000 in capital lease assets included in plant and equipment at March 31, 2019.

Lease cost recognized in the consolidated statement of operations is comprised of the following:

	Year Ended March 31,
	2020
Lease cost
Operating lease cost (1)	$	8,733,000
Short-term lease cost		1,263,000
Variable lease cost		600,000
Finance lease cost:
Amortization of finance lease assets		1,616,000
Interest on finance lease liabilities		281,000
Total lease cost	$	12,493,000

(1)	During the years ended March 31, 2019 and 2018, the Company incurred total operating lease expenses of $6,188,000 and $4,362,000, respectively.

Maturities of lease commitments at March 31, 2020 were as follows:

Maturity of lease liabilities	Operating Leases			Finance Leases			Total
2021	$	9,536,000		$	2,292,000		$	11,828,000
2022		8,755,000			1,955,000			10,710,000
2023		7,503,000			1,325,000			8,828,000
2024		7,261,000			610,000			7,871,000
2025		7,368,000			243,000			7,611,000
Thereafter		59,837,000			-			59,837,000
Total lease payments		100,260,000			6,425,000			106,685,000
Less amount representing interest		(33,731,000	)		(461,000	)		(34,192,000	)
Present value of lease liabilities	$	66,529,000		$	5,964,000		$	72,493,000

Maturities of lease commitments at March 31, 2019 were as follows:

Maturity of lease liabilities	Operating Leases		Capital Leases			Total
2020	$	7,405,000	$	1,755,000		$	9,160,000
2021		8,206,000		1,311,000			9,517,000
2022		7,862,000		1,040,000			8,902,000
2023		6,726,000		719,000			7,445,000
2024		6,696,000		89,000			6,785,000
Thereafter		65,321,000		-			65,321,000
Total lease payments	$	102,216,000		4,914,000			107,130,000
Less amount representing interest				(406,000	)		(406,000	)
Present value of lease liabilities			$	4,508,000		$	106,724,000

Other information about leases is as follows:

	Year Ended March 31,
	2020
Lease term and discount rate
Weighted-average remaining lease term (years):
Finance leases		3.2
Operating leases		12.0
Weighted-average discount rate:
Finance leases		4.7	%
Operating leases		5.6	%