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Leases | 9 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | 9. Leases The Company leases various facilities in North America and Asia under operating leases expiring through August 2033. The Company has material nonfunctional currency leases that could have a material impact on the Company’s condensed consolidated statements of income. As required for other monetary liabilities, lessees remeasure foreign currency-denominated lease liabilities using the exchange rate at each reporting date, but the lease assets are nonmonetary assets measured at historical rates and are not affected by subsequent changes in the exchange rates. In connection with the remeasurement of these leases, the Company recorded gains of $8,638,000 and $2,128,000 during the three months ended December 31, 2020 and 2019, respectively, and $12,241,000 and $1,491,000 during the nine months ended December 31, 2020 and 2019, respectively. These gains are included in “foreign exchange impact of lease liabilities and forward contracts” in the condensed consolidated statements of income. Balance sheet information for leases is as follows:
Leases | Classification |  | December 31, 2020 |  |  | March 31, 2020 |
Assets: |  |  |  |  |  |  |
Operating | Operating lease assets |  | $ | 74,685,000 |  |  | $ | 53,029,000 |
Finance | Plant and equipment |  |  | 8,559,000 |  |  |  | 6,922,000 |
Total leased assets |  |  | $ | 83,244,000 |  |  | $ | 59,951,000 |
Liabilities: |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |
Operating | Operating lease liabilities |  | $ | 6,232,000 |  |  | $ | 5,104,000 |
Finance | Other current liabilities |  |  | 2,555,000 |  |  |  | 2,059,000 |
Long-term |  |  |  |  |  |  |  |  |
Operating | Long-term operating lease liabilities |  |  | 71,569,000 |  |  |  | 61,425,000 |
Finance | Other liabilities |  |  | 4,981,000 |  |  |  | 3,905,000 |
Total lease liabilities |  |  | $ | 85,337,000 |  |  | $ | 72,493,000 |
Lease cost recognized in the condensed consolidated statements of income is as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | December 31, |  |  | December 31, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Lease cost |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 2,962,000 |  |  | $ | 2,402,000 |  |  | $ | 8,522,000 |  |  | $ | 6,287,000 |
Short-term lease cost |  |  | 373,000 |  |  |  | 278,000 |  |  |  | 1,027,000 |  |  |  | 976,000 |
Variable lease cost |  |  | 183,000 |  |  |  | 133,000 |  |  |  | 556,000 |  |  |  | 420,000 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of finance lease assets |  |  | 458,000 |  |  |  | 448,000 |  |  |  | 1,299,000 |  |  |  | 1,178,000 |
Interest on finance lease liabilities |  |  | 98,000 |  |  |  | 73,000 |  |  |  | 274,000 |  |  |  | 214,000 |
Total lease cost |  | $ | 4,074,000 |  |  | $ | 3,334,000 |  |  | $ | 11,678,000 |  |  | $ | 9,075,000 |
Maturities of lease commitments at December 31, 2020 were as follows:
Maturity of lease liabilities |  | Operating Leases |  |  | Finance Leases |  |  | Total |
2021 - remaining three months |  | $ | 2,793,000 |  |  | $ | 743,000 |  |  | $ | 3,536,000 |
2022 |  |  | 10,444,000 |  |  |  | 2,790,000 |  |  |  | 13,234,000 |
2023 |  |  | 9,364,000 |  |  |  | 2,152,000 |  |  |  | 11,516,000 |
2024 |  |  | 8,129,000 |  |  |  | 1,358,000 |  |  |  | 9,487,000 |
2025 |  |  | 8,095,000 |  |  |  | 931,000 |  |  |  | 9,026,000 |
Thereafter |  |  | 69,261,000 |  |  |  | 300,000 |  |  |  | 69,561,000 |
Total lease payments |  |  | 108,086,000 |  |  |  | 8,274,000 |  |  |  | 116,360,000 |
Less amount representing interest |  |  | (30,285,000 | ) |  |  | (738,000 | ) |  |  | (31,023,000 | )
Present value of lease liabilities |  | $ | 77,801,000 |  |  | $ | 7,536,000 |  |  | $ | 85,337,000 |
Other information about leases is as follows:
|  | December 31, 2020 |
Lease term and discount rate |  |  |
Weighted-average remaining lease term (years): |  |  |
Finance leases |  |  | 3.4 |
Operating leases |  |  | 11.3 |
Weighted-average discount rate: |  |  |  |
Finance leases |  |  | 5.5 | %
Operating leases |  |  | 5.9 | %

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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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