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Leases (Tables)

6 Months Ended

Sep. 30, 2021

Leases [Abstract]

Balance Sheet Information for Leases

Balance sheet information for leases is as follows:

Leases		Classification		September 30, 2021				March 31, 2021
Assets:
Operating		Operating lease assets		$	84,576,000			$	71,513,000
Finance		Plant and equipment			8,036,000				8,852,000
Total leased assets				$	92,612,000			$	80,365,000

Liabilities:
Current
Operating		Operating lease liabilities		$	6,033,000			$	6,439,000
Finance		Other current liabilities			2,439,000				2,640,000
Long-term
Operating		Long-term operating lease liabilities			83,998,000				70,551,000
Finance		Other liabilities			4,020,000				4,995,000
Total lease liabilities				$	96,490,000			$	84,625,000

Lease Cost Recognized in Consolidated Statements of Income

Lease cost recognized in the condensed consolidated statements of income is as follows:

		Three Months Ended								Six Months Ended
		September 30,								September 30,
		2021				2020				2021				2020
Lease cost
Operating lease cost		$	3,149,000			$	2,877,000			$	6,191,000			$	5,560,000
Short-term lease cost			375,000				337,000				751,000				654,000
Variable lease cost			210,000				230,000				491,000				373,000
Finance lease cost:
Amortization of finance lease assets			565,000				428,000				1,064,000				841,000
Interest on finance lease liabilities			89,000				93,000				186,000				176,000
Total lease cost		$	4,388,000			$	3,965,000			$	8,683,000			$	7,604,000

Maturity of Lease Commitments

Maturities of lease commitments at September 30, 2021 by fiscal year were as follows:

Maturity of lease liabilities		Operating Leases				Finance Leases				Total
2022 - remaining six months		$	5,184,000			$	1,418,000			$	6,602,000
2023			11,400,000				2,414,000				13,814,000
2024			9,964,000				1,612,000				11,576,000
2025			10,044,000				1,118,000				11,162,000
2026			10,320,000				432,000				10,752,000
Thereafter			75,101,000				-				75,101,000
Total lease payments			122,013,000				6,994,000				129,007,000
Less amount representing interest			(31,982,000	)			(535,000	)			(32,517,000	)
Present value of lease liabilities		$	90,031,000			$	6,459,000			$	96,490,000

Other Information about Leases

Other information about leases is as follows:

		September 30, 2021				March 31, 2021
Lease term and discount rate
Weighted-average remaining lease term (years):
Finance leases			3.1				3.4
Operating leases			10.8				11.1
Weighted-average discount rate:
Finance leases			5.3	%			5.3	%
Operating leases			5.7	%			5.9	%