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Leases (Tables)

9 Months Ended

Dec. 31, 2021

Leases [Abstract]

Balance Sheet Information for Leases

Balance sheet information for leases is as follows:

Leases		Classification		December 31, 2021				March 31, 2021
Assets:
Operating		Operating lease assets		$	82,029,000			$	71,513,000
Finance		Plant and equipment			7,745,000				8,852,000
Total leased assets				$	89,774,000			$	80,365,000

Liabilities:
Current
Operating		Operating lease liabilities		$	6,444,000			$	6,439,000
Finance		Other current liabilities			2,420,000				2,640,000
Long-term
Operating		Long-term operating lease liabilities			82,287,000				70,551,000
Finance		Other liabilities			3,741,000				4,995,000
Total lease liabilities				$	94,892,000			$	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 December 31,								Nine Months Ended December 31,
		2021				2020				2021				2020
Lease cost
Operating lease cost		$	3,134,000			$	2,962,000			$	9,325,000			$	8,522,000
Short-term lease cost			361,000				373,000				1,112,000				1,027,000
Variable lease cost			225,000				183,000				716,000				556,000
Finance lease cost:
Amortization of finance lease assets			515,000				458,000				1,579,000				1,299,000
Interest on finance lease liabilities			83,000				98,000				269,000				274,000
Total lease cost		$	4,318,000			$	4,074,000			$	13,001,000			$	11,678,000

Maturity of Lease Commitments

Maturities of lease commitments at December 31, 2021 by fiscal year were as follows:

Maturity of lease liabilities		Operating Leases				Finance Leases				Total
2022 - remaining three months		$	2,449,000			$	714,000			$	3,163,000
2023			11,460,000				2,490,000				13,950,000
2024			10,014,000				1,688,000				11,702,000
2025			10,078,000				1,194,000				11,272,000
2026			10,347,000				507,000				10,854,000
Thereafter			75,113,000				51,000				75,164,000
Total lease payments			119,461,000				6,644,000				126,105,000
Less amount representing interest			(30,730,000	)			(483,000	)			(31,213,000	)
Present value of lease liabilities		$	88,731,000			$	6,161,000			$	94,892,000

Other Information about Leases

Other information about leases is as follows:

		December 31, 2021				March 31, 2021
Lease term and discount rate
Weighted-average remaining lease term (years):
Finance leases			3.0				3.4
Operating leases			10.6				11.1
Weighted-average discount rate:
Finance leases			5.2	%			5.3	%
Operating leases			5.7	%			5.9	%