Leases

12 Months Ended

Mar. 31, 2021

The Company is a lessee in several noncancellable operating leases, primarily real estate facilities for office space and for transportation and office equipment.

The Company's lease arrangements comprise of operating leases with various expiration dates through June 30, 2031. The lease term for all of the Company’s leases includes the noncancellable period of the lease. Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and therefore are not factored into our determination of the duration of the lease arrangement.

The Company's leases do not contain any material residual value guarantees.

The total operating lease costs were $15.0 million and $14.1 million as of March 31, 2021 and 2020, respectively, and included short-term lease costs and sublease income. Total variable lease costs were immaterial during the year ended March 31, 2021 and 2020. The total operating and variable lease costs were included in cost of goods sold, marketing and selling, research and development, and general and administrative in the Company's consolidated statement of operations.

Supplemental cash flow information related to operating leases (in thousands):


	Years Ended March 31,
	2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	13,865	$	13,554
ROU assets obtained in the exchange for operating lease liabilities	$	15,659	$	6,123

Future lease payments included in the measurement of lease liabilities as of March 31, 2021 for the following five fiscal years and thereafter are as follows (in thousands):


	Operating Lease
Years Ending March 31,
2022	$	13,827
2023	9,861
2024	4,650
2025	3,415
2026	1,706
Thereafter	2,649
Total lease payments	36,108
Less interest	(1,688)
Present value of lease liabilities	$	34,420

Average lease terms and discount rates were as follows:


	Years Ended March 31,
	2021		2020
Weighted-average remaining lease terms (in years)	3.8		3.8
Weighted-average discount rate	2.7	%	3.0	%