Leases

12 Months Ended

Mar. 31, 2022

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

As of March 31, 2022, 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 the Company's 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 $17.3 million, $15.0 million and $14.1 million as of March 31, 2022, 2021, and 2020, respectively, and included short-term lease costs and sublease income. Total variable lease costs were not material during the year ended March 31, 2022, 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,
	2022		2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	15,400	$	13,865	$	13,554
ROU assets obtained in the exchange for operating lease liabilities	$	22,174	$	15,659	$	6,123

Future lease payments included in the measurement of operating lease liabilities as of March 31, 2022 for the following five fiscal years and thereafter are as follows (in thousands):


Years Ending March 31,
2023	$	14,489
2024	9,512
2025	6,818
2026	4,252
2027	3,577
Thereafter	6,056
Total lease payments	$	44,704
Less interest	(2,807)
Present value of lease liabilities	$	41,897

As of March 31, 2022, the Company had entered into a lease for office space that has not yet commenced with future lease payments of $26.7 million, which are not reflected in the table above. This lease will commence in fiscal year 2023 with a lease term of 20 years and will be recorded in the financial statements upon lease commencement.

Weighted-average lease terms and discount rates were as follows:


	Years Ended March 31,
	2022		2021
Weighted-average remaining lease terms (in years)	4.6		3.8
Weighted-average discount rate	2.8	%	2.7	%