Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.3.a.u2
Leases (Tables)
9 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Lease, Cost
Supplemental cash flow information related to leases for the three and nine month periods ended December 31, 2019 is as follows (amounts in thousands):
 
Three Months Ended December 31, 2019
 
Nine Months Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
 
 
 
Operating cash flows used for operating leases
$
2,620

 
$
8,152

Operating cash flows used for finance leases
29

 
102

Financing cash flows used for finance leases
407

 
1,153

 
$
3,056


$
9,407

 
 
 
 
Lease liabilities arising from obtaining ROU assets
 
 
 
Operating leases
$
1,349

 
$
3,483

Finance leases
281

 
1,458

 
$
1,630

 
$
4,941


The components of lease expense for the three and nine month periods ended December 31, 2019 are as follows (amounts in thousands):
 
Three Months Ended December 31, 2019
 
Nine Months Ended December 31, 2019
Operating lease expense
 
 
 
Operating lease cost
$
2,941

 
$
7,984

Variable lease cost and other, net (1)
276

 
830

Short-term lease cost
(2
)
 
3

Sublease income
(26
)
 
(53
)
Finance lease expense
 
 
 
Amortization of right-of-use assets
308

 
902

Interest
30

 
93

Total lease expense
$
3,527

 
$
9,759

__________________
(1) Predominantly includes common area maintenance and parking expenses.
Assets And Liabilities, Lessee
Supplemental balance sheet information related to operating and finance leases as of December 31, 2019 is as follows (amounts in thousands, except lease term and discount rate):
 
Balance Sheet Location
December 31, 2019
Lease assets
 
 
Operating lease ROU assets
Other assets
$
29,081

Finance lease ROU assets (1)
Property, plant and equipment, net of accumulated depreciation
2,718

 
 
$
31,799

 
 
 
Lease liabilities
 
 
Current operating lease liabilities
Accrued expenses
$
7,504

Current finance lease liabilities
Accrued expenses
1,146

Non-current operating lease liabilities
Other non-current obligations
21,660

Non-current finance lease liabilities
Other non-current obligations
1,565

 
 
$
31,875

 
 
 
Weighted average remaining lease term
 
 
Operating leases
 
6.41 years

Finance leases
 
3.01 years

 
 
 
Weighted average discount rate
 
 
Operating leases
 
4.83
%
Finance leases
 
5.31
%
_________________
(1) Finance lease ROU assets are shown net of accumulated depreciation of $3.3 million.
Finance Lease, Liability, Maturity
Maturities of operating and finance lease liabilities as of December 31, 2019 were as follows (amounts in thousands):
Fiscal year ending March 31,
Operating Lease Liabilities
 
Finance Lease Liabilities
2020 (three months ending March 31, 2020)
$
2,369

 
$
356

2021
7,895

 
1,139

2022
4,795

 
720

2023
4,369

 
413

2024
3,764

 
118

Thereafter
11,832

 
101

Total undiscounted cash flows
$
35,024

 
$
2,847

Less imputed interest
(5,860
)
 
(136
)
Present value of lease liabilities
$
29,164

 
$
2,711


Lessee, Operating Lease, Liability, Maturity
Maturities of operating and finance lease liabilities as of December 31, 2019 were as follows (amounts in thousands):
Fiscal year ending March 31,
Operating Lease Liabilities
 
Finance Lease Liabilities
2020 (three months ending March 31, 2020)
$
2,369

 
$
356

2021
7,895

 
1,139

2022
4,795

 
720

2023
4,369

 
413

2024
3,764

 
118

Thereafter
11,832

 
101

Total undiscounted cash flows
$
35,024

 
$
2,847

Less imputed interest
(5,860
)
 
(136
)
Present value of lease liabilities
$
29,164

 
$
2,711