Leases

12 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

LEASESThe Company, as a lessee, enters into operating leases for land, buildings, equipment, and vehicles. For all operating leases with terms greater than 12 months and with fixed payment arrangements, a lease liability and corresponding right-of-use asset are recognized in the balance sheet for the term of the lease by calculating the net present value of future lease payments.

On the date of lease commencement, the present value of lease liabilities is determined by discounting the future lease payments by the Company’s collateralized incremental borrowing rate, adjusted for the lease term and currency of the lease payments. If a lease contains a renewal option that the Company is reasonably certain to exercise, the Company accounts for the original lease term and expected renewal term in the calculation of the lease liability and right-of-use asset.

The following table sets forth the right-of-use assets and lease liabilities for operating leases included in the Company’s consolidated balance sheet:

(in thousands)	March 31, 2021		March 31, 2020
Assets
Operating lease right-of-use assets	$	31,230	$	39,256
Liabilities
Current portion of operating lease liabilities	$	7,898	$	9,823
Long-term operating lease liabilities	19,725		25,893
Total operating lease liabilities	$	27,623	$	35,716

The following table sets forth the location and amount of operating lease costs included in the Company's consolidated statement of income:

	Fiscal Year Ended March 31,		Fiscal Year Ended March 31,
(in thousands)	2021		2020
Income Statement Location
Cost of goods sold	$	12,903	$	10,954
Selling, general, and administrative expenses	9,408		8,574
Total operating lease costs(1)	$	22,311	$	19,528

(1)Includes variable operating lease costs.

For the fiscal year ended March 31, 2019, the Company recorded $17.3 million of total expense for operating leases.

The following table reconciles the undiscounted cash flows to the operating lease liabilities in the Company’s consolidated balance sheet:

(in thousands)	March 31, 2021
Maturity of Operating Lease Liabilities
2022	$	8,743
2023	6,371
2024	4,723
2025	3,793
2026	2,396
2027 and thereafter	5,290
Total undiscounted cash flows for operating leases	$	31,316
Less: Imputed interest	(3,693)
Total operating lease liabilities	$	27,623

As of March 31, 2021, the Company had entered into no additional operating leases that have not yet commenced.

The following table sets forth supplemental information related to operating leases:

	Fiscal Year Ended March 31,			Fiscal Year Ended March 31,
(in thousands, except lease term and incremental borrowing rate)	2021			2020
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of operating lease liabilities	$	12,855		$	11,983
Right-of-use assets obtained in exchange for new operating leases	10,970			14,957
Weighted Average Remaining Lease Term (years)	5.57			5.61
Weighted Average Collateralized Incremental Borrowing Rate	4.05		%	4.10		%