Leases

3 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases of Lessee Disclosure

LEASES

The 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 of dollars)	June 30, 2021		June 30, 2020		March 31, 2021
Assets
Operating lease right-of-use assets	$	31,281	$	37,576	$	31,230
Liabilities
Current portion of operating lease liabilities	$	7,998	$	9,914	$	7,898
Long-term operating lease liabilities	20,826		24,040		19,725
Total operating lease liabilities	$	28,824	$	33,954	$	27,623

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

	Three Months Ended June 30,
(in thousands of dollars)	2021		2020
Income Statement Location
Cost of goods sold	$	2,578	$	2,911
Selling, general, and administrative expenses	2,305		2,190
Total operating lease costs(1)	$	4,883	$	5,101

(1)Includes variable operating lease costs.

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

(in thousands of dollars)	June 30, 2021
Maturity of Operating Lease Liabilities
2022 (excluding the three months ended June 30, 2021)	$	6,889
2023	7,279
2024	5,461
2025	4,560
2026	2,656
2027 and thereafter	5,805
Total undiscounted cash flows for operating leases	$	32,650
Less: Imputed interest	(3,826)
Total operating lease liabilities	$	28,824

As of June 30, 2021, the Company had no leases that did not yet commence.

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

	Three Months Ended June 30,
(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	$	2,777		$	3,028
Right-of-use assets obtained in exchange for new operating leases	2,741			1,023
Weighted Average Remaining Lease Term (years)	5.54			5.55
Weighted Average Collateralized Incremental Borrowing Rate	4.12		%	4.04		%