LESSEE ACCOUNTING

9 Months Ended

Dec. 31, 2019

LESSEE ACCOUNTING [Abstract]

LESSEE ACCOUNTING

5. LESSEE ACCOUNTING

We lease office space for periods up to six years. We recognize our right-of-use assets as part of property, equipment and other assets. We recognize the current and long-term portions of our lease liability as part of other current liabilities and other liabilities, respectively. We recognized rent expense of $1.6 million and $4.7 million as part of selling, general, and administrative expenses during the three and nine months ended December 31, 2019.

Supplemental information about the remaining lease terms and discount rates applied as of December 31, 2019:

Lease term and Discount Rate	December 31, 2019
Weighted average remaining lease term (months)		40
Weighted average discount rate		4.0	%

Future lease payments under our operating leases as of December 31, 2019 (in thousands):

	December 31, 2019
Remainder of year ending March 31, 2020	$	1,084
Year ending March 31, 2021		5,460
Year ending March 31, 2022		4,020
Year ending March 31, 2023		3,049
Year ending March 31, 2024		1,206
Thereafter		762
Total lease payments	$	15,581
Less: Interest		(965	)
Present value of lease liabilities	$	14,616

As of December 31, 2019, we were committed to one office lease that had not yet commenced with a total commitment of $200 thousand.