LESSEE ACCOUNTING

12 Months Ended

Mar. 31, 2020

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 $5.6 million as part of selling, general, and administrative expenses during the year ended March 31, 2020.

Supplemental information about the remaining lease terms and discount rates applied as of March 31, 2020:

Lease term and Discount Rate	March 31, 2020
Weighted average remaining lease term (months)		38
Weighted average discount rate		3.9	%

As of March 31, 2020, we have future lease payments under our operating leases (in thousands):

	March 31, 2020
Year ending March 31, 2021	$	4,904
2022		4,038
2023		3,054
2024		1,206
Thereafter		762
Total lease payments	$	13,964
Less: Interest		(823	)
Present value of lease liabilities	$	13,141

Disclosures related to periods prior to our adoption of Codification Topic 842:

We had annual rent expense relating to operating leases of $5.2 million and $6.7 million for the years ended March 31, 2019, and 2018, respectively. As of March 31, 2019, we had future minimum lease payments under operating leases as follows (in thousands):

	March 31, 2019
Year ending March 31, 2020	$	4,530
2021		4,026
2022		2,727
2023		2,025
2024 and thereafter		293
Total lease payments	$	13,601