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LEASES
3 Months Ended
Jun. 30, 2021
Leases [Abstract]  
LEASES LEASES
The Company determines if an arrangement is a lease at inception. Right-of-use (ROU) assets represent the Company's right to use an underlying asset for the duration of the lease term. Lease liabilities represent the Company's contractual obligation to make lease payments over the lease term. ROU assets are recorded and recognized at commencement for the lease liability amount, plus initial direct costs incurred less lease incentives received. Lease liabilities are recorded at the present value of future lease payments over the lease term at commencement. The discount rate used is generally the Company's estimated incremental borrowing rate unless the lessor's implicit rate is readily determinable. Incremental borrowing rates are calculated periodically to estimate the rate the Company would pay to borrow the funds necessary to obtain an asset of similar value over a similar term. Lease expenses relating to operating leases are recognized on a straight-line basis over the lease term.
The Company has operating leases for administrative, research and development, sales and marketing and manufacturing facilities and equipment under various non-cancelable lease agreements. The Company's leases have remaining lease terms ranging from 1 year to 10 years. The Company's lease terms may include options to extend or terminate the lease where it is reasonably certain that the Company will exercise those options. The Company considers several economic factors when making this determination, including but not limited to, the significance of leasehold improvements incurred in the office space, the difficulty in replacing the asset, underlying contractual obligations, or specific characteristics unique to a particular lease. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Most of the Company's lease agreements contain variable payments, primarily for common area maintenance (CAM), which are expensed as incurred and not included in the measurement of the ROU assets and lease liabilities.
The components of operating lease cost for the three months ended June 30, 2021 and 2020 were as follows (in thousands):
Three Months Ended
June 30,
20212020
Lease cost under long-term operating leases$3,275 $3,262 
Lease cost under short-term operating leases560 813 
Variable lease cost under short-term and long-term operating leases833 882 
      Total operating lease cost$4,668 $4,957 

The table below presents supplemental cash flow information related to leases during the three months ended June 30, 2021 and 2020 (in thousands):
June 30, 2021June 30, 2020
Right-of-use assets obtained in exchange for new operating lease liabilities$— $1,794 

At June 30, 2021 and March 31, 2021, the weighted average remaining lease term in years and weighted average discount rate were as follows:
June 30, 2021March 31, 2021
Weighted average remaining lease term in years - operating leases7.557.70
Weighted average discount rate - operating leases4.1 %4.1 %
Future minimum payments under non-cancellable leases at June 30, 2021 are as follows (in thousands):
Year ending March 31:
2022 (remaining nine months)$10,382 
202312,926 
202410,309 
202510,106 
20269,093 
Thereafter29,298 
     Total lease payments$82,114 
     Less imputed interest(11,410)
     Present value of lease liabilities$70,704