Leases (Notes)

6 Months Ended

Sep. 30, 2019

Operating Leased Assets [Line Items]

Leases of Lessee Disclosure [Text Block]

ASU No. 2016-02 Adoption

The Company adopted the new lease accounting standard on April 1, 2019. See Note 3, “Summary of Significant Accounting Policies,” for an overview of the transition to this standard.

Accounting Policies and Matters Requiring Management's Judgment

When determining the economic life of a lease the Company adopts a convention of applying an economic life equal to the useful life as specified in its accounting policy. Refer to Note 1, “Property and Equipment,” to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2019 for a description of the Company's accounting policy regarding useful lives.

The Company uses its effective annual interest rate as the discount rate when evaluating leases under Topic 842. Management applies its effective annual interest rate to leases entered for the entirety of the subsequent year. For example, fiscal 2019’s annual effective interest rate of 6.7% will be used in the determination of lease type as well as the discount rate when calculating the present value of lease payments for all leases entered into in fiscal 2020 or until a new annual effective interest rate is available for application.

Based on its historical practice, the Company believes it is reasonably certain to exercise a given option associated with a given office space lease. Therefore, the Company classifies all lease options for office space as “reasonably certain” unless it has specific knowledge to the contrary for a given lease. The Company does not believe it is reasonably certain to exercise any options associated with its office equipment leases.

Periodic Disclosures

The Company's leases consist of real estate leases for office space as well as office equipment leases, all of which were classified as operating at September 30, 2019. Both the real estate and office equipment leases range from three years tofive years, and generally contain options to extend which mirror the original terms of the lease.

The following table reports information about the Company's lease cost for the three and six months ended September 30, 2019:

	Three months ended September 30,		Six months ended September 30,
	2019		2019
Lease Cost
Operating lease cost	$	6,331,045	$	12,653,350
Variable lease cost	808,682		1,614,685
Total lease cost	$	7,139,727	$	14,268,035

The following table reports other information about the Company's leases for the three and six months ended September 30, 2019:

	Three months ended September 30,			Six months ended September 30,
	2019			2019
Other Lease Information
Cash paid for amounts included in the measurement of lease liabilities	$	6,181,758		$	12,303,194
Right-of-use assets obtained in exchange for new operating lease liabilities(1)	$	6,424,731		$	37,073,292
Weighted average remaining lease term — operating leases	5.1 years			5.1 years
Weighted-average discount rate — operating leases	6.7		%	6.7		%

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⁽¹⁾ In May 2019 the Company executed a new 10 year lease agreement for its corporate headquarters in Greenville, SC. The lease payments are projected to commence in December 2019; however, execution of the lease agreement triggered recognition of the right-of-use asset in May 2019 for approximately $26.9 million.

The following table reports information about the maturity of the Company's operating leases as of September 30, 2019:

Operating lease liability maturity analysis
FY2020	$	12,828,568
FY2021	24,253,675
FY2022	20,979,001
FY2023	16,785,853
FY2024	12,317,366
FY2025	8,293,707
Thereafter	30,005,000
Total undiscounted lease liability	$	125,463,170
Imputed interest	5,332,753
Total discounted lease liability	$	120,130,417

The Company had no leases with related parties at September 30, 2019.