Leases

9 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Leases

We lease real estate and equipment for use in our operations.

The components of lease expense for the three and nine months ended December 31, 2022 and 2021 were as follows:

	Three Months Ended December 31,				Nine Months Ended December 31,
(In thousands)	2022		2021		2022		2021
Finance lease cost:
Amortization of right-of-use assets	$	665	$	642	$	1,994	$	1,926
Interest on lease liabilities	41		57		136		186
Operating lease cost	1,621		1,651		4,872		5,021
Short term lease cost	35		30		120		76
Variable lease cost	14,727		9,770		43,742		33,419
Total net lease cost	$	17,089	$	12,150	$	50,864	$	40,628

As of December 31, 2022, the maturities of lease liabilities were as follows:

(In thousands)
Year Ending March 31,	Operating Leases		Finance Lease		Total
2023 (Remaining three months ending March 31, 2023)	$	2,121	$	730	$	2,851
2024	7,017		2,923		9,940
2025	4,750		1,509		6,259
2026	2,264		96		2,360
2027	1,886		80		1,966
Thereafter	1,685		—		1,685
Total undiscounted lease payments	19,723		5,338		25,061
Less amount of lease payments representing interest	(1,306)		(141)		(1,447)
Total present value of lease payments	$	18,417	$	5,197	$	23,614

The weighted average remaining lease term and weighted average discount rate were as follows:

		December 31, 2022
Weighted average remaining lease term (years)
	Operating leases	3.43
	Finance leases	1.92
Weighted average discount rate
	Operating leases	3.29	%
	Finance leases	2.95	%

Leases

Leases

We lease real estate and equipment for use in our operations.

The components of lease expense for the three and nine months ended December 31, 2022 and 2021 were as follows:

	Three Months Ended December 31,				Nine Months Ended December 31,
(In thousands)	2022		2021		2022		2021
Finance lease cost:
Amortization of right-of-use assets	$	665	$	642	$	1,994	$	1,926
Interest on lease liabilities	41		57		136		186
Operating lease cost	1,621		1,651		4,872		5,021
Short term lease cost	35		30		120		76
Variable lease cost	14,727		9,770		43,742		33,419
Total net lease cost	$	17,089	$	12,150	$	50,864	$	40,628

As of December 31, 2022, the maturities of lease liabilities were as follows:

(In thousands)
Year Ending March 31,	Operating Leases		Finance Lease		Total
2023 (Remaining three months ending March 31, 2023)	$	2,121	$	730	$	2,851
2024	7,017		2,923		9,940
2025	4,750		1,509		6,259
2026	2,264		96		2,360
2027	1,886		80		1,966
Thereafter	1,685		—		1,685
Total undiscounted lease payments	19,723		5,338		25,061
Less amount of lease payments representing interest	(1,306)		(141)		(1,447)
Total present value of lease payments	$	18,417	$	5,197	$	23,614

The weighted average remaining lease term and weighted average discount rate were as follows:

		December 31, 2022
Weighted average remaining lease term (years)
	Operating leases	3.43
	Finance leases	1.92
Weighted average discount rate
	Operating leases	3.29	%
	Finance leases	2.95	%