The Company primarily leases office and production facilities, warehouses, production equipment and vehicles. The Company assesses service arrangements to determine if an asset is explicitly or implicitly specified in the agreement and if we have the right to control the use of the identified asset.

The right-of-use asset is initially measured at cost, which is primarily comprised of the initial amount of the lease liability, plus initial direct costs and lease payments at or before the lease commencement date, less any lease incentives received, and is amortized on a straight-line basis over the remaining lease term. All right-of-use assets are reviewed periodically for impairment. The lease liability is initially measured at the present value of lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. We elected to recognize expenses for leases with a term of 12 months or less on a straight-line basis over the lease term and not to recognize these short-term leases on the balance sheet. Leases have varying terms with remaining lease terms of up to approximately 30 years. Certain of our lease arrangements provide us with the option to extend or to terminate the lease early.

Lease payments included in the measurement of the lease liability comprise (a) fixed payments, including in-substance fixed payments; (b) variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; (c) amounts expected to be payable under a residual value guarantee; and (d) the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.

At inception or reassessment of a contract that contains lease and non-lease components, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices.

	March 31,		March 31,
	2021		2020
Property, plant and equipment
Operating lease	$	47,522	$	73,435
Finance lease		39,427		85,784
	$	86,949	$	159,219
Other current liabilities:
Operating lease	$	11,491	$	15,050
Finance lease		30,570		25,306
Other long-term liabilities:
Operating lease		62,285		68,409
Finance lease		31,879		51,638
	$	136,225	$	160,403

	Years ended
	March 31,		March 31,
	2021		2020
Operating lease expense	$	10,846	$	10,340
Finance lease expense:
Amortization of right-of-use assets		2,303		1,494
Interest on lease liabilities		1,674		1,163
	$	14,823	$	12,997

As of March 31, 2021, the minimum payments due for lease liabilities for each of the five succeeding fiscal years and thereafter are as follows:

	Operating Leases		Finance Leases
2022	$	13,312	$	11,940
2023		12,314		8,023
2024		10,568		8,116
2025		9,970		8,200
2026		8,833		38,476
Thereafter		26,163		9,604
Total lease payments	$	81,160	$	84,359
Less: Interest		7,384		21,910
Total lease liabilities	$	73,776	$	62,449

As of March 31, 2021, we have additional operating leases that have not yet commenced with immaterial aggregated minimum payments on an undiscounted basis.

As of March 31, 2021, future lease expense for operating leases is expected to be as follows:

2022	$	11,925
2023		10,911
2024		9,047
2025		8,308
2026		7,214
Thereafter		20,562
	$	67,967

	Years ended
	March 31,		March 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	18,792	$	18,715
Operating cash flows from finance leases		1,674		1,163
Financing cash flows from finance leases		2,303		1,425

Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	13,592	$	20,734
Finance leases		1,428		58,443

	March 31,			March 31,
	2021			2020
Weighted-average remaining lease term:
Operating leases		7			7
Finance leases		4			4

Weighted-average discount rate
Operating leases		4.50	%		4.50	%
Finance leases		4.50	%		4.50	%