7. Right-of-Use Assets and Lease Liabilities

We have various operating leases for our offices, office equipment and vehicles in the United States. These leases expire at various times through 2029. Certain lease agreements contain renewal options from 1 to 5 years, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate.

Through March 31, 2019, we recognized rent expense related to operating leases on a straight-line basis over the lease term and, accordingly, recorded the difference between rent payments and rent expense as a deferred rent liability. Effective April 1, 2019, we adopted ASU 2016-02, Leases, or ASC 842.

The table below presents lease-related assets and liabilities recorded on the consolidated balance sheet as follows:


	Classification	March 31, 2020
		(In thousands)
Assets
Operating lease right-of-use-assets	Right-of-use assets	$	13,044

Liabilities
Operating lease liabilities (short-term)	Accrued liabilities	$	1,935
Operating lease liabilities (long-term)	Lease liabilities		11,995
Total lease liabilities		$	13,930

Lease Costs

For Fiscal 2020, Fiscal 2019 and Fiscal 2018, lease costs totaled approximately $2.6 million, $1.9 million and $1.8 million, respectively. The Company currently has no variable lease costs.

Supplemental Information

The table below presents supplemental information related to operating leases during the fiscal year ended March 31, 2020 (in thousands, except weighted average information):


Cash paid for amounts included in the measurement of operating lease liabilities	$	2,608
Right-of-use assets obtained in exchange for new operating lease liabilities	$	581
Weighted average remaining lease term		7.0
Weighted average discount rate		5.0	%

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of March 31, 2020:


Fiscal Year Ending March 31,
(In thousands)
2021	$	2,577
2022		2,457
2023		2,326
2024		2,248
2025		2,062
Thereafter		4,852
Total lease payments		16,522
Less imputed interest		(2,592)
Present value of future lease payments		13,930
Less current obligations under leases		(1,935)
Long-term lease obligations	$	11,995

Disclosure Related to Periods Prior to Adoption of New Lease Standard

Minimum lease payments under operating leases with non-cancelable terms in excess of one year as of March 31, 2019, were as follows:


Fiscal Year Ending March 31,
(In thousands)
2020	$	2,408
2021		2,150
2022		1,981
2023		548
2024		177
Thereafter		—
Total minimum lease payments	$	7,264