Right-of-Use Assets and Lease Liabilities

6 Months Ended

Sep. 30, 2021

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.

As a result of the restructuring activities and the sale of Agriculture and Weather Analytics business, the Company vacated the Grand Forks lease facility and has subleased the space to DTN, which expired on July 31, 2021. The Company recorded an impairment of $0.3 million during the quarter ended June 30, 2020, representing the total expected shortfall in sublease income and estimated lease buyout as compared to its required payments for the lease under the remainder of the original lease term. Sublease income was recognized on a straight-line basis over the term of the sublease. The Company did not record any impairment for the six months ended September 30, 2021.

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


	Classification	September 30, 2021
		(In thousands)
Assets
Operating lease right-of-use-assets - continuing operations	Right-of-use assets	$	11,768
Operating lease right-of-use-assets - discontinued operation	Noncurrent assets of discontinued operations	42
Total operating lease right-of-use-assets		$	11,810

Liabilities
Operating lease liabilities (short-term) - continuing operations	Accrued liabilities	$	1,350
Operating lease liabilities (short-term) - discontinued operation	Current liabilities of discontinued operations	100
		$	1,450
Operating lease liabilities (long-term) - continuing operations	Lease liabilities	11,254
Operating lease liabilities (long-term) - discontinued operation	Noncurrent liabilities of discontinued operations	219
		11,473
Total lease liabilities		$	12,923

Lease Costs

We recorded approximately $0.7 million and $1.4 million of lease costs in on our unaudited condensed consolidated statements of operations for the three and six months ended September 30, 2021 as compared to approximately $0.7 million and $1.3 million for the three and six months ended September 30, 2020. The Company currently has no variable lease costs. The Company recorded a de minimis amount of sublease income for both the three and six months ended September 30, 2021 and September 30, 2020, which was included in loss from discontinued operations on the unaudited condensed consolidated statement of operations.

Supplemental Information

The table below presents supplemental information related to operating leases during the six months ended September 30, 2021 (in thousands, except weighted average information):


Cash paid for amounts included in the measurement of operating lease liabilities	$	1,404
Weighted average remaining lease term (in years)	5.42
Weighted average discount rate	5.0		%

Maturities of Lease Liabilities

Maturities of lease liabilities as of September 30, 2021 were as follows:


Fiscal Year Ending March 31,	Operating Leases
(In thousands)
2022	$	1,381
2023	2,066
2024	2,670
2025	2,466
2026	2,211
Thereafter	4,259
Total lease payments	15,053
Less imputed interest	(2,130)
Present value of future lease payments	12,923
Less current obligations under leases	(1,450)
Long-term lease obligations	$	11,473