Leases

12 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Note 11. Leases

Lessee

The Company has lease agreements for real estate including corporate offices and warehouse space, vehicles and certain equipment.

The following table presents supplemental balance sheet information related to the Company’s operating leases:

	March 31, 2022		March 31, 2021
	(in thousands)
Assets
Operating lease right-of-use assets in other assets	$	9,518	$	6,109
Liabilities
Operating lease liabilities in other current liabilities		2,889		2,459
Operating lease liabilities in other long-term liabilities		6,618		3,657
Total operating lease liabilities	$	9,507	$	6,116

The following table provides information related to the Company’s operating leases:

	Fiscal Years Ended March 31,
	2022			2021			2020
	(in thousands, except lease term and discount rate)
Right-of-use assets obtained in exchange for lease liabilities	$	6,461		$	2,592		$	15,650
Operating lease costs (1)	$	3,238		$	4,124		$	3,658
Weighted average remaining lease term (in years)		4.41		4.02			5.14
Weighted average discount rate		1.61	%		1.96	%		3.12	%

(1)Operating lease costs recorded to the consolidated statements of operations for operating leases under ASC 842. Short-term lease expense and variable lease costs recorded to the consolidated statements of operations were not material in the fiscal years ended March 31, 2022, 2021 and 2020. Cash paid for amounts included in the measurement of lease liabilities is consistent with operating lease costs for the fiscal years ended March 31, 2022, 2021 and 2020.

Future minimum lease payments under non-cancelable operating leases as of March 31, 2022 are as follows:

Fiscal Years Ended March 31,	(in thousands)
2023	$	3,014
2024		2,786
2025		1,974
2026		982
2027		497
Thereafter		606
Total minimum lease payments		9,859
Less: imputed interest		(352	)
Present value of operating lease liabilities	$	9,507

Lessor

In March 2021, as part of the $17.5 million purchase of the building adjacent to its corporate headquarters in Danvers, Massachusetts, the Company assumed existing leases with third parties for a portion of the building which are classified as operating leases. The leases have annual escalating payments and the latest expires in March 2025 in accordance with the terms and conditions of the existing agreement. For the years ended March 31, 2022 and 2021, operating lease income was not material.