Leases

3 Months Ended

Jun. 30, 2021

Note 11. Leases

Lessee

The following table presents supplemental balance sheet information related to our operating leases:

	June 30, 2021		March 31, 2021
	(in $000's)
Assets
Operating lease right-of-use assets in other assets	$	5,698	$	6,109
Liabilities
Operating lease liabilities in other current liabilities		2,124		2,459
Operating lease liabilities in other long-term liabilities		3,534		3,657
Total operating lease liabilities	$	5,658	$	6,116

Expense charged to operations under operating leases were $0.8 million and $1.7 million for the three months ended June 30, 2021 and 2020, respectively.

Future minimum lease payments under non-cancelable operating leases as of June 30, 2021 are as follows:

(in thousands, except lease term and discount rate)

Fiscal Years Ending March 31,
2022	$	1,808
2023		1,569
2024		1,322
2025		610
2026		76
Thereafter		589
Total future minimum lease payments		5,974
Less: present value adjustment		(316	)
Total operating lease liabilities		5,658
Less: operating lease liabilities in other current liabilities		(2,124	)
Operating lease liabilities in other long-term liabilities	$	3,534

Weighted average remaining lease term	4.48

Weighted average discount rate		2.25	%

Lessor

In March 2021, as part of the $17.5 million purchase of a building located in Danvers, Massachusetts, we 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 three months ended June 30, 2021, operating lease income was not material.