Leases

6 Months Ended

Sep. 30, 2021

Note 11. Leases

Lessee

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

	September 30, 2021		March 31, 2021
	(in thousands)
Assets
Operating lease right-of-use assets in other assets	$	5,099	$	6,109
Liabilities
Operating lease liabilities in other current liabilities		1,785		2,459
Operating lease liabilities in other long-term liabilities		3,302		3,657
Total operating lease liabilities	$	5,087	$	6,116

Expense charged to operations under operating leases was $4.0 million and $5.7 million for the three and six months ended September 30, 2021, respectively. Expense charged to operations under operating leases was $1.1 million and $2.2 million for the three and six months ended September 30, 2020, respectively.

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

(in thousands, except lease term and discount rate)

Fiscal Years Ending March 31,
2022 (excluding the 6 months ended September 30, 2021)	$	1,043
2023		1,638
2024		1,397
2025		653
2026		75
Thereafter		575
Total future minimum lease payments		5,381
Less: present value adjustment		(294	)
Total operating lease liabilities		5,087
Less: operating lease liabilities in other current liabilities		(1,785	)
Operating lease liabilities in other long-term liabilities	$	3,302

Weighted average remaining lease term	4.55

Weighted average discount rate		2.32	%

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 six months ended September 30, 2021, operating lease income was not material.