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Leases
9 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases

Note 11. Leases

Lessee

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

 

 

 

December 31, 2021

 

 

March 31, 2021

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

Operating lease right-of-use assets in other assets

 

$

9,069

 

 

$

6,109

 

Liabilities

 

 

 

 

 

 

 

 

Operating lease liabilities in other current liabilities

 

 

2,587

 

 

 

2,459

 

Operating lease liabilities in other long-term liabilities

 

 

6,447

 

 

 

3,657

 

Total operating lease liabilities

 

$

9,034

 

 

$

6,116

 

 

Expense charged to operations under operating leases was $6.7 million and $12.4 million for the three and nine months ended December 31, 2021, respectively. Expense charged to operations under operating leases was $1.0 million and $2.9 million for the three and nine months ended December 31, 2020, respectively.

 

 

Future minimum lease payments under non-cancelable operating leases as of December 31, 2021 are as follows:

 

(in thousands, except lease term and discount rate)

 

 

 

 

 

 

Fiscal Years Ending March 31,

 

 

 

 

2022 (excluding the 9 months ended December 31, 2021)

 

$

731

 

2023

 

 

2,617

 

2024

 

 

2,375

 

2025

 

 

1,610

 

2026

 

 

1,020

 

Thereafter

 

 

1,026

 

Total future minimum lease payments

 

 

9,379

 

Less: present value adjustment

 

 

(345

)

Total operating lease liabilities

 

 

9,034

 

Less: operating lease liabilities in other current liabilities

 

 

(2,587

)

Operating lease liabilities in other long-term liabilities

 

$

6,447

 

 

 

 

 

 

Weighted average remaining lease term

 

 

4.61

 

 

 

 

 

 

Weighted average discount rate

 

 

1.60

%

 

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 nine months ended December 31, 2021, operating lease income was not material.