The Company has several commitments under operating leases for warehouses, buildings, and equipment. The Company also has a minimal number of finance leases with an immaterial impact on its condensed consolidated financial statements. Leases have initial lease terms ranging from 1 year to 23 years.



Lease cost	Three-Month Period Ended		Nine-Month Period Ended
	December 31, 2019		December 31, 2019
Operating lease cost	$	40,278	$	122,767

Amounts reported in the condensed consolidated balance sheet as of the period ended December 31, 2019 were (in thousands, except weighted average lease term and discount rate):



	As of December 31, 2019
Operating Leases:
Operating lease right of use assets	$	615,073
Operating lease liabilities	661,034

Weighted-average remaining lease term (In years)
Operating leases	7.5

Weighted-average discount rate
Operating leases	4.2		%



	Nine-Month Period Ended
	December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	106,748

For the three and nine-month periods ended December 31, 2019, the Company sold and leased back certain properties and received cash proceeds of $34.1 million and $69.6 million, respectively, resulting in total gains of $18.3 million and $32.7 million, respectively, recorded in cost of sales within the condensed statements of operations. For the three and nine-month

periods ended December 31, 2018, the Company sold and leased back certain properties and received cash proceeds of $67.7 million and recorded a deferred gain of $22 million. As a result of adopting ASC 842 as of April 1, 2019, the Company recognized the deferred gain to prior year retained earnings.

Future lease payments under non-cancellable leases as of December 31, 2019 are as follows (in thousands):



Fiscal Year Ended March 31,	Operating Leases
2020 (1)	$	40,977
2021	132,642
2022	111,967
2023	99,453
2024	83,555
Thereafter	312,807
Total undiscounted lease payments	781,401
Less: imputed interest	120,367
Total lease liabilities	$	661,034

As previously disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2019 and under the previous lease accounting standard ASC 840, the aggregate future non-cancellable minimum rental payments on our operating lease, as of March 31, 2019, are as follows:



Fiscal Year Ending March 31,	Operating Leases
	(In thousands)
2020	$	155,391
2021	113,245
2022	93,777
2023	81,335
2024	67,341
Thereafter	171,828
Total minimum lease payments	$	682,917