LEASES

12 Months Ended

Mar. 31, 2020

LEASES

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 consolidated financial statements. Leases have initial lease terms ranging from 1 year to 23 years.

The components of lease cost recognized under ASC 842 were as follow (in thousands):



Lease cost	Year Ended
	March 31, 2020
Operating lease cost	$	162,749

Amounts reported in the consolidated balance sheet as of the period ended March 31, 2020 were (in thousands, except weighted average lease term and discount rate):



	As of March 31, 2020
Operating Leases:
Operating lease right of use assets	$	605,070
Operating lease liabilities	643,054

Weighted-average remaining lease term (In years)
Operating leases	7.9

Weighted-average discount rate
Operating leases	4.1		%

Other information related to leases was as follow (in thousands):



	Year Ended
Cash paid for amounts included in the measurement of lease liabilities:	March 31, 2020
Operating cash flows from operating leases	$	149,948

During the fiscal year ended March 31, 2020, the Company sold and leased back certain properties and received cash proceeds of $69.6 million, resulting in total gains of $32.7 million, recorded in cost of sales within the consolidated statements of operations. During the fiscal year ended March 31, 2019 the Company sold and leased back certain properties and received cash proceeds of $67.6 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 March 31, 2020 are as follows (in thousands):



Fiscal Year Ended March 31,	Operating Leases
2021	$	134,817
2022	115,465
2023	100,779
2024	84,374
2025	67,772
Thereafter	253,768
Total undiscounted lease payments	756,975
Less: imputed interest	113,921
Total lease liabilities	$	643,054

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