Leases (Tables)
|
3 Months Ended |
Jun. 30, 2022 |
Leases [Abstract] |
|
Summary of Components of Lease Expenses |
The components of lease expense are as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
Operating lease expense |
|
$ |
3,177,000 |
|
|
$ |
3,612,000 |
|
Finance lease expense |
|
|
24,000 |
|
|
|
25,000 |
|
Short-term lease expense |
|
|
18,000 |
|
|
|
35,000 |
|
Variable lease expense |
|
|
501,000 |
|
|
|
387,000 |
|
Total lease expenses |
|
$ |
3,720,000 |
|
|
$ |
4,059,000 |
|
|
Summary of Lease Related Assets and Liabilities Recorded in Balance Sheet Related to Operating Leases |
The following table presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets related to its operating leases:
|
|
|
|
|
|
|
|
|
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
Right-of-use asset, net |
|
$ |
32,448,000 |
|
|
$ |
35,020,000 |
|
Short-term lease liability |
|
$ |
12,718,000 |
|
|
$ |
13,348,000 |
|
Long-term lease liability |
|
|
27,299,000 |
|
|
|
29,792,000 |
|
Total lease liabilities |
|
$ |
40,017,000 |
|
|
$ |
43,140,000 |
|
Weighted average remaining operating lease term |
|
4.23 years |
|
|
4.32 years |
|
Weighted average remaining finance lease term |
|
3 years |
|
|
3.25 years |
|
Weighted average discount rate |
|
|
2.7 |
% |
|
|
2.6 |
% |
|
Schedule of Supplemental Cash Flow Information Related to Operating Leases |
Supplemental cash flow information related to operating leases for the three months ended June 30, 2022 and 2021 was as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
Cash paid for amounts included in the measurement of operating lease liabilities |
|
$ |
3,731,000 |
|
|
$ |
3,780,000 |
|
Operating lease liabilities arising from obtaining ROU assets |
|
$ |
54,236,000 |
|
|
$ |
59,448,000 |
|
Finance lease liabilities arising from obtaining ROU assets |
|
$ |
358,000 |
|
|
$ |
358,000 |
|
Reductions to ROU assets resulting from reductions to operating lease liabilities |
|
$ |
6,230,000 |
|
|
$ |
2,929,000 |
|
|
Summary of Maturities of Operating Lease Liabilities |
As of June 30, 2022, maturities of operating lease liabilities for each of the next five years and thereafter are as follows:
|
|
|
|
|
|
|
|
|
2023 |
|
$ |
10,487,000 |
|
2024 |
|
|
9,811,000 |
|
2025 |
|
|
7,587,000 |
|
2026 |
|
|
5,413,000 |
|
2027 |
|
|
3,792,000 |
|
Thereafter |
|
|
5,552,000 |
|
Total lease payments |
|
|
42,642,000 |
|
Less interest |
|
|
(2,625,000 |
) |
Total lease liabilities |
|
$ |
40,017,000 |
|
|