The Company determines if an arrangement is, or contains, a lease at contract inception. These lease agreements have remaining lease terms of 1 to 15 years. The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the unpaid lease payments as of the lease commencement date. Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) the lease term, and (3) lease payments.

ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor's estimated residual value or the amount of the lessor's deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate as the discount rate for the lease. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Because the Company does not generally borrow on a collateralized basis, it uses quoted interest rates obtained from financial institutions as an input to derive an appropriate incremental borrowing rate, adjusted for the amount of the lease payments, the lease term, and the effect on that rate of designating specific collateral with a value equal to the unpaid lease payments for that lease.

The Company’s lease agreements may include options to extend the lease following the initial term. In most instances, the Company has determined that it is reasonably certain to exercise the option to renew; accordingly, these options are considered in determining the initial lease term. The Company has elected the practical expedient of hindsight in determining the option to renew.

For lease agreements entered into or reassessed after the adoption of ASC 842, the Company has elected the practical expedient to account for the lease and non-lease components as a single lease component. Therefore, for those leases, the lease payments used to measure the lease liability include all of the fixed consideration in the contract.

Variable lease payments associated with the Company’s leases are recognized upon occurrence of the event, activity, or circumstance in the lease agreement on which those payments are assessed.

Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term.

	Three Months Ended		Six Months Ended
	September 30, 2019		September 30, 2019
Operating lease expense	$	4,248,000	$	8,509,000
Short-term lease expense		46,000		51,000
Variable lease expense		38,000		43,000
	$	4,332,000	$	8,603,000

The following table presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets related to its operating leases:

	September 30, 2019
Right-of-use asset, net	$	94,379,000
Short-term lease liability	$	12,270,000
Long-term lease liability		87,324,000
Total lease liabilities	$	99,594,000
Weighted average remaining lease term	8.62 years
Weighted average discount rate		4.0	%

Supplemental cash flow information related to operating leases for the six months ended September 30, 2019 were as follows:

Cash paid for amounts included in the measurement of operating lease liabilities	$	7,438,000
Operating lease liabilities arising from obtaining ROU assets	$	104,476,000
Reductions to ROU assets resulting from reductions to operating lease liabilities	$	4,073,000

Maturities of operating lease liabilities for each of the next five years and thereafter are as follows:

	September 30, 2019
2020	$	7,134,000
2021		13,794,000
2022		13,335,000
2023		13,330,000
2024		11,868,000
Thereafter		58,888,000
Total lease payments		118,349,000
Less interest		(18,755,000	)
Total lease liabilities	$	99,594,000

As of September 30, 2019, the Company has approximately $3.1 million of additional operating lease commitments that have not yet commenced. These leases will commence in 2019 and have lease terms between 1 year and 10 years.