Leases (Tables)
|
3 Months Ended |
Jun. 30, 2020 |
Leases [Abstract] |
|
Summary of Components of Lease Expense |
The components of lease expense are as follows:
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
Operating lease expense |
|
$ |
3,709,000 |
|
|
$ |
4,261,000 |
|
Short-term lease expense |
|
|
151,000 |
|
|
|
335,000 |
|
Variable lease expense |
|
|
225,000 |
|
|
|
67,000 |
|
Total lease expenses |
|
$ |
4,085,000 |
|
|
$ |
4,663,000 |
|
|
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, 2020 |
|
|
March 31, 2020 |
|
Right-of-use asset, net |
|
$ |
86,250,000 |
|
|
$ |
90,666,000 |
|
Short-term lease liability |
|
$ |
13,086,000 |
|
|
$ |
13,223,000 |
|
Long-term lease liability |
|
|
80,867,000 |
|
|
|
85,096,000 |
|
Total lease liabilities |
|
$ |
93,953,000 |
|
|
$ |
98,319,000 |
|
Weighted average remaining lease term |
|
8.13 years |
|
|
8.27 years |
|
Weighted average discount rate |
|
|
4.0 |
% |
|
|
4.0 |
% |
|
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, 2020 and 2019 were as follows:
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
Cash paid for amounts included in the measurement of operating lease liabilities |
|
$ |
3,660,000 |
|
|
$ |
3,746,000 |
|
Operating lease liabilities arising from obtaining ROU assets |
|
$ |
99,064,000 |
|
|
$ |
101,026,000 |
|
Reductions to ROU assets resulting from reductions to operating lease liabilities |
|
$ |
1,688,000 |
|
|
$ |
1,267,000 |
|
|
Summary of Maturities of Operating Lease Liabilities |
As of June 30, 2020, maturities of operating lease liabilities for each of the next five years and thereafter are as follows:
|
|
|
|
|
2021 |
|
$ |
11,300,000 |
|
2022 |
|
|
13,726,000 |
|
2023 |
|
|
13,774,000 |
|
2024 |
|
|
12,542,000 |
|
2025 |
|
|
12,086,000 |
|
Thereafter |
|
|
47,911,000 |
|
Total lease payments |
|
|
111,339,000 |
|
Less interest |
|
|
(17,386,000 |
) |
Total lease liabilities |
|
$ |
93,953,000 |
|
|