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LEASES
6 Months Ended
Sep. 30, 2021
Leases [Abstract]  
LEASES

(H) LEASES

We lease certain real estate, buildings, and equipment. Certain of these leases contain escalations of rent over the term of the lease, as well as options for us to extend the term of the lease at the end of the original term. These extensions range from periods of one year to twenty years. Our lease agreements do not contain material residual value guarantees or material restrictive covenants. In calculating the present value of future minimum lease payments, we use the rate implicit in the lease if it can be determined. Otherwise, we use our incremental borrowing rate in effect at the commencement of the lease to determine the present value of the future minimum lease payments. Additionally, we lease certain equipment under short-term leases with initial terms of less than twelve months, which are not recorded on the balance sheet.

Lease expense for our operating and short-term leases is as follows:

 

 

 

For the Three Months Ended September 30,

 

 

For the Six Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(dollars in thousands)

 

Operating Lease Cost

 

$

1,566

 

 

$

1,767

 

 

$

3,080

 

 

$

3,563

 

Short-term Lease Cost

 

 

309

 

 

 

857

 

 

 

811

 

 

 

1,607

 

Total Lease Cost

 

$

1,875

 

 

$

2,624

 

 

$

3,891

 

 

$

5,170

 

 

The Right-of-Use Assets and Lease Liabilities are reflected on our Balance Sheet as follows:

 

 

 

September 30,

 

 

March 31,

 

 

 

2021

 

 

2021

 

 

 

(dollars in thousands)

 

Operating Leases:

 

 

 

 

 

 

Operating Lease Right-of-Use Assets

 

$

25,127

 

 

$

25,811

 

 

 

 

 

 

 

 

Current Operating Lease Liabilities

 

$

7,028

 

 

$

6,343

 

Noncurrent Operating Lease Liabilities

 

 

31,683

 

 

 

34,444

 

Total Operating Lease Liabilities

 

$

38,711

 

 

$

40,787

 

 

 

Future payments for operating leases are as follows (dollars in thousands):

Fiscal Year

 

Amount

 

2022 (remaining six months)

 

$

4,103

 

2023

 

 

7,829

 

2024

 

 

5,949

 

2025

 

 

5,589

 

2026

 

 

4,118

 

Thereafter

 

 

20,377

 

Total Lease Payments

 

$

47,965

 

Less: Imputed Interest

 

 

(9,254

)

Present Value of Lease Liabilities

 

$

38,711

 

 

 

 

 

Weighted-Average Remaining Lease Term (in years)

 

 

10.2

 

Weighted-Average Discount Rate

 

 

3.79

%