LESSEE ACCOUNTING

6 Months Ended

Sep. 30, 2019

LESSEE ACCOUNTING [Abstract]

LESSEE ACCOUNTING

5. LESSEE ACCOUNTING

We lease office space for periods up to 6 years. We recognize our right-of-use assets as part of property, equipment and other assets. We recognize the current and long-term portions of our lease liability as part of other current liabilities and other liabilities, respectively. We recognized rent expense of $1.5 million and $3.1 million as part of selling, general, and administrative expenses during the three and six months ended September 30, 2019.

Supplemental information about the remaining lease terms and discount rates applied as of September 30, 2019:

Lease term and Discount Rate	September 30, 2019
Weighted average remaining lease term (months)		41
Weighted average discount rate		4.0	%

Future lease payments under our operating leases as of September 30, 2019 (in thousands):

	September 30, 2019
Remainder of year ending March 31, 2020	$	2,609
Year ending March 31, 2021		5,341
Year ending March 31, 2022		3,783
Year ending March 31, 2023		2,804
Year ending March 31, 2024		1,053
Thereafter		632
Total lease payments	$	16,221
Less: Interest		(1,035	)
Present value of lease liabilities	$	15,186

As of September 30, 2019, the Company has one additional office lease in Limerick, PA that had not yet commenced with a total commitment of $592 thousand.