Leases

12 Months Ended

Mar. 31, 2020

Leases

Leases

(9) Leases

The following table provides information on the components of the Company’s operating leases included in the consolidated balance sheets:

Leases	Location on Consolidated Balance Sheets	March 31, 2020
Assets
Operating lease assets	Operating lease right-of-use of assets	$	48,684
Liabilities
Current
Operating lease liabilities	Operating lease liabilities	$	11,543
Noncurrent
Operating lease liabilities	Operating lease liabilities, noncurrent	$	41,697
	Total	$	53,240

The following table provides the components of lease expense related to our operating leases:

		Year Ended
	Location on Consolidated Statements of Income	March 31, 2020
Operating lease cost:
Operating lease cost	Selling, general and administrative expenses	$	15,246
Variable lease cost	Selling, general and administrative expenses	$	116
Short-term lease cost	Selling, general and administrative expenses	$	557
Less: Sublease income	Selling, general and administrative expenses	$	(1,222)
Total operating lease cost		$	14,697

The following table provides supplemental cash flow information related to our operating leases:

	Year Ended
	March 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	14,870
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	7,968

The Company’s leases have remaining lease terms ranging from 1 year to 9 years. The following table provides information on the weighted average remaining lease term and weighted average discount rate related to our operating leases:

	March 31, 2020
Weighted average remaining lease term, in years:
Operating leases		5.39
Weighted average discount rate:
Operating leases		7.56	%

There were no lease agreements that contained restrictive covenants or material residual value guarantees as of March 31, 2020.

The following table provides the schedule of maturities of the Company’s operating lease liabilities, under ASC Topic 842, as of March 31, 2020:

	Operating leases
	March 31, 2020
2021	$	15,103
2022		13,829
2023		11,076
2024		7,274
2025		4,902
2026 and thereafter		12,231
Total lease payments	$	64,415
Interest		(11,175)
Total lease liabilities	$	53,240

The following table provides the schedule of the Company’s future minimum payments on its operating leases at March 31, 2019, which were accounted for in accordance with its historic accounting policies under ASC Topic 840.

	Operating leases
	March 31, 2019
2020	$	14,685
2021		13,895
2022		12,663
2023		9,879
2024		5,686
2025 and thereafter		16,761
Total lease payments	$	73,569

Total rent expense for operating leases recognized during the fiscal year ended March 31, 2019 and 2018 was approximately $14,569 and $12,011.

As of March 31, 2020, the Company had committed to payments of $297 related to operating leases that had yet to commence and therefore are not included in consolidated balance sheets. These leases will commence on various dates in the calendar year 2020 and have lease terms ranging from 2 years to 5 years.