Leases

3 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

Leases

We lease real estate and equipment for use in our operations.

The components of lease expense for the three months ended June 30, 2020 and 2019 were as follows:

	Three Months Ended June 30,
(In thousands)	2020		2019
Finance lease cost:
Amortization of right-of-use assets	$	325	$	—
Interest on lease liabilities	50		—
Operating lease cost	1,697		1,216
Short term lease cost	23		23
Variable lease cost	11,707		16,599
Sublease income	(54)		(914)
Total net lease cost	$	13,748	$	16,924

As of June 30, 2020, the maturities of lease liabilities were as follows:

(In thousands)
Year Ending March 31,	Operating Leases		Financing Lease		Total
2021 (Remaining nine months ending March 31, 2021)	$	5,250	$	1,052	$	6,302
2022	6,585		1,404		7,989
2023	6,317		1,404		7,721
2024	6,304		1,404		7,708
2025	4,132		700		4,832
Thereafter	4,974		—		4,974
Total undiscounted lease payments	33,562		5,964		39,526
Less amount of lease payments representing interest	(4,350)		(420)		(4,770)
Total present value of lease payments	$	29,212	$	5,544	$	34,756

The weighted average remaining lease term and weighted average discount rate were as follows:

		June 30, 2020
Weighted average remaining lease term (years)
	Operating leases	5.28
	Financing leases	4.25
Weighted average discount rate
	Operating leases	5.27	%
	Financing leases	3.55 %

Under our Master Services Agreement with GEODIS Logistics LLC ("GEODIS"), GEODIS has agreed to purchase certain assets for our use in the future. Under this agreement there is approximately $5.0 million of finance lease liabilities that are expected to commence in the second quarter of fiscal 2021.

Leases

Leases

We lease real estate and equipment for use in our operations.

The components of lease expense for the three months ended June 30, 2020 and 2019 were as follows:

	Three Months Ended June 30,
(In thousands)	2020		2019
Finance lease cost:
Amortization of right-of-use assets	$	325	$	—
Interest on lease liabilities	50		—
Operating lease cost	1,697		1,216
Short term lease cost	23		23
Variable lease cost	11,707		16,599
Sublease income	(54)		(914)
Total net lease cost	$	13,748	$	16,924

As of June 30, 2020, the maturities of lease liabilities were as follows:

(In thousands)
Year Ending March 31,	Operating Leases		Financing Lease		Total
2021 (Remaining nine months ending March 31, 2021)	$	5,250	$	1,052	$	6,302
2022	6,585		1,404		7,989
2023	6,317		1,404		7,721
2024	6,304		1,404		7,708
2025	4,132		700		4,832
Thereafter	4,974		—		4,974
Total undiscounted lease payments	33,562		5,964		39,526
Less amount of lease payments representing interest	(4,350)		(420)		(4,770)
Total present value of lease payments	$	29,212	$	5,544	$	34,756

The weighted average remaining lease term and weighted average discount rate were as follows:

		June 30, 2020
Weighted average remaining lease term (years)
	Operating leases	5.28
	Financing leases	4.25
Weighted average discount rate
	Operating leases	5.27	%
	Financing leases	3.55 %

Under our Master Services Agreement with GEODIS Logistics LLC ("GEODIS"), GEODIS has agreed to purchase certain assets for our use in the future. Under this agreement there is approximately $5.0 million of finance lease liabilities that are expected to commence in the second quarter of fiscal 2021.