Leases

6 Months Ended

Sep. 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 and six months ended September 30, 2020 and 2019 were as follows:

	Three Months Ended September 30,			Six Months Ended September 30,
(In thousands)	2020		2019	2020		2019
Finance lease cost:
Amortization of right-of-use assets	$	443	—	$	768	$	—
Interest on lease liabilities	59		—	109		—
Operating lease cost	1,692		2,242	3,389		3,458
Short term lease cost	22		27	45		50
Variable lease cost	12,303		15,696	24,010		32,295
Sublease income	(55)		(860)	(109)		(1,774)
Total net lease cost	$	14,464	17,105	$	28,212	$	34,029

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

(In thousands)
Year Ending March 31,	Operating Leases		Finance Lease		Total
2021 (Remaining six months ending March 31, 2021)	$	3,613	$	1,466	$	5,079
2022	6,521		2,932		9,453
2023	6,291		2,932		9,223
2024	6,303		2,932		9,235
2025	4,132		1,467		5,599
Thereafter	4,974		—		4,974
Total undiscounted lease payments	31,834		11,729		43,563
Less amount of lease payments representing interest	(3,973)		(653)		(4,626)
Total present value of lease payments	$	27,861	$	11,076	$	38,937

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

		September 30, 2020
Weighted average remaining lease term (years)
	Operating leases	5.08
	Finance leases	4.00
Weighted average discount rate
	Operating leases	5.28	%
	Finance leases	2.96	%

Under our Master Services Agreement with GEODIS Logistics LLC ("GEODIS"), GEODIS purchased certain assets for our use that went into service during the three months ended September 30, 2020. The right-of-use ("ROU") asset and lease liability at the commencement of this finance lease was $5.8 million.

Leases

Leases

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

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

	Three Months Ended September 30,			Six Months Ended September 30,
(In thousands)	2020		2019	2020		2019
Finance lease cost:
Amortization of right-of-use assets	$	443	—	$	768	$	—
Interest on lease liabilities	59		—	109		—
Operating lease cost	1,692		2,242	3,389		3,458
Short term lease cost	22		27	45		50
Variable lease cost	12,303		15,696	24,010		32,295
Sublease income	(55)		(860)	(109)		(1,774)
Total net lease cost	$	14,464	17,105	$	28,212	$	34,029

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

(In thousands)
Year Ending March 31,	Operating Leases		Finance Lease		Total
2021 (Remaining six months ending March 31, 2021)	$	3,613	$	1,466	$	5,079
2022	6,521		2,932		9,453
2023	6,291		2,932		9,223
2024	6,303		2,932		9,235
2025	4,132		1,467		5,599
Thereafter	4,974		—		4,974
Total undiscounted lease payments	31,834		11,729		43,563
Less amount of lease payments representing interest	(3,973)		(653)		(4,626)
Total present value of lease payments	$	27,861	$	11,076	$	38,937

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

		September 30, 2020
Weighted average remaining lease term (years)
	Operating leases	5.08
	Finance leases	4.00
Weighted average discount rate
	Operating leases	5.28	%
	Finance leases	2.96	%

Under our Master Services Agreement with GEODIS Logistics LLC ("GEODIS"), GEODIS purchased certain assets for our use that went into service during the three months ended September 30, 2020. The right-of-use ("ROU") asset and lease liability at the commencement of this finance lease was $5.8 million.