Leases

9 Months Ended

Dec. 31, 2021

Lessee Accounting

Our leasing activity primarily consists of product storage, office space, real estate, railcars, and equipment.

The following table summarizes the components of our lease expense for the periods indicated:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
	(in thousands)
Operating lease expense	$	14,180	$	17,048	$	44,474	$	53,278
Variable lease expense	5,725		4,737		15,978		13,950
Short-term lease expense	60		293		219		1,094
Total	$	19,965	$	22,078	$	60,671	$	68,322

The following table summarizes maturities of our operating lease obligations at December 31, 2021 (in thousands):


Fiscal Year Ending March 31,
2022 (three months)	$	12,997
2023	45,437
2024	29,069
2025	16,698
2026	8,416
2027	4,593
Thereafter	38,820
Total lease payments	156,030
Less imputed interest	(33,580)
Total operating lease obligations	$	122,450

The following table summarizes supplemental cash flow and non-cash information related to our operating leases for the periods indicated:


	Nine Months Ended December 31,
	2021		2020
	(in thousands)
Cash paid for amounts included in the measurement of operating lease obligations	$	43,919	$	52,849
Operating lease right-of-use assets obtained in exchange for operating lease obligations	$	11,738	$	24,073

Lessor Accounting and Subleases

Our lessor arrangements include storage and railcar contracts. We also, from time to time, sublease certain of our storage capacity and railcars to third parties. Fixed rental revenue is recognized on a straight-line basis over the lease term. During the three months ended December 31, 2021 and 2020, fixed rental revenue was $3.7 million, which includes $0.5 million of sublease revenue, and $4.1 million, which includes $0.5 million of sublease revenue, respectively. During the nine months ended December 31, 2021 and 2020, fixed rental revenue was $10.9 million, which includes $1.1 million of sublease revenue, and $12.6 million, which includes $1.9 million of sublease revenue, respectively.

The following table summarizes future minimum lease payments receivable under various noncancelable operating lease agreements at December 31, 2021 (in thousands):


Fiscal Year Ending March 31,
2022 (three months)	$	3,089
2023	9,614
2024	4,806
2025	691
2026	415
2027	415
Thereafter	422
Total	$	19,452