LESSEE ACCOUNTING
12 Months Ended
Mar. 31, 2021
LESSEE ACCOUNTING [Abstract]  
LESSEE ACCOUNTING
5.
LESSEE ACCOUNTING

We lease office space for periods up to six 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 $6.1 million and $5.6 million as part of selling, general, and administrative expenses during the years ended March 31, 2021, and March 31, 2020, respectively.

Supplemental information about the remaining lease terms and discount rates applied as of March 31, 2021, and March 30, 2020, are as follows:

 
Year Ended March 31,
 
Lease term and Discount Rate
 
2021
   
2020
 
Weighted average remaining lease term (months)
   
32
     
38
 
Weighted average discount rate
   
3.7
%
   
3.9
%

The following table provides our future lease payments under our operating leases as of March 31, 2021 (in thousands):

Year ending March 31, 2022
 
$
4,006
 
2023
   
3,166
 
2024
   
1,323
 
2025
   
884
 
2026
   
34
 
Total lease payments
   
9,413
 
Less: interest
   
(439
)
Present value of lease liabilities
 
$
8,974