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Leases | 12 Months Ended
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Mar. 31, 2021
Leases [Abstract] |
Leases Of Lessee Disclosure [Text Block] | Note 18. Leases Lessor We have determined that revenues derived by providing self-moving equipment rentals, self-storage rentals and certain other revenues, including U-Box rentals, are within the scope of the accounting guidance contained in Topic 842. Our self-moving equipment rental related revenues have been accounted for under the revenue accounting standard Topic 606, until the adoption of Topic 842. For the periods after April 1, 2019, we combined all lease and non-lease components of lease contracts for which the timing and pattern of transfer are the same and the lease component meets the classification of an operating lease, and account for them in accordance with Topic 842. The revenue streams accounted for in accordance with Topic 842 are recognized evenly over the period of rental. Please see Note 23, Revenue Recognition, of the Notes to Consolidated Financial Statements. Lessee We determine if an arrangement is a lease at inception. Operating leases, which are comprised primarily of storage rental locations, are included in ROU assets - operating and operating lease liability in our condensed consolidated balance sheets. Finance leases, which are comprised primarily of rental equipment leases, are included in ROU assets - financing, net, and notes, loans and finance leases payable, net in our condensed consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the expected remaining lease term. We use our incremental borrowing rate based on information available at commencement date, including the rate for a fully collateralized loan that can either be fully amortized or financed with a residual at the end of the lease term, for a borrower with similar credit quality in order to determine the present value of lease payments. Our lease terms may include options to extend or terminate the lease, which are included in the calculation of ROU assets when it is reasonably certain that we will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. F- 38 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) We have lease agreements with lease and non-lease components, which are generally not accounted for separately. Additionally, for certain leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities as the leases are similar in nature and have nearly identical contract provisions. Adoption of Topic 842 resulted in most of our operating lease commitments being recognized as operating lease liabilities and ROU assets, which increased total assets and total liabilities by approximately $ 105.4 million related to property operating leases, as of April 1, 2019. In addition, we reclassified a net amount of $ 948.2 million related to vehicle financing leases from property, plant and equipment, net to ROU assets financing, net. The standard also changed the manner by which we account for our equipment sale/leaseback transactions. Based on our assessment, the lease transactions are classified as financing leases, and therefore the transactions do not qualify as a sale. New sale leaseback transactions that fail to qualify as a sale are accounted for as a financial liability. Please see Note 9, Borrowings, of the Notes to Consolidated Financial Statements for additional information. The following table shows the components of our ROU assets, net: As of March 31, 2021 Finance Operating Total (In thousands) Buildings and improvements $ - $ 132,901 $ 132,901 Furniture and equipment 22,316 - 22,316 Rental trailers and other rental equipment 203,594 - 203,594 Rental trucks 1,494,098 - 1,494,098 Right-of-use assets, gross 1,720,008 132,901 1,852,909 Less: Accumulated depreciation (842,970) (40,396) (883,366) Right-of-use assets, net $ 877,038 $ 92,505 $ 969,543 As of March 31, 2020 Finance Operating Total (In thousands) Buildings and improvements $ - $ 125,547 $ 125,547 Furniture and equipment 21,113 - 21,113 Rental trailers and other rental equipment 219,581 - 219,581 Rental trucks 1,634,572 - 1,634,572 Right-of-use assets, gross 1,875,266 125,547 2,000,813 Less: Accumulated depreciation (794,913) (18,916) (813,829) Right-of-use assets, net $ 1,080,353 $ 106,631 $ 1,186,984 As of March 31, 2021 and 2020, we had finance leases for the ROU assets, net of $ 513.6 million and $ 734.9 million, respectively and operating leases of $ 92.5 million and $ 106.4 million, respectively. Financing leases March 31, 2021 2020 Weighted average remaining lease term (years) 3 4 Weighted average discount rate 3.6 % 3.5 % F- 39 amerco and consolidated subsidiaries notes to consolidated financial statements - (continued) Operating leases March 31, 2021 2020 Weighted average remaining lease term (years) 14.7 14 Weighted average discount rate 4.6 % 4.6 % For the last twelve months ended March 31, 2021 and 2020, cash paid for leases included in our operating cash flow activities were $ 29.3 million and $ 25.9 million, respectively and our financing cash flow activities were $221.2 million and $307.8 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $6.8 million and $15.4 million for fiscal 2021 and 2020, respectively. The components of lease costs, including leases of less than 12 months, were as follows: Twelve Months Ended March 31, 2021 2020 (In thousands) Operating lease costs $ 30,551 $ 27,494 Finance lease cost: Amortization of right-of-use assets $ 150,994 $ 186,860 Interest on lease liabilities 22,405 30,901 Total finance lease cost $ 173,399 $ 217,761 Maturities of lease liabilities were as follows: Finance leases Operating leases Year ending March 31, (In thousands) 2022 $ 179,470 $ 24,288 2023 134,783 22,239 2024 112,732 21,257 2025 78,910 10,151 2026 47,453 4,006 Thereafter 7 62,175 Total lease payments 553,355 144,116 Less: imputed interest (39,732) (51,606) Present value of lease liabilities $ 513,623 $ 92,510 Note 19. Contingencies COVID-19 In late 2019, COVID-19 was first detected in Wuhan, China. In March 2020, the World Health Organization declared COVID-19 a global pandemic, and governmental authorities around the world have implemented measures to reduce the spread of COVID-19. These measures along with the threat the virus poses have adversely affected workforces, customers, consumer sentiment, economies and financial markets. F- 40

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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