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Leases | 12 Months Ended
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Mar. 31, 2022
Leases [Abstract] |
Leases Of Lessee Disclosure [Text Block] | Note 17. 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. 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 22, 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, net and operating lease liabilities in our 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 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. 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. Our equipment sale/leaseback 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 8, 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, 2022 Finance Operating Total (In thousands) Buildings and improvements $ – $ 136,444 $ 136,444 Furniture and equipment 14,731 – 14,731 Rental trailers and other rental equipment 169,514 – 169,514 Rental trucks 1,114,248 – 1,114,248 Right-of-use assets, gross 1,298,493 136,444 1,434,937 Less: Accumulated depreciation (677,669) (62,062) (739,731) Right-of-use assets, net $ 620,824 $ 74,382 $ 695,206 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, 2022 and 2021, we had finance leases for the ROU assets, net of $ 347.4 million and $ 513.6 million, respectively and operating leases of $ 74.2 million and $ 92.5 million, respectively. Financing leases March 31, 2022 2021 Weighted average remaining lease term (years) 3 3 Weighted average discount rate 3.7 % 3.6 % Operating leases March 31, 2022 2021 Weighted average remaining lease term (years) 16.5 14.7 Weighted average discount rate 4.6 % 4.6 % For fiscal years 2022, 2021 and 2020, cash paid for leases included in our operating cash flow activities were $ 30.2 million, $ 29.3 million and $ 25.9 million, respectively and our financing cash flow activities were $ 166.3 million, $ 221.2 million and $ 307.8 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $ 3.7 million, $ 6.8 million and $ 15.4 million for fiscal years 2022, 2021 and 2020, respectively. The components of lease costs, including leases of less than 12 months, were as follows: Twelve Months Ended March 31, 2022 2021 (In thousands) Operating lease costs $ 30,239 $ 30,551 Finance lease cost: Amortization of right-of-use assets $ 115,199 $ 150,994 Interest on lease liabilities 15,289 22,405 Total finance lease cost $ 130,488 $ 173,399 The short-term lease costs for fiscal years 2022 and 2021 were not material. Maturities of lease liabilities were as follows: Finance leases Operating leases Year ending March 31, (In thousands) 2023 $ 133,577 $ 23,311 2024 111,781 21,903 2025 78,280 10,630 2026 47,064 4,162 2027 – 3,061 Thereafter – 59,348 Total lease payments 370,702 122,415 Less: imputed interest (23,309) (48,218) Present value of lease liabilities $ 347,393 $ 74,197

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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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