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Leases | 3 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
8. Leases | 7. Leases The following tables show the components of our ROU assets, net: As of June 30, 2022 Finance Operating Total (Unaudited) (In thousands) Buildings and improvements $ – $ 139,799 $ 139,799 Furniture and equipment 14,731 – 14,731 Rental trailers and other rental equipment 159,618 – 159,618 Rental trucks 1,044,124 – 1,044,124 Right-of-use assets, gross 1,218,473 139,799 1,358,272 Less: Accumulated depreciation (650,250) (67,261) (717,511) Right-of-use assets, net $ 568,223 $ 72,538 $ 640,761 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 June 30, 2022 and March 31, 2022, we had finance lease liabilities for the ROU assets, net of $ 312.4 million and $ 347.4 million, respectively, and operating lease liabilities of $ 72.3 million and $ 74.2 million, respectively. Finance leases June 30, March 31, 2022 2022 (Unaudited) Weighted average remaining lease term (years) 3 3 Weighted average discount rate 3.7 % 3.7 % Operating leases June 30, March 31, 2022 2022 (Unaudited) Weighted average remaining lease term (years) 16.8 16.5 Weighted average discount rate 4.6 % 4.6 % For the quarters ended June 30, 2022 and 2021, cash paid for leases included in our operating cash flow activities were $ 7.9 million and $ 7.5 million, respectively, and our financing cash flow activities were $ 35.0 million and $ 45.2 million, respectively. Non-cash activities of ROU assets in exchange for lease liablities were $2.4 million for the first quarter of both fiscal 2023 and 2022. The components of lease costs were as follows: Three Months Ended June 30, 2022 June 30, 2021 (Unaudited) (In thousands) Operating lease costs $ 7,920 $ 8,077 Finance lease cost: Amortization of right-of-use assets $ 22,396 $ 32,500 Interest on lease liabilities 3,218 4,571 Total finance lease cost $ 25,614 $ 37,071 Maturities of lease liabilities were as follows: Finance leases Operating leases (Unaudited) Years ending June 30, (In thousands) 2023 $ 131,322 $ 24,483 2024 97,721 22,162 2025 68,034 7,188 2026 35,396 4,104 2027 – 3,273 Thereafter – 58,654 Total lease payments 332,473 119,864 Less: imputed interest (20,062) (47,587) Present value of lease liabilities $ 312,411 $ 72,277

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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 https://asc.fasb.org/topic&trid=2208923 + Details
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