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Leases | 12 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Leases Of Lessee Disclosure [Text Block] | Note 18. Leases 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. These leases, which are comprised primarily of storage rental locations, have lease terms up to 88 years, except for easements which are indefinite in term. Covenants include the Company’s responsibility for all maintenance and repairs during the term of the agreement. 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. 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 are generally 7 years, 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. Please see Note 9, Borrowings, of the Notes to Consolidated Financial Statements for additional information. The following table shows the components of our right-of-use (“ROU“ assets, net: As of March 31, 2023 Finance Operating Total (In thousands) Buildings and improvements $ – $ 128,221 $ 128,221 Furniture and equipment 9,687 – 9,687 Rental trailers and other rental equipment 152,294 – 152,294 Rental trucks 949,838 – 949,838 Right-of-use assets, gross 1,111,819 128,221 1,240,040 Less: Accumulated depreciation (637,054) (69,304) (706,358) Right-of-use assets, net $ 474,765 $ 58,917 $ 533,682 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, 2023 and 2022, we had finance leases for the ROU assets, net of $ 223.2 million and $ 347.4 million, respectively and operating leases of $ 58.4 million and $ 74.2 million, respectively. Financing leases March 31, 2023 2022 Weighted average remaining lease term (years) 2 3 Weighted average discount rate 3.8 % 3.7 % Operating leases March 31, 2023 2022 Weighted average remaining lease term (years) 19.2 16.5 Weighted average discount rate 4.7 % 4.6 % For fiscal years 2023, 2022 and 2021, cash paid for leases included in our operating cash flow activities were $ 32.1 million, $ 30.2 million and $ 29.3 million, respectively, and our financing cash flow activities were $ 124.2 million, $ 166.3 million and $ 221.2 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $ 9.5 million, $ 3.7 million and $ 6.8 million for fiscal years 2023, 2022 and 2021, respectively. The components of lease costs, including leases of less than 12 months, were as follows: Twelve Months Ended March 31, 2023 2022 (In thousands) Operating lease costs $ 32,878 $ 30,239 Finance lease cost: Amortization of right-of-use assets $ 81,006 $ 115,199 Interest on lease liabilities 11,199 15,289 Total finance lease cost $ 92,205 $ 130,488 The short-term lease costs for fiscal years 2023 and 2022 were not material. Maturities of lease liabilities were as follows: Finance leases Operating leases Year ending March 31, (In thousands) 2024 $ 110,812 $ 24,338 2025 77,621 11,540 2026 46,763 4,957 2027 – 3,555 2028 – 2,951 Thereafter – 56,615 Total lease payments 235,196 103,956 Less: imputed interest (11,991) (45,583) Present value of lease liabilities $ 223,205 $ 58,373

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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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