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Leases | 9 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
8. Leases | 8. Leases The following tables show the components of our Right-of-Use (“ROU“) assets: As of December 31, 2022 Finance Operating Total (Unaudited) (In thousands) Buildings and improvements $ – $ 142,748 $ 142,748 Furniture and equipment 14,731 – 14,731 Rental trailers and other rental equipment 152,867 – 152,867 Rental trucks 982,119 – 982,119 Right-of-use assets, gross 1,149,717 142,748 1,292,465 Less: Accumulated depreciation (645,077) (78,892) (723,969) Right-of-use assets, net $ 504,640 $ 63,856 $ 568,496 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 December 31, 2022 and March 31, 2022, we had finance lease liabilities for the ROU assets, net of $252.1 million and $347.4 million, respectively and operating lease liabilities of $63.4 million and $74.2 million, respectively. Finance leases December 31, March 31, 2022 2022 (Unaudited) Weighted average remaining lease term (years) 2 3 Weighted average discount rate 3.8 % 3.7 % Operating leases December 31, March 31, 2022 2022 (Unaudited) Weighted average remaining lease term (years) 18.0 16.5 Weighted average discount rate 4.6 % 4.6 % For the first nine months ended December 31, 2022 and 2021, cash paid for leases included in our operating cash flow activities were $ 24.0 million and $ 22.6 million, respectively, and our financing cash flow activities were $ 95.3 million and $ 129.2 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $ 5.1 million and $ 3.5 million for the first nine months of fiscal 2023 and 2022, respectively. The components of lease costs, including leases of less than 12 months, were as follows: Nine Months Ended December 31, 2022 December 31, 2021 (Unaudited) (In thousands) Operating lease costs $ 24,483 $ 24,018 Finance lease cost: Amortization of right of use assets $ 62,782 $ 90,056 Interest on lease liabilities 8,799 14,290 Total finance lease cost $ 71,581 $ 104,346 The short-term lease costs for the first nine months of fiscal 2023 and 2022 were not material. Maturities of lease liabilities were as follows: Finance leases Operating leases (Unaudited) Year ending December 31, (In thousands) 2023 $ 121,093 $ 24,511 2024 85,188 15,398 2025 48,126 5,710 2026 12,114 3,579 2027 – 3,018 Thereafter – 57,288 Total lease payments 266,521 109,504 Less: imputed interest (14,419) (46,102) Present value of lease liabilities $ 252,102 $ 63,402

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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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