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Leases | 3 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
8. Leases | The following tables show the components of our right-of-use (“ROU“) assets, net: As of June 30, 2023 Finance Operating Total (Unaudited) (In thousands) Buildings and improvements $ – $ 133,248 $ 133,248 Furniture and equipment 7,109 – 7,109 Rental trailers and other rental equipment 128,865 – 128,865 Rental trucks 879,054 – 879,054 Right-of-use assets, gross 1,015,028 133,248 1,148,276 Less: Accumulated depreciation (594,532) (73,770) (668,302) Right-of-use assets, net $ 420,496 $ 59,478 $ 479,974 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 June 30, 2023 and March 31, 2023, we had finance lease liabilities for the ROU assets, net of $ 189.0 million and $ 223.2 million, respectively, and operating lease liabilities of $ 58.8 million and $ 58.4 million, respectively. Finance leases June 30, March 31, 2023 2023 (Unaudited) Weighted average remaining lease term (years) 2 2 Weighted average discount rate 3.9 % 3.8 % Operating leases June 30, March 31, 2023 2023 (Unaudited) Weighted average remaining lease term (years) 20.3 19.2 Weighted average discount rate 4.7 % 4.7 % For the quarters ended June 30, 2023 and 2022, cash paid for leases included in our operating cash flow activities were $ 8.9 million and $ 7.9 million, respectively, and our financing cash flow activities were $ 34.2 million and $ 35.0 million, respectively. Non-cash activities of ROU assets in exchange for lease liablities were $5.0 million and $2.4 million for the first quarters of fiscal 2024 and 2023, respectively. The components of lease costs, including leases of less than 12 months, were as follows: Three Months Ended June 30, 2023 June 30, 2022 (Unaudited) (In thousands) Operating lease costs $ 8,102 $ 7,920 Finance lease cost: Amortization of right-of-use assets $ 16,754 $ 22,396 Interest on lease liabilities 2,146 3,218 Total finance lease cost $ 18,900 $ 25,614 The short-term lease costs for the first quarters of fiscal 2024 and 2023 were not material. Maturities of lease liabilities were as follows: Finance leases Operating leases (Unaudited) Years ending March 31, (In thousands) 2024 (9 months) $ 75,174 $ 18,686 2025 77,194 12,244 2026 46,457 5,534 2027 – 4,087 2028 – 3,483 Thereafter – 62,497 Total lease payments 198,825 106,531 Less: imputed interest (9,788) (47,723) Present value of lease liabilities $ 189,037 $ 58,808

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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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