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v3.24.3

Leases | 3 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Leases | . Leases The following tables show the components of our right-of-use (“ROU") assets, net:
|  | As of September 30, 2024 |
|  | Finance |  |  | Operating |  |  | Total |
|  | (Unaudited) |
|  | (In thousands) |
Buildings and improvements |  | $ | — |  |  | $ | 82,385 |  |  | $ | 82,385 |
Furniture and equipment |  |  | 61 |  |  |  | — |  |  |  | 61 |
Rental trailers and other rental equipment |  |  | 96,006 |  |  |  | — |  |  |  | 96,006 |
Rental trucks |  |  | 436,576 |  |  |  | — |  |  |  | 436,576 |
Right-of-use assets, gross |  |  | 532,643 |  |  |  | 82,385 |  |  |  | 615,028 |
Less: Accumulated depreciation |  |  | (323,839 | ) |  |  | (31,077 | ) |  |  | (354,916 | )
Right-of-use assets, net |  | $ | 208,804 |  |  | $ | 51,308 |  |  | $ | 260,112 |
|  | As of March 31, 2024 |
|  | Finance |  |  | Operating |  |  | Total |
|  | (Unaudited) |
|  | (In thousands) |
Buildings and improvements |  | $ | — |  |  | $ | 79,317 |  |  | $ | 79,317 |
Furniture and equipment |  |  | 61 |  |  |  | — |  |  |  | 61 |
Rental trailers and other rental equipment |  |  | 114,607 |  |  |  | — |  |  |  | 114,607 |
Rental trucks |  |  | 607,521 |  |  |  | — |  |  |  | 607,521 |
Right-of-use assets, gross |  |  | 722,189 |  |  |  | 79,317 |  |  |  | 801,506 |
Less: Accumulated depreciation |  |  | (432,884 | ) |  |  | (25,605 | ) |  |  | (458,489 | )
Right-of-use assets, net |  | $ | 289,305 |  |  | $ | 53,712 |  |  | $ | 343,017 |
As of September 30, 2024 and March 31, 2024, we had finance lease liabilities for the ROU assets, net of $78.4 million and $117.6 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets.
|  | Finance leases |  |
|  | September 30, |  |  | March 31, |  |
|  | 2024 |  |  | 2024 |  |
|  | (Unaudited) |  |
Weighted average remaining lease term (years) |  | 0.9 |  |  | 1 |  |
Weighted average discount rate |  |  | 4.2 |  | % |  | 4.1 |  | %
|  | Operating leases |  |
|  | September 30, |  |  | March 31, |  |
|  | 2024 |  |  | 2024 |  |
|  | (Unaudited) |  |
Weighted average remaining lease term (years) |  | 22.5 |  |  | 21.9 |  |
Weighted average discount rate |  |  | 4.6 |  | % |  | 4.6 |  | %
For the six months ended September 30, 2024 and 2023, cash paid for leases included in our operating cash flow activities were $10.6 million and $17.4 million, respectively, and our financing cash flow activities were $39.3 million and $59.8 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $3.1 million and $14.4 million for the first six months of fiscal 2025 and 2024, respectively. The components of lease costs, including leases of less than 12 months, were as follows:
|  | Six months ended |
|  | September 30, 2024 |  |  | September 30, 2023 |
|  | (Unaudited) |
|  | (In thousands) |
Operating lease costs |  | $ | 10,334 |  |  | $ | 16,033 |
Finance lease cost: |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 17,630 |  |  | $ | 31,465 |
Interest on lease liabilities |  |  | 2,219 |  |  |  | 4,002 |
Total finance lease cost |  | $ | 19,849 |  |  | $ | 35,467 |
The short-term lease costs for the first six months of fiscal 2025 and 2024 were not material. Maturities of lease liabilities were as follows:
|  | Finance leases |  |  | Operating leases |
|  | (Unaudited) |
Year ending March 31, |  | (In thousands) |
2025 (6 months) |  | $ | 60,653 |  |  | $ | 6,675 |
2026 |  |  | 20,379 |  |  |  | 10,449 |
2027 |  |  | — |  |  |  | 8,097 |
2028 |  |  | — |  |  |  | 6,792 |
2029 |  |  | — |  |  |  | 5,203 |
Thereafter |  |  | — |  |  |  | 61,752 |
Total lease payments |  |  | 81,032 |  |  |  | 98,968 |
Less: imputed interest |  |  | (2,650 | ) |  |  | (46,497 | )
Present value of lease liabilities |  | $ | 78,382 |  |  | $ | 52,471 |

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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