Leases

3 Months Ended

Jun. 30, 2025

. Leases

The following tables show the components of our right-of-use (“ROU") assets, net:


	As of June 30, 2025
	Finance			Operating			Total
	(Unaudited)
	(In thousands)
Buildings and improvements	$	—		$	71,558		$	71,558
Furniture and equipment		61			—			61
Rental trailers and other rental equipment		48,468			—			48,468
Rental trucks		164,273			—			164,273
Right-of-use assets, gross		212,802			71,558			284,360
Less: Accumulated depreciation		(127,141	)		(27,510	)		(154,651	)
Right-of-use assets, net	$	85,661		$	44,048		$	129,709


	As of March 31, 2025
	Finance			Operating			Total
	(Unaudited)
	(In thousands)
Buildings and improvements	$	—		$	71,330		$	71,330
Furniture and equipment		61			—			61
Rental trailers and other rental equipment		58,071			—			58,071
Rental trucks		309,475			—			309,475
Right-of-use assets, gross		367,607			71,330			438,937
Less: Accumulated depreciation		(228,909	)		(25,305	)		(254,214	)
Right-of-use assets, net	$	138,698		$	46,025		$	184,723

As of June 30, 2025 and March 31, 2025, we had finance lease liabilities for the ROU assets, net of $33.0 million and $44.3 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets. Non-cash acquisitions of property, plant and equipment from ROU assets - financing, net were $53.0 million and $23.6 million for the as of June 30, 2025 and June 30, 2024, respectively.


	Finance leases
	June 30,			March 31,
	2025			2025
	(Unaudited)
Weighted average remaining lease term (years)		0.4		0.6
Weighted average discount rate		4.4	%		4.4	%


	Operating leases
	June 30,			March 31,
	2025			2025
	(Unaudited)
Weighted average remaining lease term (years)		24.8		24.1
Weighted average discount rate		4.7	%		4.6	%

For the quarters ended June 30, 2025 and June 30, 2024, cash paid for leases included in our operating cash flow activities were $4.9 million and $5.5 million, respectively, and our financing cash flow activities were $11.4 million and $19.3 million, respectively.

The components of lease costs, including leases of less than 12 months, were as follows:


	Quarters Ended
	June 30, 2025		June 30, 2024
	(Unaudited)
	(In thousands)

Operating lease costs	$	4,874	$	5,605

Finance lease cost:
Amortization of right-of-use assets	$	3,521	$	9,833
Interest on lease liabilities		487		1,207
Total finance lease cost	$	4,008	$	11,040

The short-term lease costs for the first three months of fiscal 2026 and 2025 were not material.

Maturities of lease liabilities were as follows:


	Finance leases			Operating leases
	(Unaudited)
Year ending March 31,	(In thousands)

2026 (9 months)	$	33,678		$	7,733
2027		—			8,320
2028		—			6,931
2029		—			5,240
2030		—			3,948
Thereafter		—			57,278
Total lease payments		33,678			89,450
Less: imputed interest		(699	)		(44,532	)
Present value of lease liabilities	$	32,979		$	44,918