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v3.25.3

Leases | 6 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | . Leases The following tables show the components of our right-of-use (“ROU") assets, net:
|  | As of September 30, 2025 |
|  | Finance |  |  | Operating |  |  | Total |
|  | (Unaudited) |
|  | (In thousands) |
Buildings and improvements |  | $ | — |  |  | $ | 71,694 |  |  | $ | 71,694 |
Furniture and equipment |  |  | 61 |  |  |  | — |  |  |  | 61 |
Rental trailers and other rental equipment |  |  | 24,343 |  |  |  | — |  |  |  | 24,343 |
Rental trucks |  |  | 149,219 |  |  |  | — |  |  |  | 149,219 |
Right-of-use assets, gross |  |  | 173,623 |  |  |  | 71,694 |  |  |  | 245,317 |
Less: Accumulated depreciation |  |  | (110,987 | ) |  |  | (29,882 | ) |  |  | (140,869 | )
Right-of-use assets, net |  | $ | 62,636 |  |  | $ | 41,812 |  |  | $ | 104,448 |
|  | 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 September 30, 2025 and March 31, 2025, we had finance lease liabilities for the ROU assets, net of $19.6 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 $76.1 million and $80.5 million for the as of September 30, 2025 and September 30, 2024, respectively.
|  | Finance leases |  |
|  | September 30, |  |  | March 31, |  |
|  | 2025 |  |  | 2025 |  |
|  | (Unaudited) |  |
Weighted average remaining lease term (years) |  |  | 0.3 |  |  | 0.6 |  |
Weighted average discount rate |  |  | 4.3 |  | % |  | 4.4 |  | %
|  | Operating leases |  |
|  | September 30, |  |  | March 31, |  |
|  | 2025 |  |  | 2025 |  |
|  | (Unaudited) |  |
Weighted average remaining lease term (years) |  | 25.7 |  |  | 24.1 |  |
Weighted average discount rate |  |  | 4.7 |  | % |  | 4.6 |  | %
For the six months ended September 30, 2025 and 2024, cash paid for leases included in our operating cash flow activities were $9.5 million and $10.6 million, respectively, and our financing cash flow activities were $24.7 million and $39.3 million, respectively. The components of lease costs, including leases of less than 12 months, were as follows:
|  | Six months ended |
|  | September 30, 2025 |  |  | September 30, 2024 |
|  | (Unaudited) |
|  | (In thousands) |
Operating lease costs |  | $ | 9,945 |  |  | $ | 10,334 |
Finance lease cost: |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 5,979 |  |  | $ | 17,630 |
Interest on lease liabilities |  |  | 849 |  |  |  | 2,219 |
Total finance lease cost |  | $ | 6,828 |  |  | $ | 19,849 |
The short-term lease costs for the first six 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 (6 months) |  | $ | 19,980 |  |  | $ | 4,739 |
2027 |  |  | — |  |  |  | 8,267 |
2028 |  |  | — |  |  |  | 6,998 |
2029 |  |  | — |  |  |  | 5,309 |
2030 |  |  | — |  |  |  | 4,018 |
Thereafter |  |  | — |  |  |  | 57,283 |
Total lease payments |  |  | 19,980 |  |  |  | 86,614 |
Less: imputed interest |  |  | (335 | ) |  |  | (44,001 | )
Present value of lease liabilities |  | $ | 19,645 |  |  | $ | 42,613 |

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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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