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Leases
3 Months Ended
Jun. 30, 2022
Leases [Abstract]  
8. Leases 7. Leases The following tables show the components of our ROU assets, net:     As of June 30, 2022     Finance   Operating   Total     (Unaudited)     (In thousands) Buildings and improvements $ – $ 139,799 $ 139,799 Furniture and equipment   14,731   –   14,731 Rental trailers and other rental equipment   159,618   –   159,618 Rental trucks   1,044,124   –   1,044,124 Right-of-use assets, gross   1,218,473   139,799   1,358,272 Less: Accumulated depreciation   (650,250)   (67,261)   (717,511) Right-of-use assets, net $ 568,223 $ 72,538 $ 640,761       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 June 30, 2022 and March 31, 2022, we had finance lease liabilities for the ROU assets, net of $ 312.4 million and $ 347.4 million, respectively, and operating lease liabilities of $ 72.3 million and $ 74.2 million, respectively.       Finance leases       June 30,   March 31,       2022   2022       (Unaudited)       Weighted average remaining lease term (years)   3   3   Weighted average discount rate   3.7 % 3.7 %       Operating leases       June 30,   March 31,       2022   2022       (Unaudited)       Weighted average remaining lease term (years)   16.8   16.5   Weighted average discount rate   4.6 % 4.6 %   For the quarters ended June 30, 2022 and 2021, cash paid for leases included in our operating cash flow activities were $ 7.9 million and $ 7.5 million, respectively, and our financing cash flow activities were $ 35.0 million and $ 45.2 million, respectively.   Non-cash activities of ROU assets in exchange for lease liablities were $2.4 million for the first quarter of both fiscal 2023 and 2022. The components of lease costs were as follows:     Three Months Ended     June 30, 2022   June 30, 2021     (Unaudited)     (In thousands)           Operating lease costs $ 7,920 $ 8,077           Finance lease cost:         Amortization of right-of-use assets $ 22,396 $ 32,500 Interest on lease liabilities   3,218   4,571 Total finance lease cost $ 25,614 $ 37,071 Maturities of lease liabilities were as follows:     Finance leases   Operating leases     (Unaudited) Years ending June 30,   (In thousands)           2023 $ 131,322 $ 24,483 2024   97,721   22,162 2025   68,034   7,188 2026   35,396   4,104 2027   –   3,273 Thereafter   –   58,654 Total lease payments   332,473   119,864 Less: imputed interest   (20,062)   (47,587) Present value of lease liabilities $ 312,411 $ 72,277