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Leases (Table Text Block)
3 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Mar. 31, 2023
Leases [Abstract]      
Supplemental Balance Sheet Information Related to Leases

 

 

As of September 30, 2023

 

 

Finance

 

Operating

 

Total

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

 

 

Buildings and improvements

$

$

142,467

$

142,467

Furniture and equipment

 

7,109

 

 

7,109

Rental trailers and other rental equipment

 

115,072

 

 

115,072

Rental trucks

 

816,075

 

 

816,075

Right-of-use assets, gross

 

938,256

 

142,467

 

1,080,723

Less: Accumulated depreciation

 

(560,523)

 

(77,151)

 

(637,674)

Right-of-use assets, net

$

377,733

$

65,316

$

443,049

 

 

 

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

Summary of Weighted-average remaining lease terms and Discount rates

 

 

Finance leases

 

 

 

September 30,

 

March 31,

 

 

 

2023

 

2023

 

 

 

(Unaudited)

 

 

 

Weighted average remaining lease term (years)

 

2

 

2

 

Weighted average discount rate

 

4.0

%

3.8

%

 

 

Operating leases

 

 

 

September 30,

 

March 31,

 

 

 

2023

 

2023

 

 

 

(Unaudited)

 

 

 

Weighted average remaining lease term (years)

 

18.9

 

19.2

 

Weighted average discount rate

 

4.6

%

4.7

%

 
Components of Lease Expense

 

 

Six Months Ended

 

 

September 30, 2023

 

September 30, 2022

 

 

(Unaudited)

 

 

(In thousands)

 

 

 

 

 

Operating lease costs

$

16,033

$

16,181

 

 

 

 

 

Finance lease cost:

 

 

 

 

Amortization of right-of-use assets

$

31,465

$

43,173

Interest on lease liabilities

 

4,002

 

6,142

Total finance lease cost

$

35,467

$

49,315

   
Maturities of Lease Liabilities

 

 

Finance leases

 

Operating leases

 

 

(Unaudited)

Year ending March 31,

 

(In thousands)

 

 

 

 

 

2024 (6 months)

$

85,789

$

22,913

2025

 

61,189

 

10,059

2026

 

24,371

 

6,879

2027

 

 

6,265

2028

 

 

5,708

Thereafter

 

 

60,853

Total lease payments

 

171,349

 

112,677

Less: imputed interest

 

(7,896)

 

(48,097)

Present value of lease liabilities

$

163,453

$

64,580