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Leases (Table Text Block)
12 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Supplemental Balance Sheet Information Related to Leases

 

 

As of March 31, 2024

 

 

 

Finance

 

 

 

Operating

 

 

 

Total

 

 

 

(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 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

 

 

Financing leases

 

 

 

 

March 31,

 

 

 

 

2024

 

 

 

2023

 

 

Weighted average remaining lease term (years)

 

 

1

 

 

 

 

2

 

 

Weighted average discount rate

 

 

4.1

 

%

 

 

3.8

 

%

 

 

 

Operating leases

 

 

 

 

March 31,

 

 

 

 

2024

 

 

 

2023

 

 

Weighted average remaining lease term (years)

 

 

21.9

 

 

 

 

19.2

 

 

Weighted average discount rate

 

 

4.6

 

%

 

 

4.7

 

%

Components of Lease Expense

 

 

Twelve Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Operating lease costs

$

 

34,609

 

$

 

32,878

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

Amortization of right-of-use assets

$

 

55,085

 

$

 

81,006

 

Interest on lease liabilities

 

 

6,990

 

 

 

11,199

 

Total finance lease cost

$

 

62,075

 

$

 

92,205

 

Maturities of Lease Liabilities

 

 

Finance leases

 

 

Operating leases

 

Year ending March 31,

 

(In thousands)

 

 

 

 

 

 

 

 

2025

$

 

76,522

 

$

 

12,904

 

2026

 

 

46,001

 

 

 

9,592

 

2027

 

 

 

 

 

7,500

 

2028

 

 

 

 

 

6,478

 

2029

 

 

 

 

 

4,933

 

Thereafter

 

 

 

 

 

61,016

 

Total lease payments

 

 

122,523

 

 

 

102,423

 

Less: imputed interest

 

 

(4,882

)

 

 

(47,391

)

Present value of lease liabilities

$

 

117,641

 

$

 

55,032