Leases

3 Months Ended

Jun. 30, 2024

. Leases

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


	As of June 30, 2024
	Finance			Operating			Total
	(Unaudited)
	(In thousands)
Buildings and improvements	$	—		$	81,571		$	81,571
Furniture and equipment		61			—			61
Rental trailers and other rental equipment		104,092			—			104,092
Rental trucks		585,415			—			585,415
Right-of-use assets, gross		689,568			81,571			771,139
Less: Accumulated depreciation		(423,824	)		(28,316	)		(452,140	)
Right-of-use assets, net	$	265,744		$	53,255		$	318,999


	As of March 31, 2024
	Finance			Operating			Total
	(Unaudited)
	(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 June 30, 2024 and March 31, 2024, we had finance lease liabilities for the ROU assets, net of $98.4 million and $117.6 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets.


	Finance leases
	June 30,			March 31,
	2024			2024
	(Unaudited)
Weighted average remaining lease term (years)	1			1
Weighted average discount rate		4.2	%		4.1	%


	Operating leases
	June 30,			March 31,
	2024			2024
	(Unaudited)
Weighted average remaining lease term (years)	22			21.9
Weighted average discount rate		4.6	%		4.6	%

For the three months ended June 30, 2024 and 2023, cash paid for leases included in our operating cash flow activities were $5.5 million and $8.9 million, respectively, and our financing cash flow activities were $19.3 million and $34.2 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $2.3 million and $5.0 million for the first three months of fiscal 2025 and 2024, respectively.

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


	Three months ended
	June 30, 2024		June 30, 2023
	(Unaudited)
	(In thousands)

Operating lease costs	$	5,605	$	8,102

Finance lease cost:
Amortization of right-of-use assets	$	9,833	$	16,754
Interest on lease liabilities		1,207		2,146
Total finance lease cost	$	11,040	$	18,900

The short-term lease costs for the first three months of fiscal 2025 and 2024 were not material.

Maturities of lease liabilities were as follows:


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

2025 (9 months)	$	67,577		$	9,850
2026		34,473			10,029
2027		—			7,941
2028		—			6,792
2029		—			5,203
Thereafter		—			61,754
Total lease payments		102,050			101,569
Less: imputed interest		(3,668	)		(47,084	)
Present value of lease liabilities	$	98,382		$	54,485