Leases

3 Months Ended

Jun. 30, 2024

. Leases

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


	As of September 30, 2024
	Finance			Operating			Total
	(Unaudited)
	(In thousands)
Buildings and improvements	$	—		$	82,385		$	82,385
Furniture and equipment		61			—			61
Rental trailers and other rental equipment		96,006			—			96,006
Rental trucks		436,576			—			436,576
Right-of-use assets, gross		532,643			82,385			615,028
Less: Accumulated depreciation		(323,839	)		(31,077	)		(354,916	)
Right-of-use assets, net	$	208,804		$	51,308		$	260,112


	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 September 30, 2024 and March 31, 2024, we had finance lease liabilities for the ROU assets, net of $78.4 million and $117.6 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets.


	Finance leases
	September 30,			March 31,
	2024			2024
	(Unaudited)
Weighted average remaining lease term (years)	0.9			1
Weighted average discount rate		4.2	%		4.1	%


	Operating leases
	September 30,			March 31,
	2024			2024
	(Unaudited)
Weighted average remaining lease term (years)	22.5			21.9
Weighted average discount rate		4.6	%		4.6	%

For the six months ended September 30, 2024 and 2023, cash paid for leases included in our operating cash flow activities were $10.6 million and $17.4 million, respectively, and our financing cash flow activities were $39.3 million and $59.8 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $3.1 million and $14.4 million for the first six months of fiscal 2025 and 2024, respectively.

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


	Six months ended
	September 30, 2024		September 30, 2023
	(Unaudited)
	(In thousands)

Operating lease costs	$	10,334	$	16,033

Finance lease cost:
Amortization of right-of-use assets	$	17,630	$	31,465
Interest on lease liabilities		2,219		4,002
Total finance lease cost	$	19,849	$	35,467

The short-term lease costs for the first six 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 (6 months)	$	60,653		$	6,675
2026		20,379			10,449
2027		—			8,097
2028		—			6,792
2029		—			5,203
Thereafter		—			61,752
Total lease payments		81,032			98,968
Less: imputed interest		(2,650	)		(46,497	)
Present value of lease liabilities	$	78,382		$	52,471