Leases

9 Months Ended

Dec. 31, 2024

. Leases

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


	As of December 31, 2024
	Finance			Operating			Total
	(Unaudited)
	(In thousands)
Buildings and improvements	$	—		$	82,384		$	82,384
Furniture and equipment		61			—			61
Rental trailers and other rental equipment		66,083			—			66,083
Rental trucks		388,528			—			388,528
Right-of-use assets, gross		454,672			82,384			537,056
Less: Accumulated depreciation		(285,855	)		(33,884	)		(319,739	)
Right-of-use assets, net	$	168,817		$	48,500		$	217,317


	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 December 31, 2024 and March 31, 2024, we had finance lease liabilities for the ROU assets, net of $57.0 million and $117.6 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets.


	Finance leases
	December 31,			March 31,
	2024			2024
	(Unaudited)
Weighted average remaining lease term (years)	0.8			1
Weighted average discount rate		4.3	%		4.1	%


	Operating leases
	December 31,			March 31,
	2024			2024
	(Unaudited)
Weighted average remaining lease term (years)	23.2			21.9
Weighted average discount rate		4.6	%		4.6	%

For the nine months ended December 31, 2024 and 2023, cash paid for leases included in our operating cash flow activities were $15.7 million and $17.5 million, respectively, and our financing cash flow activities were $60.7 million and $86.2 million, respectively. Non-cash activities of ROU assets in exchange for lease liabilities were $3.1 million and $17.9 million for the first nine months of fiscal 2025 and 2024, respectively.

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


	Nine months ended
	December 31, 2024		December 31, 2023
	(Unaudited)
	(In thousands)

Operating lease costs	$	15,386	$	25,181

Finance lease cost:
Amortization of right-of-use assets	$	23,903	$	44,220
Interest on lease liabilities		3,048		5,600
Total finance lease cost	$	26,951	$	49,820

The short-term lease costs for the first nine 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 (3 months)	$	47,013		$	3,234
2026		11,782			10,579
2027		—			8,164
2028		—			6,774
2029		—			5,184
Thereafter		—			61,191
Total lease payments		58,795			95,126
Less: imputed interest		(1,815	)		(45,583	)
Present value of lease liabilities	$	56,980		$	49,543