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Leases
3 Months Ended
Jun. 30, 2023
Leases [Abstract]  
8. Leases The following tables show the components of our right-of-use (“ROU“) assets, net:     As of June 30, 2023     Finance   Operating   Total     (Unaudited)     (In thousands) Buildings and improvements $ – $ 133,248 $ 133,248 Furniture and equipment   7,109   –   7,109 Rental trailers and other rental equipment   128,865   –   128,865 Rental trucks   879,054   –   879,054 Right-of-use assets, gross   1,015,028   133,248   1,148,276 Less: Accumulated depreciation   (594,532)   (73,770)   (668,302) Right-of-use assets, net $ 420,496 $ 59,478 $ 479,974       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   As of June 30, 2023 and March 31, 2023, we had finance lease liabilities for the ROU assets, net of $ 189.0 million and $ 223.2 million, respectively, and operating lease liabilities of $ 58.8 million and $ 58.4 million, respectively.     Finance leases       June 30,   March 31,       2023   2023       (Unaudited)       Weighted average remaining lease term (years)   2   2   Weighted average discount rate   3.9 % 3.8 %       Operating leases       June 30,   March 31,       2023   2023       (Unaudited)       Weighted average remaining lease term (years)   20.3   19.2   Weighted average discount rate   4.7 % 4.7 %   For the quarters ended June 30, 2023 and 2022, cash paid for leases included in our operating cash flow activities were $ 8.9 million and $ 7.9 million, respectively, and our financing cash flow activities were $ 34.2 million and $ 35.0 million, respectively.   Non-cash activities of ROU assets in exchange for lease liablities were $5.0 million and $2.4 million for the first quarters of fiscal 2024 and 2023, respectively. The components of lease costs, including leases of less than 12 months, were as follows:     Three Months Ended     June 30, 2023   June 30, 2022     (Unaudited)     (In thousands)           Operating lease costs $ 8,102 $ 7,920           Finance lease cost:         Amortization of right-of-use assets $ 16,754 $ 22,396 Interest on lease liabilities   2,146   3,218 Total finance lease cost $ 18,900 $ 25,614   The short-term lease costs for the first quarters of fiscal 2024 and 2023 were not material. Maturities of lease liabilities were as follows:     Finance leases   Operating leases     (Unaudited) Years ending March 31,   (In thousands)           2024 (9 months) $ 75,174 $ 18,686 2025   77,194   12,244 2026   46,457   5,534 2027   –   4,087 2028   –   3,483 Thereafter   –   62,497 Total lease payments   198,825   106,531 Less: imputed interest   (9,788)   (47,723) Present value of lease liabilities $ 189,037 $ 58,808