| Leases |
. Leases The following tables show the components of our right-of-use (“ROU") assets, net:
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|
|
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|
|
|
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|
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As of September 30, 2025 |
|
|
|
Finance |
|
|
Operating |
|
|
Total |
|
|
|
(Unaudited) |
|
|
|
(In thousands) |
|
Buildings and improvements |
|
$ |
— |
|
|
$ |
71,694 |
|
|
$ |
71,694 |
|
Furniture and equipment |
|
|
61 |
|
|
|
— |
|
|
|
61 |
|
Rental trailers and other rental equipment |
|
|
24,343 |
|
|
|
— |
|
|
|
24,343 |
|
Rental trucks |
|
|
149,219 |
|
|
|
— |
|
|
|
149,219 |
|
Right-of-use assets, gross |
|
|
173,623 |
|
|
|
71,694 |
|
|
|
245,317 |
|
Less: Accumulated depreciation |
|
|
(110,987 |
) |
|
|
(29,882 |
) |
|
|
(140,869 |
) |
Right-of-use assets, net |
|
$ |
62,636 |
|
|
$ |
41,812 |
|
|
$ |
104,448 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2025 |
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|
|
Finance |
|
|
Operating |
|
|
Total |
|
|
|
(Unaudited) |
|
|
|
(In thousands) |
|
Buildings and improvements |
|
$ |
— |
|
|
$ |
71,330 |
|
|
$ |
71,330 |
|
Furniture and equipment |
|
|
61 |
|
|
|
— |
|
|
|
61 |
|
Rental trailers and other rental equipment |
|
|
58,071 |
|
|
|
— |
|
|
|
58,071 |
|
Rental trucks |
|
|
309,475 |
|
|
|
— |
|
|
|
309,475 |
|
Right-of-use assets, gross |
|
|
367,607 |
|
|
|
71,330 |
|
|
|
438,937 |
|
Less: Accumulated depreciation |
|
|
(228,909 |
) |
|
|
(25,305 |
) |
|
|
(254,214 |
) |
Right-of-use assets, net |
|
$ |
138,698 |
|
|
$ |
46,025 |
|
|
$ |
184,723 |
|
As of September 30, 2025 and March 31, 2025, we had finance lease liabilities for the ROU assets, net of $19.6 million and $44.3 million, respectively, included in Notes, loans and finance leases payable, net in the consolidated balance sheets. Non-cash acquisitions of property, plant and equipment from ROU assets - financing, net were $76.1 million and $80.5 million for the as of September 30, 2025 and September 30, 2024, respectively.
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|
|
|
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Finance leases |
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|
|
|
September 30, |
|
|
March 31, |
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|
|
|
2025 |
|
|
2025 |
|
|
|
|
(Unaudited) |
|
|
Weighted average remaining lease term (years) |
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|
0.3 |
|
|
0.6 |
|
|
Weighted average discount rate |
|
|
4.3 |
|
% |
|
4.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating leases |
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|
|
|
September 30, |
|
|
March 31, |
|
|
|
|
2025 |
|
|
2025 |
|
|
|
|
(Unaudited) |
|
|
Weighted average remaining lease term (years) |
|
25.7 |
|
|
24.1 |
|
|
Weighted average discount rate |
|
|
4.7 |
|
% |
|
4.6 |
|
% |
For the six months ended September 30, 2025 and 2024, cash paid for leases included in our operating cash flow activities were $9.5 million and $10.6 million, respectively, and our financing cash flow activities were $24.7 million and $39.3 million, respectively. The components of lease costs, including leases of less than 12 months, were as follows:
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|
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|
Six months ended |
|
|
|
September 30, 2025 |
|
|
September 30, 2024 |
|
|
|
(Unaudited) |
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
Operating lease costs |
|
$ |
9,945 |
|
|
$ |
10,334 |
|
|
|
|
|
|
|
|
Finance lease cost: |
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|
|
|
|
|
Amortization of right-of-use assets |
|
$ |
5,979 |
|
|
$ |
17,630 |
|
Interest on lease liabilities |
|
|
849 |
|
|
|
2,219 |
|
Total finance lease cost |
|
$ |
6,828 |
|
|
$ |
19,849 |
|
The short-term lease costs for the first six months of fiscal 2026 and 2025 were not material. Maturities of lease liabilities were as follows:
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|
Finance leases |
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|
Operating leases |
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|
|
(Unaudited) |
|
Year ending March 31, |
|
(In thousands) |
|
|
|
|
|
|
|
|
2026 (6 months) |
|
$ |
19,980 |
|
|
$ |
4,739 |
|
2027 |
|
|
— |
|
|
|
8,267 |
|
2028 |
|
|
— |
|
|
|
6,998 |
|
2029 |
|
|
— |
|
|
|
5,309 |
|
2030 |
|
|
— |
|
|
|
4,018 |
|
Thereafter |
|
|
— |
|
|
|
57,283 |
|
Total lease payments |
|
|
19,980 |
|
|
|
86,614 |
|
Less: imputed interest |
|
|
(335 |
) |
|
|
(44,001 |
) |
Present value of lease liabilities |
|
$ |
19,645 |
|
|
$ |
42,613 |
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|