| Leases |
. LeasesThe 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 December 31, 2025 |
|
|
|
Finance |
|
|
Operating |
|
|
Total |
|
|
|
(Unaudited) |
|
|
|
(In thousands) |
|
Buildings and improvements |
|
$ |
— |
|
|
$ |
72,557 |
|
|
$ |
72,557 |
|
Furniture and equipment |
|
|
61 |
|
|
|
— |
|
|
|
61 |
|
Rental trailers and other rental equipment |
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|
9,192 |
|
|
|
— |
|
|
|
9,192 |
|
Rental trucks |
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|
80,722 |
|
|
|
— |
|
|
|
80,722 |
|
Right-of-use assets, gross |
|
|
89,975 |
|
|
|
72,557 |
|
|
|
162,532 |
|
Less: Accumulated depreciation |
|
|
(59,414 |
) |
|
|
(31,868 |
) |
|
|
(91,282 |
) |
Right-of-use assets, net |
|
$ |
30,561 |
|
|
$ |
40,689 |
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|
$ |
71,250 |
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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 |
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|
(228,909 |
) |
|
|
(25,305 |
) |
|
|
(254,214 |
) |
Right-of-use assets, net |
|
$ |
138,698 |
|
|
$ |
46,025 |
|
|
$ |
184,723 |
|
As of December 31, 2025 and March 31, 2025, we had finance lease liabilities for the ROU assets, net of $11.4 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 $108.1 million and $120.5 million as of December 31, 2025 and December 31, 2024, respectively.
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|
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Finance leases |
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|
|
|
December 31, |
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|
March 31, |
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|
|
|
2025 |
|
|
2025 |
|
|
|
|
(Unaudited) |
|
|
Weighted average remaining lease term (years) |
|
0.2 |
|
|
0.6 |
|
|
Weighted average discount rate |
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|
4.3 |
|
% |
|
4.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating leases |
|
|
|
|
December 31, |
|
|
March 31, |
|
|
|
|
2025 |
|
|
2025 |
|
|
|
|
(Unaudited) |
|
|
Weighted average remaining lease term (years) |
|
|
26.0 |
|
|
24.1 |
|
|
Weighted average discount rate |
|
|
4.7 |
|
% |
|
4.6 |
|
% |
For the nine months ended December 31, 2025 and 2024, cash paid for leases included in our operating cash flow activities were $25.4 million and $15.7 million, respectively, and our financing cash flow activities were $32.9 million and $60.7 million, respectively. The components of lease costs, including leases of less than 12 months, were as follows:
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|
Nine months ended |
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
|
(Unaudited) |
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
Operating lease costs |
|
$ |
14,226 |
|
|
$ |
15,386 |
|
|
|
|
|
|
|
|
Finance lease cost: |
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|
|
|
|
|
Amortization of right-of-use assets |
|
$ |
7,631 |
|
|
$ |
23,903 |
|
Interest on lease liabilities |
|
|
1,062 |
|
|
|
3,048 |
|
Total finance lease cost |
|
$ |
8,693 |
|
|
$ |
26,951 |
|
The short-term lease costs for the first nine months of fiscal 2026 and 2025 were not material. Maturities of lease liabilities were as follows:
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Finance leases |
|
|
Operating leases |
|
|
|
(Unaudited) |
|
Year ending March 31, |
|
(In thousands) |
|
|
|
|
|
|
|
|
2026 (3 months) |
|
$ |
11,558 |
|
|
$ |
2,439 |
|
2027 |
|
|
— |
|
|
|
8,696 |
|
2028 |
|
|
— |
|
|
|
7,265 |
|
2029 |
|
|
— |
|
|
|
5,309 |
|
2030 |
|
|
— |
|
|
|
4,018 |
|
Thereafter |
|
|
— |
|
|
|
57,278 |
|
Total lease payments |
|
|
11,558 |
|
|
|
85,005 |
|
Less: imputed interest |
|
|
(121 |
) |
|
|
(43,541 |
) |
Present value of lease liabilities |
|
$ |
11,437 |
|
|
$ |
41,464 |
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|