MOTORCAR PARTS OF AMERICA INC Leases Disclosure
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March 31, 2024
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March 31, 2023
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Leases
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Classification
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Assets:
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||||||||
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Operating
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$
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83,973,000
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$
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87,619,000
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||||
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Finance
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4,611,000
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5,549,000
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||||||
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Total leased assets
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$
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88,584,000
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$
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93,168,000
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Liabilities:
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Current
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Operating
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$
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8,319,000
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$
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8,767,000
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Finance
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1,585,000
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1,851,000
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Long-term
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||||||||
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Operating
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72,240,000
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79,318,000
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Finance
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1,893,000
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2,742,000
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Total lease liabilities
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$
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84,037,000
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$
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92,678,000
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Years Ended March 31,
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2024
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2023
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2022 | |||||||||
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Lease cost
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Operating lease cost
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$
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15,047,000
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$
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13,176,000
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$ | 12,472,000 | ||||||
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Short-term lease cost
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1,263,000
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1,686,000
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1,462,000 | |||||||||
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Variable lease cost
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667,000
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761,000
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1,011,000 | |||||||||
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Finance lease cost:
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Amortization of finance lease assets
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1,508,000
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1,983,000
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2,088,000 | |||||||||
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Interest on finance lease liabilities
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219,000
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262,000
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345,000 | |||||||||
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Total lease cost
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$
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18,704,000
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$
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17,868,000
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$ | 17,378,000 | ||||||
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Maturity of lease liabilities by fiscal year
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Operating Leases
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Finance Leases
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Total
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2025
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$
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12,676,000
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$
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1,753,000
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$
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14,429,000
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2026
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12,374,000
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1,015,000
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13,389,000
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2027
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11,194,000
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524,000
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11,718,000
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2028
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10,928,000
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364,000
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11,292,000
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2029
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11,126,000
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169,000
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11,295,000
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Thereafter
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43,461,000
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-
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43,461,000
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|||||||||
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Total lease payments
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101,759,000
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3,825,000
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105,584,000
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Less: amount representing interest
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(21,200,000
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)
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(347,000
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)
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(21,547,000
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)
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Present value of lease liabilities
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$
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80,559,000
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$
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3,478,000
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$
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84,037,000
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March 31, 2024
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March 31, 2023
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Lease term and discount rate
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Weighted-average remaining lease term (years):
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Finance leases
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2.8
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2.9
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Operating leases
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8.3
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9.0
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Weighted-average discount rate:
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Finance leases
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6.4
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%
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5.9
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%
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||||
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Operating leases
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5.8
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%
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5.8
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%
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Jun 11, 2024 | Showing above |
| 2023 | Jun 14, 2023 | |
| 2022 | Jun 14, 2022 | |
| 2021 | Jun 14, 2021 | |
| 2020 | Jun 15, 2020 | |
| 2019 | Jun 28, 2019 | |
| 2018 | Jun 14, 2018 | |
| 2017 | Jun 14, 2017 | |
| 2016 | Jun 14, 2016 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.