Note 10. Interest on Borrowings

Interest Expense

Components of interest expense include the following:

		Years Ended March 31,
		2015		2014		2013
		(In thousands)
Interest expense	$	80,905	$	72,538	$	66,159
Capitalized interest		(1,204)		(571)		(415)
Amortization of transaction costs		3,495		3,551		4,133
Interest expense resulting from derivatives		14,329		17,174		20,819
Total interest expense		97,525		92,692		90,696
Write-off of transaction costs related to early extinguishment of debt		298		–		–
Fees on early extinguishment of debt		3,783		–		–
Fees and amortization on early extinguishment of debt		4,081		–		–
Total	$	101,606	$	92,692	$	90,696

Interest paid in cash, including payments related to derivative contracts, amounted to $95.0 million, $87.8 million and $84.6 million for fiscal 2015, 2014 and 2013, respectively. In addition, during fiscal 2015, we paid $3.8 million associated to the fees on the early extinguishment of debt.

Interest Rates

Interest rates and our revolving credit borrowings were as follows:

		Revolving Credit Activity
		Years Ended March 31,
		2015		2014		2013
		(In thousands, except interest rates)
Weighted average interest rate during the year		1.70%		1.10%		1.25%
Interest rate at year end		1.65%		1.78%		0.00%
Maximum amount outstanding during the year	$	232,000	$	89,632	$	48,920
Average amount outstanding during the year	$	187,004	$	18,658	$	18,707
Facility fees	$	336	$	301	$	449