Note 10. Interest on Borrowings

Interest Expense

Components of interest expense include the following:

		Years Ended March 31,
		2016		2015		2014
		(In thousands)
Interest expense	$	85,592	$	80,905	$	72,538
Capitalized interest		(3,623)		(1,204)		(571)
Amortization of transaction costs		3,235		3,495		3,551
Interest expense resulting from derivatives		12,699		14,329		17,174
Total interest expense		97,903		97,525		92,692
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	$	97,903	$	101,606	$	92,692

Interest paid in cash, including payments related to derivative contracts, amounted to $95.1 million, $95.0 million and $87.8 million for fiscal 2016, 2015 and 2014, respectively. In addition, during fiscal 2015, we paid $3.8 million of fees associated with the early extinguishment of debt.

Interest Rates

Interest rates and our revolving credit borrowings were as follows:

		Revolving Credit Activity
		Years Ended March 31,
		2016		2015		2014
		(In thousands, except interest rates)
Weighted average interest rate during the year		1.67%		1.70%		1.10%
Interest rate at year end		1.82%		1.65%		1.78%
Maximum amount outstanding during the year	$	347,000	$	232,000	$	89,632
Average amount outstanding during the year	$	237,372	$	187,004	$	18,658
Facility fees	$	201	$	336	$	301