Interest on Borrowings

12 Months Ended

Mar. 31, 2018

Interest Expense, Borrowings [Abstract]

Interest on Borrowings

Interest Expense

Components of interest expense include the following:

		Years Ended March 31,
		2018		2017		2016
		(In thousands)
Interest expense	$	125,412	$	106,221	$	85,404
Capitalized interest		(6,466)		(4,863)		(3,623)
Amortization of transaction costs		3,867		3,445		3,235
Interest expense resulting from derivatives		3,893		8,603		12,699
Total interest expense		126,706		113,406		97,715
Amortization on early extinguishment of debt		–		499		–
Total	$	126,706	$	113,905	$	97,715

Interest paid in cash, including payments related to derivative contracts, amounted to $129.3 million, $113.7 million and $95.1 million for fiscal 2018, 2017 and 2016, respectively.

Interest Rates

Interest rates and our revolving credit borrowings were as follows:

		Revolving Credit Activity
		Years Ended March 31,
		2018		2017		2016
		(In thousands, except interest rates)
Weighted average interest rate during the year		2.48%		1.83%		1.67%
Interest rate at year end		2.84%		2.06%		1.82%
Maximum amount outstanding during the year	$	538,000	$	597,000	$	347,000
Average amount outstanding during the year	$	517,997	$	477,888	$	237,372
Facility fees	$	410	$	158	$	201