Borrowings (Table Text Block)

3 Months Ended

6 Months Ended

Sep. 30, 2023

Sep. 30, 2023

Debt Instruments [Abstract]

Long-Term Debt

	Fiscal Year 2024 Interest Rates					Maturities			Weighted Avg Interest Rates (c)			September 30, 2023		March 31, 2023
												(Unaudited)
												(In thousands)
Real estate loans (amortizing term) (a)	4.30	%	-	6.80	%	2027	-	2037	5.89	%	$	283,707	$	289,647
Senior mortgages	2.70	%	-	5.66	%	2024	-	2042	4.18	%		2,487,320		2,371,231
Real estate loans (revolving credit)	-	%	-	-	%	-	-	2027	-	%		–		–
Fleet loans (amortizing term)	1.61	%	-	5.68	%	2024	-	2029	3.76	%		90,071		111,856
Fleet loans (revolving credit) (b)	2.36	%	-	6.68	%	2026	-	2028	5.97	%		593,889		615,000
Finance leases (rental equipment)	2.39	%	-	5.01	%	2023	-	2026	4.00	%		163,453		223,205
Finance liabilities (rental equipment)	1.60	%	-	6.48	%	2024	-	2031	4.38	%		1,544,608		1,255,763
Private placements	2.43	%	-	2.88	%	2029	-	2035	2.65	%		1,200,000		1,200,000
Other obligations	1.50	%	-	8.00	%	2023	-	2049	6.10	%		73,752		76,648
Notes, loans and finance leases payable												6,436,800		6,143,350
Less: Debt issuance costs												(35,901)		(35,308)
Total notes, loans and finance leases payable, net											$	6,400,899	$	6,108,042
(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate.
(b) A loan has an interest rate swap fixing the rate $100 million of the relevant loan at 4.71% based on current margin. The weighted average interest rate calculation for these loans was 5.87% using the swap adjusted interest rate.
(c) Weighted average rates as of September 30, 2023

Annual Maturities of Notes, Loans and Leases Payable

		Year Ending September 30,
		2024		2025		2026		2027		2028		Thereafter		Total
		(Unaudited)
		(In thousands)
Notes, loans and finance leases payable	$	657,998	$	487,551	$	829,219	$	1,023,289	$	513,160	$	2,925,583	$	6,436,800

Components of interest expense

		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Interest expense	$	67,524	$	57,604
Capitalized interest		(3,669)		(2,248)
Amortization of transaction costs		1,432		1,814
Interest expense resulting from cash flow hedges		(1,344)		23
Total interest expense	$	63,943	$	57,193

		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands)
Interest expense	$	131,924	$	108,009
Capitalized interest		(7,732)		(4,866)
Amortization of transaction costs		2,843		3,260
Interest expense resulting from cash flow hedges		(2,494)		589
Total interest expense	$	124,541	$	106,992

Interest rates and company borrowings

		Revolving Credit Activity
		Quarter Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the quarter		6.51	%	3.32	%
Interest rate at the end of the quarter		6.61	%	3.80	%
Maximum amount outstanding during the quarter	$	605,000	$	1,102,000
Average amount outstanding during the quarter	$	596,322	$	877,522
Facility fees	$	306	$	111

		Revolving Credit Activity
		Six Months Ended September 30,
		2023		2022
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the period		6.38	%	2.66	%
Interest rate at the end of the period		6.61	%	3.80	%
Maximum amount outstanding during the period	$	715,000	$	1,105,000
Average amount outstanding during the period	$	628,151	$	984,464
Facility fees	$	571	$	169