Borrowings

9 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Notes, Loans and Finance Leases Payable, net

4. Notes, Loans and Finance Leases Payable, net

Long Term Debt

Long term debt was as follows:

	Fiscal Year 2024 Interest Rates						Maturities				Weighted Avg Interest Rates (c)			December 31, 2023			March 31, 2023
														(Unaudited)
														(In thousands)
Real estate loans (amortizing term) (a)		4.30	%	-	6.82	%	2027		-	2037		5.90	%	$	280,737		$	289,647
Senior mortgages		2.70	%	-	5.66	%	2024		-	2042		4.19	%		2,435,443			2,371,231
Real estate loans (revolving credit)		—	%	-	—	%		—	-	2027	-		%		—			—
Fleet loans (amortizing term)		1.61	%	-	5.68	%	2024		-	2029		3.79	%		79,874			111,856
Fleet loans (revolving credit) (b)		2.36	%	-	6.70	%	2026		-	2028		6.24	%		605,000			615,000
Finance leases (rental equipment)		2.49	%	-	5.01	%	2024		-	2026		4.06	%		137,039			223,205
Finance liabilities (rental equipment)		1.60	%	-	6.48	%	2024		-	2031		4.60	%		1,660,443			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	%	2024		-	2049		6.16	%		72,869			76,648
Notes, loans and finance leases payable															6,471,405			6,143,350
Less: Debt issuance costs															(34,096	)		(35,308	)
Total notes, loans and finance leases payable, net														$	6,437,309		$	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 6.13% using the swap adjusted interest rate.
(c) Weighted average rates as of December 31, 2023.

Annual Maturities of Notes, Loans and Finance Leases Payable

The annual maturities of our notes, loans and finance leases payable, before debt issuance costs, as of December 31, 2023 for the next five years and thereafter are as follows:

	Year Ending December 31,
	2024		2025		2026		2027		2028		Thereafter		Total
	(Unaudited)
	(In thousands)
Notes, loans and finance leases payable	$	666,155	$	546,192	$	941,575	$	955,008	$	500,139	$	2,862,336	$	6,471,405

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

	Quarter ended December 31,
	2023			2022
	(Unaudited)
	(In thousands)
Interest expense	$	71,061		$	60,978
Capitalized interest		(4,006	)		(3,818	)
Amortization of transaction costs		1,868			2,336
Interest expense resulting from cash flow hedges		(1,473	)		(455	)
Total interest expense	$	67,450		$	59,041

	Nine months ended December 31,
	2023			2022
	(Unaudited)
	(In thousands)
Interest expense	$	202,985		$	168,987
Capitalized interest		(11,738	)		(8,684	)
Amortization of transaction costs		4,711			5,596
Interest expense resulting from cash flow hedges		(3,967	)		134
Total interest expense	$	191,991		$	166,033

Interest paid in cash was $61.8 million and $51.3 million for the third quarter of fiscal 2024 and 2023, respectively, and $191.4 million and $156.8 million for the first nine months of fiscal 2024 and 2023, respectively. Interest paid (received) in cash on derivative contracts was ($1.5) million and $0.0 million for the third quarter of fiscal 2024 and 2023, respectively. Interest paid (received) in cash on derivative contracts was ($3.8) million and $0.6 million for the first nine months of fiscal 2024 and 2023, respectively.

Interest Rates

Interest rates and Company borrowings related to our revolving credit facilities were as follows:

	Revolving Credit Activity
	Quarter ended December 31,
		2023			2022
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the quarter		6.64	%		4.68	%
Interest rate at the end of the quarter		6.63	%		5.28	%
Maximum amount outstanding during the quarter	$	710,000		$	765,000
Average amount outstanding during the quarter	$	669,372		$	710,109
Facility fees	$	259		$	270

	Revolving Credit Activity
	Nine months ended December 31,
		2023			2022
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the period		6.47	%		3.34	%
Interest rate at the end of the period		6.63	%		5.28	%
Maximum amount outstanding during the period	$	715,000		$	1,105,000
Average amount outstanding during the period	$	641,941		$	892,680
Facility fees	$	830		$	439