Interest on Borrowings

12 Months Ended

Mar. 31, 2024

Interest Expense, Borrowings [Abstract]

Interest on Borrowings

Note 11. Interest on Notes, Loans and Finance Leases Payable, net

Interest Expense

Components of interest expense include the following:

		Years Ended March 31,
		2024				2023				2022
		(In thousands)
Interest expense	$		269,941		$		229,559		$		167,618
Capitalized interest			(14,482	)			(11,814	)			(9,700	)
Amortization of transaction costs			6,131				6,987				5,556
Interest expense resulting from cash flow hedges			(5,415	)			(774	)			3,950
Total interest expense			256,175				223,958				167,424

Interest paid in cash amounted to $268.7 million, $225.8 million and $166.1 million for fiscal 2024, 2023 and 2022, respectively. Interest paid (received) in cash on derivative contracts was ($5.2) million, ($0.8) million and $4.0 million, for fiscal 2024, 2023 and 2022, respectively.

Interest Rates

Interest rates and our revolving credit borrowings were as follows:

		Revolving Credit Activity
		Years Ended March 31,
		2024			2023			2022
		(In thousands, except interest rates)
Weighted average interest rate during the year			6.51	%		3.93	%		1.40	%
Interest rate at year end			6.61	%		5.89	%		1.49	%
Maximum amount outstanding during the year	$		715,000	$		1,105,000	$		1,105,000
Average amount outstanding during the year	$		631,653	$		824,211	$		1,085,074
Facility fees	$		1,139	$		733	$		253