Borrowings

9 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Notes, Loans and Finance Leases Payable, net

. Notes, Loans and Finance Leases Payable, Net

Long Term Debt

Long term debt was as follows:

	Fiscal Year 2025 Interest Rates						Maturities				Weighted Avg Interest Rates (c)			December 31, 2024			March 31, 2024
														(Unaudited)
														(In thousands)
Real estate loans (amortizing term) (a)		4.30	%	-	6.03	%	2027		-	2037		5.42	%	$	268,857		$	277,767
Senior mortgages		2.70	%	-	6.05	%	2026		-	2042		4.16	%		2,167,983			2,284,853
Real estate loans (revolving credit)		—	%	-	—	%		—	-	2027	-		%		—			—
Fleet loans (amortizing term)		1.61	%	-	5.92	%	2025		-	2031		5.12	%		120,554			70,454
Fleet loans (revolving credit) (b)		5.42	%	-	5.93	%	2027		-	2029		5.81	%		615,000			573,889
Finance leases (rental equipment)		2.89	%	-	5.01	%	2025		-	2026		4.34	%		56,980			117,641
Finance liability (rental equipment)		1.60	%	-	6.80	%	2025		-	2031		5.03	%		1,931,815			1,708,619
Private placements		2.43	%	-	6.00	%	2029		-	2035		3.62	%		1,700,000			1,200,000
Other obligations		1.50	%	-	8.00	%	2025		-	2049		6.32	%		68,402			70,815
Notes, loans and finance leases payable															6,929,591			6,304,038
Less: Debt issuance costs															(32,604	)		(32,676	)
Total notes, loans and finance leases payable, net														$	6,896,987		$	6,271,362
(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) Certain loans have interest rate swaps fixing the rate for the relevant loans between 4.36% and 4.71% based on current margin. The weighted average interest rate calculation for these loans was 5.82% using the swap adjusted interest rate.
(c) Weighted average rates as of December 31, 2024.

Private Placement

On August 21, 2024, we entered into a Note Purchase Agreement ( the "Note Purchase Agreement") in connection with the private placement of our senior unsecured notes (the "Notes"). Under the Note Purchase Agreement, we sold an aggregate $500 million of the Notes, consisting of $100 million aggregate principal amount of our 5.86% Senior Notes, Series A due August 21, 2032, $100 million aggregate principal amount of our 5.91% Senior Notes, Series B due August 21, 2033, $100 million aggregate principal amount of our 5.95% Senior Notes, Series C due August 21, 2034, and $200 million aggregate principal amount of our 6.00% Senior Notes, Series D due August 21, 2035, each with maturities between 2032 and 2035. Interest is payable semiannually.

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, 2024 for the next five years and thereafter are as follows:

	Years Ended December 31,
	2025		2026		2027		2028		2029		Thereafter		Total
	(Unaudited)
	(In thousands)
Notes, loans and finance leases payable	$	527,358	$	938,448	$	1,056,361	$	670,110	$	758,767	$	2,978,547	$	6,929,591

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

	Quarter ended December 31,
	2024			2023
	(Unaudited)
	(In thousands)
Interest expense	$	80,760		$	71,061
Capitalized interest		(4,608	)		(4,006	)
Amortization of transaction costs		1,390			1,868
Interest expense resulting from cash flow hedges		(961	)		(1,473	)
Total interest expense	$	76,581		$	67,450

	Nine months ended December 31,
	2024			2023
	(Unaudited)
	(In thousands)
Interest expense	$	226,148		$	202,985
Capitalized interest		(11,188	)		(11,738	)
Amortization of transaction costs		4,229			4,711
Interest expense resulting from cash flow hedges		(3,892	)		(3,967	)
Total interest expense	$	215,297		$	191,991

Interest paid in cash was $65.0 million and $61.8 million for the third quarter of fiscal 2025 and 2024, respectively, and $207.2 million and $191.4 million for the first nine months of fiscal 2025 and 2024, respectively. Interest paid (received) in cash on derivatives contracts was ($1.2) million and ($1.5) million for the third quarter of fiscal 2025 and 2024, respectively. Interest paid (received) in cash on derivative contracts was ($4.2) million and ($3.8) million for the first nine months of fiscal 2025 and 2024, respectively.

Interest Rates

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

	Revolving Credit Activity
	Quarter ended December 31,
		2024			2023
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the quarter		6.05	%		6.64	%
Interest rate at the end of the quarter		5.88	%		6.63	%
Maximum amount outstanding during the quarter	$	765,000		$	710,000
Average amount outstanding during the quarter	$	745,272		$	669,372
Facility fees	$	214		$	259

	Revolving Credit Activity
	Nine months ended December 31,
		2024			2023
	(Unaudited)
	(In thousands, except interest rates)
Weighted average interest rate during the period		6.43	%		6.47	%
Interest rate at the end of the period		5.88	%		6.63	%
Maximum amount outstanding during the period	$	765,000		$	715,000
Average amount outstanding during the period	$	665,376		$	641,941
Facility fees	$	793		$	830