Derivatives, Hedging Activities and Interest Expense (Tables)

3 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Activity Impact on Consolidated Balance Sheet

The following tables show the financial statement line item and amount of our derivative assets and liabilities that are reported on our Consolidated Balance Sheets:

	June 30, 2024					March 31, 2024
			Fair					Fair
	Notional		value			Notional		value
Other assets:
Interest rate swaps	$	75,080	$	994		$	71,830	$	1,149
Foreign currency swaps		1,759		91			1,759		89
Total	$	76,839	$	1,085		$	73,589	$	1,238
Counterparty netting				(341	)				(346	)
Collateral held				(703	)				(851	)
Carrying value of derivative contracts – Other assets			$	41				$	41
Other liabilities:
Interest rate swaps	$	35,475	$	99		$	38,920	$	52
Foreign currency swaps		7,433		888			7,433		918
Total	$	42,908	$	987		$	46,353	$	970
Counterparty netting				(341	)				(346	)
Collateral posted				(627	)				(601	)
Carrying value of derivative contracts – Other liabilities			$	19				$	23

Components of Interest Expense

The following table summarizes the components of interest expense, including the location and amount of gains and losses on derivative instruments and related hedged items, as reported in our Consolidated Statements of Income:

	Three months ended
	June 30,
	2024			2023
Interest expense on debt	$	1,405		$	1,087
Interest income on derivatives		(58	)		(209	)
Interest expense on debt and derivatives		1,347			878
Losses on debt denominated in  foreign currencies		20			36
Losses on foreign currency swaps		7			44
Losses (gains) on U.S. dollar interest rate swaps		69			(59	)
Total interest expense	$	1,443		$	899