Derivatives, Hedging Activities and Interest Expense (Tables)

9 Months Ended

Dec. 31, 2021

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:

	December 31, 2021					March 31, 2021
			Fair					Fair
	Notional		value			Notional		value
Other assets:
Interest rate swaps	$	63,788	$	998		$	44,125	$	1,026
Foreign currency swaps		2,776		85			7,274		330
Total	$	66,564	$	1,083		$	51,399	$	1,356
Counterparty netting				(640	)				(840	)
Collateral held				(380	)				(462	)
Carrying value of derivative contracts – Other assets			$	63				$	54
Other liabilities:
Interest rate swaps	$	33,127	$	514		$	55,062	$	1,142
Foreign currency swaps		7,007		424			4,321		243
Total	$	40,134	$	938		$	59,383	$	1,385
Counterparty netting				(640	)				(840	)
Collateral posted				(298	)				(544	)
Carrying value of derivative contracts – Other liabilities			$	-				$	1

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						Nine months ended
	December 31,						December 31,
	2021			2020			2021			2020
Interest expense on debt	$	362		$	460		$	1,134		$	1,531
Interest expense on derivatives		23			103			137			334
Interest expense on debt and derivatives		385			563			1,271			1,865
(Gains) losses on debt denominated in foreign currencies		(60	)		655			(338	)		1,703
Losses (gains) on foreign currency swaps		151			(658	)		509			(1,754	)
Gains on U.S. dollar interest rate swaps		(130	)		(69	)		(387	)		(280	)
Total interest expense	$	346		$	491		$	1,055		$	1,534