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Derivatives (Tables)
 12 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes the material terms of the Company’s outstanding interest rate swap derivative contracts as of March 31, 2023:
Swap #TermsNotional AmountEffective DateMaturity Date
1Variable to Fixed150,000April 30, 2019June 30, 2023
2Variable to Fixed200,000April 30, 2019June 30, 2024
3Variable to Fixed200,000April 30, 2019June 30, 2025
4Variable to Fixed150,000June 30, 2023June 30, 2026
The effect of derivative instruments on the accompanying consolidated financial statements is as follows:
Derivatives in Cash Flow Hedging RelationshipsLocation of Gain or Loss Recognized in Income on DerivativesAmount of Gain (Loss) Recognized in AOCI on Derivatives
Amount of Gain (Loss) Reclassified from AOCI into Income (1)
Fiscal year ended March 31,Fiscal year ended March 31,
202320222021202320222021
Interest rate swapsInterest expense$14,919 $20,352 $(2,071)$1,237 $(17,535)$(20,558)
(1) The reclassifications from accumulated other comprehensive gain (loss) to net income was reduced by taxes of $0.3 million, $4.6 million and $5.4 million, respectively, for fiscal 2023, 2022 and 2021.