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Derivatives (Tables)
 3 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Effect of Derivative Instruments
The following table summarizes the material terms of the Company’s outstanding interest rate swap derivative contracts as of June 30, 2023:
Effective DateMaturity DateTermsNotional Amount
April 28, 2023
(1)
June 30, 2024Variable to Fixed$200,000 
April 28, 2023
(1)
June 30, 2025Variable to Fixed200,000 
June 30, 2023June 30, 2026Variable to Fixed150,000 
Total$550,000 
(1) Swap agreements were originally effective on April 30, 2019 and were amended during the first quarter of fiscal 2024 to transition from LIBOR-indexed to term SOFR-indexed periodic swap payments to align with interest payments in connection with its term SOFR-indexed debt. See Note 2, “Basis of Presentation,” to the condensed consolidated financial statements for further information on the transition.
The effect of derivative instruments on the accompanying condensed consolidated financial statements for the three months ended June 30, 2023 and 2022 is as follows:
Three Months Ended
June 30,
Derivatives in Cash Flow Hedging RelationshipsLocation of Gain or Loss Recognized in Income on DerivativesAmount of Pre-Tax Gain Recognized in AOCI on Derivatives
Amount of Pre-Tax Gain or (Loss) Reclassified from AOCI into Income (1)
2023202220232022
Interest rate swapsInterest income (expense)$8,599 $4,966 $3,568 $(2,831)
(1) The reclassifications from accumulated other comprehensive income to net income were reduced by tax (expense) benefit of ($0.9 million) and $0.7 million for the three months ended June 30, 2023 and 2022, respectively.