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Derivatives (Tables) | 6 Months Ended
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Sep. 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 September 30, 2023:
Effective Date |  | Maturity Date | Terms | Notional Amount
April 28, 2023 | (1) | June 30, 2024 | Variable to Fixed | $ | 200,000 |
April 28, 2023 | (1) | June 30, 2025 | Variable to Fixed | 200,000 |
June 30, 2023 |  | June 30, 2026 | Variable to Fixed | 150,000 |
|  |  | 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 and six months ended September 30, 2023 and 2022 is as follows:
|  | Three Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships | Location of Gain or Loss Recognized in Income on Derivatives | Amount of Pre-Tax Gain Recognized in AOCI on Derivatives | Amount of Pre-Tax Gain or (Loss) Reclassified from AOCI into Income (1) |
2023 | 2022 | 2023 | 2022 |  |
Interest rate swaps | Interest income (expense) | $ | 3,173 |  | $ | 10,173 |  | $ | 3,702 |  | $ | (388) |  |  |
(1) The reclassifications from accumulated other comprehensive income to net income were reduced by tax (expense) benefit of ($1.0 million) and $0.1 million for the three months ended September 30, 2023 and 2022, respectively.
|  | Six Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships | Location of Gain or Loss Recognized in Income on Derivatives | Amount of Pre-Tax Gain or (Loss) Recognized in AOCL on Derivatives | Amount of Pre-Tax Gain or (Loss) Reclassified from AOCL into Income (2) |
2023 | 2022 | 2023 | 2022 |  |
Interest rate swaps | Interest income (expense) | $ | 11,772 |  | $ | 15,139 |  | $ | 7,271 |  | $ | (3,219) |  |  |
(2) The reclassifications from accumulated other comprehensive loss to net income was reduced by tax (expense) benefit of ($1.9 million) and $0.8 million for the six months ended September 30, 2023 and 2022, respectively.

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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