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Derivatives (Tables)
 12 Months Ended
Mar. 31, 2024
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 March 31, 2024:
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 agreement was 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, “Summary of Significant Accounting Policies,” to the consolidated financial statements for further information on the transition.
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 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,
202420232022202420232022
Interest rate swapsInterest expense$11,794 $14,919 $20,352 $14,932 $1,237 $(17,535)
(1) The reclassifications from accumulated other comprehensive gain (loss) to net income was reduced by taxes of $4.0 million, $0.3 million and $4.6 million, respectively, for fiscal 2024, 2023 and 2022.