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Derivatives (Tables)
 9 Months Ended
Dec. 31, 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 December 31, 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$550,000 
(1) Swap agreements were originally effective on April 30, 2019 and were amended during the first quarter of fiscal 2024 to transition from LIBOR-indexed to term SOFR-indexed periodic swap payments to align with interest payments in connection with its term SOFR-indexed debt. See Note 2, “Basis of Presentation,” to the condensed consolidated financial statements for further information on the transition.
The effect of derivative instruments on the accompanying condensed consolidated financial statements for the three and nine months ended December 31, 2023 and 2022 is as follows:
Derivatives in Cash Flow Hedging RelationshipsLocation of Gain or (Loss) Recognized in Income on DerivativesAmount of Pre-Tax Gain or (Loss) Recognized in AOCI/(AOCL) on Derivatives
Amount of Pre-Tax Gain or (Loss) Reclassified from AOCI/(AOCL) into Income (1)
Three Months Ended
December 31,		Nine Months Ended
December 31,		Three Months Ended
December 31,		Nine Months Ended
December 31,
20232022202320222023202220232022
Interest rate swapsInterest income (expense)$(4,283)$1,565 $7,489 $16,704 $3,846 $1,648 $11,117 $(1,571)
(1) The reclassifications from accumulated other comprehensive income (loss) to net income were reduced by tax (expense) benefit of $1.0 million and ($0.4 million), respectively, for the three months ended December 31, 2023 and 2022, and $2.9 million and $(0.4) million, respectively, for the nine months ended December 31, 2023 and 2022.