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Derivatives | 9 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives The Company utilizes derivative financial instruments to manage interest rate risk related to its variable rate debt. The Company’s objectives in using these interest rate derivatives, which were designated as cash flow hedges, are to manage its exposure to interest rate movements and reduce volatility of interest expense. The following table summarizes the material terms of the Company’s outstanding interest rate swap derivative contracts as of December 31, 2024:
Effective Date |  | Maturity Date | Terms | Notional Amount
April 28, 2023 |  | June 30, 2025 | Variable to Fixed | $ | 200,000 |
June 30, 2023 |  | June 30, 2026 | Variable to Fixed | 150,000 |
June 28, 2024 |  | June 30, 2027 | Variable to Fixed | 200,000 |
|  |  | Total | $ | 550,000 |
The variable-to-fixed interest rate swaps effectively convert a portion of the variable rate debt into fixed interest rate debt. Derivative instruments are recorded in the condensed consolidated balance sheet on a gross basis at estimated fair value. As of December 31, 2024, $2.7 million, $0.2 million, $0.5 million and $1.2 million were classified as other current assets, other long-term assets, other current liabilities and other long-term liabilities, respectively, on the condensed consolidated balance sheet. As of March 31, 2024, $8.7 million and $1.6 million were classified as other current assets and other long-term assets, respectively, on the condensed consolidated balance sheet. For interest rate swaps designated as cash flow hedges, the changes in the fair value of derivatives are recorded in Accumulated Other Comprehensive Income (“AOCI”), net of taxes, and are subsequently reclassified into interest expense, net in the period that the hedged forecasted interest payments are made on the Company's variable-rate debt. The effect of derivative instruments on the accompanying condensed consolidated financial statements for the periods presented is as follows:
Derivatives in Cash Flow Hedging Relationships |  | Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives |  | Pre-Tax Gain Reclassified from AOCI into Income |
Three Months Ended December 31, |  |  | Three Months Ended December 31, |  |  |
2024 | 2023 |  |  |  | 2024 | 2023 |  |  |  |
Interest rate swaps (1) |  | $ | 6,294 |  | $ | (4,283) |  |  |  |  | $ | 1,843 |  | $ | 3,846 |  |  |  |  |
Derivatives in Cash Flow Hedging Relationships |  | Pre-Tax (Loss) Gain Recognized in AOCI on Derivatives |  | Pre-Tax Gain Reclassified from AOCI into Income
Nine Months Ended December 31, |  | Nine Months Ended December 31,
2024 | 2023 |  | 2024 | 2023
Interest rate swaps (1) |  | $ | (773) |  | $ | 7,489 |  |  | $ | 8,304 |  | $ | 11,117 |
(1) The reclassifications from accumulated other comprehensive income to net income are included in interest expense in the Condensed Consolidated Statement of Operations. Over the next 12 months, the Company estimates that $2.2 million will be reclassified as a decrease to interest expense. Cash flows associated with periodic settlements of interest rate swaps will be classified as operating activities in the condensed consolidated statement of cash flows.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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