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v3.23.3

Borrowings (Table Text Block) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Sep. 30, 2023 | Sep. 30, 2023
Debt Instruments [Abstract] |  |
Long-Term Debt |
| Fiscal Year 2024 Interest Rates |  |  | Maturities |  | Weighted Avg Interest Rates (c) |  | September 30, 2023 |  | March 31, 2023
|  |  |  |  |  |  |  |  |  |  | (Unaudited) |  |
|  |  |  |  |  |  |  |  |  |  | (In thousands)
Real estate loans (amortizing term) (a) | 4.30 | % | - | 6.80 | % |  | 2027 | - | 2037 |  | 5.89 | % | $ | 283,707 | $ | 289,647
Senior mortgages | 2.70 | % | - | 5.66 | % |  | 2024 | - | 2042 |  | 4.18 | % |  | 2,487,320 |  | 2,371,231
Real estate loans (revolving credit) | - | % | - | - | % |  | - | - | 2027 |  | - | % |  | – |  | –
Fleet loans (amortizing term) | 1.61 | % | - | 5.68 | % |  | 2024 | - | 2029 |  | 3.76 | % |  | 90,071 |  | 111,856
Fleet loans (revolving credit) (b) | 2.36 | % | - | 6.68 | % |  | 2026 | - | 2028 |  | 5.97 | % |  | 593,889 |  | 615,000
Finance leases (rental equipment) | 2.39 | % | - | 5.01 | % |  | 2023 | - | 2026 |  | 4.00 | % |  | 163,453 |  | 223,205
Finance liabilities (rental equipment) | 1.60 | % | - | 6.48 | % |  | 2024 | - | 2031 |  | 4.38 | % |  | 1,544,608 |  | 1,255,763
Private placements | 2.43 | % | - | 2.88 | % |  | 2029 | - | 2035 |  | 2.65 | % |  | 1,200,000 |  | 1,200,000
Other obligations | 1.50 | % | - | 8.00 | % |  | 2023 | - | 2049 |  | 6.10 | % |  | 73,752 |  | 76,648
Notes, loans and finance leases payable |  |  |  |  |  |  |  |  |  |  |  |  | 6,436,800 |  | 6,143,350
Less: Debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  |  | (35,901) |  | (35,308)
Total notes, loans and finance leases payable, net |  |  |  |  |  |  |  | $ | 6,400,899 | $ | 6,108,042
(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate. |
(b) A loan has an interest rate swap fixing the rate $100 million of the relevant loan at 4.71% based on current margin. The weighted average interest rate calculation for these loans was 5.87% using the swap adjusted interest rate. |
(c) Weighted average rates as of September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Annual Maturities of Notes, Loans and Leases Payable |
|  | Year Ending September 30,
|  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
|  | (Unaudited) |  |
|  | (In thousands) |  |
Notes, loans and finance leases payable | $ | 657,998 | $ | 487,551 | $ | 829,219 | $ | 1,023,289 | $ | 513,160 | $ | 2,925,583 | $ | 6,436,800
Components of interest expense |
|  | Quarter Ended September 30,
|  | 2023 |  | 2022
|  | (Unaudited)
|  | (In thousands)
Interest expense | $ | 67,524 | $ | 57,604
Capitalized interest |  | (3,669) |  | (2,248)
Amortization of transaction costs |  | 1,432 |  | 1,814
Interest expense resulting from cash flow hedges |  | (1,344) |  | 23
Total interest expense | $ | 63,943 | $ | 57,193
|  | Six Months Ended September 30,
|  | 2023 |  | 2022
|  | (Unaudited)
|  | (In thousands)
Interest expense | $ | 131,924 | $ | 108,009
Capitalized interest |  | (7,732) |  | (4,866)
Amortization of transaction costs |  | 2,843 |  | 3,260
Interest expense resulting from cash flow hedges |  | (2,494) |  | 589
Total interest expense | $ | 124,541 | $ | 106,992
Interest rates and company borrowings |
|  | Revolving Credit Activity |
|  | Quarter Ended September 30, |
|  | 2023 |  | 2022 |
|  | (Unaudited) |
|  | (In thousands, except interest rates) |
Weighted average interest rate during the quarter |  | 6.51 | % | 3.32 | %
Interest rate at the end of the quarter |  | 6.61 | % | 3.80 | %
Maximum amount outstanding during the quarter | $ | 605,000 | $ | 1,102,000 |
Average amount outstanding during the quarter | $ | 596,322 | $ | 877,522 |
Facility fees | $ | 306 | $ | 111 |
|  | Revolving Credit Activity |
|  | Six Months Ended September 30, |
|  | 2023 |  | 2022 |
|  | (Unaudited) |
|  | (In thousands, except interest rates) |
Weighted average interest rate during the period |  | 6.38 | % | 2.66 | %
Interest rate at the end of the period |  | 6.61 | % | 3.80 | %
Maximum amount outstanding during the period | $ | 715,000 | $ | 1,105,000 |
Average amount outstanding during the period | $ | 628,151 | $ | 984,464 |
Facility fees | $ | 571 | $ | 169 |

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