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Interest on Borrowings | 12 Months Ended
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Mar. 31, 2024
Interest Expense, Borrowings [Abstract] |
Interest on Borrowings | Note 11. Interest on Notes, Loans and Finance Leases Payable, net Interest Expense Components of interest expense include the following:
|  | Years Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (In thousands) |
Interest expense | $ |  | 269,941 |  | $ |  | 229,559 |  | $ |  | 167,618 |
Capitalized interest |  |  | (14,482 | ) |  |  | (11,814 | ) |  |  | (9,700 | )
Amortization of transaction costs |  |  | 6,131 |  |  |  | 6,987 |  |  |  | 5,556 |
Interest expense resulting from cash flow hedges |  |  | (5,415 | ) |  |  | (774 | ) |  |  | 3,950 |
Total interest expense |  |  | 256,175 |  |  |  | 223,958 |  |  |  | 167,424 |
Interest paid in cash amounted to $268.7 million, $225.8 million and $166.1 million for fiscal 2024, 2023 and 2022, respectively. Interest paid (received) in cash on derivative contracts was ($5.2) million, ($0.8) million and $4.0 million, for fiscal 2024, 2023 and 2022, respectively. Interest Rates Interest rates and our revolving credit borrowings were as follows:
|  | Revolving Credit Activity |  |
|  | Years Ended March 31, |  |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |
|  | (In thousands, except interest rates) |  |
Weighted average interest rate during the year |  |  | 6.51 |  | % |  | 3.93 |  | % |  | 1.40 |  | %
Interest rate at year end |  |  | 6.61 |  | % |  | 5.89 |  | % |  | 1.49 |  | %
Maximum amount outstanding during the year | $ |  | 715,000 |  | $ |  | 1,105,000 |  | $ |  | 1,105,000 |  |
Average amount outstanding during the year | $ |  | 631,653 |  | $ |  | 824,211 |  | $ |  | 1,085,074 |  |
Facility fees | $ |  | 1,139 |  | $ |  | 733 |  | $ |  | 253 |  |

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