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Borrowings | 3 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
Notes, Loans and Finance Leases Payable, net | . Notes, Loans and Finance Leases Payable, net Long Term Debt Long term debt was as follows:
| Fiscal Year 2025 Interest Rates |  |  |  | Maturities |  | Weighted Avg Interest Rates (c) |  | June 30, 2024 |  |  | March 31, 2024 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (Unaudited) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (In thousands) |
Real estate loans (amortizing term) (a) |  | 4.30 |  | % | - |  | 6.80 |  | % |  | 2027 |  | - | 2037 |  |  | 5.89 |  | % |  | $ | 274,797 |  |  | $ | 277,767 |
Senior mortgages |  | 2.70 |  | % | - |  | 6.05 |  | % |  | 2026 |  | - | 2042 |  |  | 4.16 |  | % |  |  | 2,222,442 |  |  |  | 2,284,853 |
Real estate loans (revolving credit) |  | — |  | % | - |  | — |  | % |  |  | — |  | - | 2027 |  | - |  | % |  |  | — |  |  |  | — |
Fleet loans (amortizing term) |  | 1.61 |  | % | - |  | 5.68 |  | % |  | 2024 |  | - | 2029 |  |  | 3.89 |  | % |  |  | 59,744 |  |  |  | 70,454 |
Fleet loans (revolving credit) (b) |  | 6.57 |  | % | - |  | 6.68 |  | % |  | 2027 |  | - | 2029 |  |  | 6.62 |  | % |  |  | 585,000 |  |  |  | 573,889 |
Finance leases (rental equipment) |  | 2.86 |  | % | - |  | 5.01 |  | % |  | 2024 |  | - | 2026 |  |  | 4.16 |  | % |  |  | 98,382 |  |  |  | 117,641 |
Finance liability (rental equipment) |  | 1.60 |  | % | - |  | 6.80 |  | % |  | 2024 |  | - | 2031 |  |  | 4.88 |  | % |  |  | 1,801,109 |  |  |  | 1,708,619 |
Private placements |  | 2.43 |  | % | - |  | 2.88 |  | % |  | 2029 |  | - | 2035 |  |  | 2.65 |  | % |  |  | 1,200,000 |  |  |  | 1,200,000 |
Other obligations |  | 1.50 |  | % | - |  | 8.00 |  | % |  | 2024 |  | - | 2049 |  |  | 6.26 |  | % |  |  | 70,202 |  |  |  | 70,815 |
Notes, loans and finance leases payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,311,676 |  |  |  | 6,304,038 |
Less: Debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (31,371 | ) |  |  | (32,676 | )
Total notes, loans and finance leases payable, net |  |  |  |  |  |  |  |  |  |  | $ | 6,280,305 |  |  | $ | 6,271,362 |
(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 for $100 million of the relevant loan at 4.71% based on current margin. The weighted average interest rate calculation for these loans was 6.51% using the swap adjusted interest rate. |
(c) Weighted average rates as of June 30, 2024. |
Interest on Borrowings Interest Expense Components of interest expense included the following:
|  | Quarter ended June 30, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |
|  | (In thousands) |
Interest expense |  | $ | 71,147 |  |  | $ | 64,400 |
Capitalized interest |  |  | (4,013 | ) |  |  | (4,063 | )
Amortization of transaction costs |  |  | 1,509 |  |  |  | 1,411 |
Interest expense resulting from cash flow hedges |  |  | (1,425 | ) |  |  | (1,150 | )
Total interest expense |  | $ | 67,218 |  |  | $ | 60,598 |
Interest paid in cash was $62.8 million and $55.4 million for the first quarter of fiscal 2025 and 2024, respectively. Interest paid (received) in cash on derivative contracts was ($1.5) million and ($1.0) million for the first quarter of fiscal 2025 and 2024, respectively. Interest Rates Interest rates and Company borrowings related to our revolving credit facilities were as follows:
|  | Revolving Credit Activity |  |
|  | Quarter ended June 30, |  |
|  |  | 2024 |  |  |  | 2023 |  |
|  | (Unaudited) |  |
|  | (In thousands, except interest rates) |  |
Weighted average interest rate during the quarter |  |  | 6.63 |  | % |  | 6.26 |  | %
Interest rate at the end of the quarter |  |  | 6.61 |  | % |  | 6.41 |  | %
Maximum amount outstanding during the quarter |  | $ | 735,000 |  |  | $ | 715,000 |  |
Average amount outstanding during the quarter |  | $ | 665,861 |  |  | $ | 660,330 |  |
Facility fees |  | $ | 263 |  |  | $ | 265 |  |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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