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v3.24.3

Notes, Loans and Finance Leases Payable, net (Table Text Block) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Sep. 30, 2024 | Sep. 30, 2024
Debt Instruments [Abstract] |  |
Long-Term Debt |  | Long term debt was as follows:
| Fiscal Year 2025 Interest Rates |  |  |  | Maturities |  | Weighted Avg Interest Rates (c) |  | September 30, 2024 |  |  | March 31, 2024 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (Unaudited) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (In thousands) |
Real estate loans (amortizing term) (a) |  | 4.30 |  | % | - |  | 6.68 |  | % |  | 2027 |  | - | 2037 |  |  | 5.91 |  | % |  | $ | 271,827 |  |  | $ | 277,767 |
Senior mortgages |  | 2.70 |  | % | - |  | 6.05 |  | % |  | 2026 |  | - | 2042 |  |  | 4.16 |  | % |  |  | 2,199,217 |  |  |  | 2,284,853 |
Real estate loans (revolving credit) |  | — |  | % | - |  | — |  | % |  |  | — |  | - | 2027 |  | - |  | % |  |  | — |  |  |  | — |
Fleet loans (amortizing term) |  | 1.61 |  | % | - |  | 5.68 |  | % |  | 2024 |  | - | 2031 |  |  | 3.92 |  | % |  |  | 67,447 |  |  |  | 70,454 |
Fleet loans (revolving credit) (b) |  | 6.45 |  | % | - |  | 6.60 |  | % |  | 2027 |  | - | 2029 |  |  | 6.40 |  | % |  |  | 585,000 |  |  |  | 573,889 |
Finance leases (rental equipment) |  | 2.86 |  | % | - |  | 5.01 |  | % |  | 2024 |  | - | 2026 |  |  | 4.23 |  | % |  |  | 78,382 |  |  |  | 117,641 |
Finance liability (rental equipment) |  | 1.60 |  | % | - |  | 6.80 |  | % |  | 2024 |  | - | 2031 |  |  | 4.94 |  | % |  |  | 1,823,365 |  |  |  | 1,708,619 |
Private placements |  | 2.43 |  | % | - |  | 6.00 |  | % |  | 2029 |  | - | 2035 |  |  | 3.62 |  | % |  |  | 1,700,000 |  |  |  | 1,200,000 |
Other obligations |  | 1.50 |  | % | - |  | 8.00 |  | % |  | 2024 |  | - | 2049 |  |  | 6.29 |  | % |  |  | 69,264 |  |  |  | 70,815 |
Notes, loans and finance leases payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,794,502 |  |  |  | 6,304,038 |
Less: Debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (33,721 | ) |  |  | (32,676 | )
Total notes, loans and finance leases payable, net |  |  |  |  |  |  |  |  |  |  | $ | 6,760,781 |  |  | $ | 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) Certain loans have interest rate swaps fixing the rate for the relevant loans between 4.36% and 4.71% based on current margin. The weighted average interest rate calculation for these loans was 6.23% using the swap adjusted interest rate. |
(c) Weighted average rates as of September 30, 2024. |
Annual Maturities of Notes, Loans and Leases Payable |  |
|  | Years Ended September 30, |
|  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | Thereafter |  |  | Total |
|  | (Unaudited) |  |  |  |
|  | (In thousands) |  |  |  |
Notes, loans and finance leases payable |  | $ | 517,502 |  |  | $ | 761,346 |  |  | $ | 1,097,768 |  |  | $ | 639,548 |  |  | $ | 736,189 |  |  | $ | 3,042,149 |  |  | $ | 6,794,502 |
Components of interest expense | Components of interest expense included the following:
|  | Quarter ended September 30, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |
|  | (In thousands) |
Interest expense |  | $ | 74,241 |  |  | $ | 67,524 |
Capitalized interest |  |  | (2,567 | ) |  |  | (3,669 | )
Amortization of transaction costs |  |  | 1,330 |  |  |  | 1,432 |
Interest expense resulting from cash flow hedges |  |  | (1,506 | ) |  |  | (1,344 | )
Total interest expense |  | $ | 71,498 |  |  | $ | 63,943 |
|  | Six months ended September 30, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |
|  | (In thousands) |
Interest expense |  | $ | 145,388 |  |  | $ | 131,924 |
Capitalized interest |  |  | (6,580 | ) |  |  | (7,732 | )
Amortization of transaction costs |  |  | 2,839 |  |  |  | 2,843 |
Interest expense resulting from cash flow hedges |  |  | (2,931 | ) |  |  | (2,494 | )
Total interest expense |  | $ | 138,716 |  |  | $ | 124,541 |
Interest rates and company borrowings | Interest rates and Company borrowings related to our revolving credit facilities were as follows:
|  | Revolving Credit Activity |  |
|  | Quarter ended September 30, |  |
|  |  | 2024 |  |  |  | 2023 |  |
|  | (Unaudited) |  |
|  | (In thousands, except interest rates) |  |
Weighted average interest rate during the quarter |  |  | 6.60 |  | % |  | 6.51 |  | %
Interest rate at the end of the quarter |  |  | 6.55 |  | % |  | 6.61 |  | %
Maximum amount outstanding during the quarter |  | $ | 585,000 |  |  | $ | 605,000 |  |
Average amount outstanding during the quarter |  | $ | 585,000 |  |  | $ | 596,322 |  |
Facility fees |  | $ | 316 |  |  | $ | 306 |  |
|  | Revolving Credit Activity |  |
|  | Six months ended September 30, |  |
|  |  | 2024 |  |  |  | 2023 |  |
|  | (Unaudited) |  |
|  | (In thousands, except interest rates) |  |
Weighted average interest rate during the period |  |  | 6.62 |  | % |  | 6.38 |  | %
Interest rate at the end of the period |  |  | 6.55 |  | % |  | 6.61 |  | %
Maximum amount outstanding during the period |  | $ | 735,000 |  |  | $ | 715,000 |  |
Average amount outstanding during the period |  | $ | 625,209 |  |  | $ | 628,151 |  |
Facility fees |  | $ | 579 |  |  | $ | 571 |  |

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