Interest on Borrowings

12 Months Ended

Mar. 31, 2025

Interest Expense, Borrowings [Abstract]

Note 11. Interest on Notes, Loans and Finance Leases Payable, net

Interest Expense

Components of interest expense include the following:


		Years Ended March 31,
		2025				2024				2023
		(In thousands)
Interest expense	$		308,925		$		269,941		$		229,559
Capitalized interest			(14,427	)			(14,482	)			(11,814	)
Amortization of transaction costs			5,658				6,131				6,987
Interest expense resulting from cash flow hedges			(4,440	)			(5,415	)			(774	)
Total interest expense			295,716				256,175				223,958

Interest paid in cash amounted to $301.7 million, $268.7 million and $225.8 million for fiscal 2025, 2024 and 2023, respectively. Interest paid (received) in cash on derivative contracts was ($4.9) million, ($5.2) million and ($0.8) million, for fiscal 2025, 2024 and 2023, respectively.

Interest Rates

Interest rates and our revolving credit borrowings were as follows:


		Revolving Credit Activity
		Years Ended March 31,
		2025			2024			2023
		(In thousands, except interest rates)
Weighted average interest rate during the year			6.23	%		6.51	%		3.93	%
Interest rate at year end			5.62	%		6.61	%		5.89	%
Maximum amount outstanding during the year	$		765,000	$		715,000	$		1,105,000
Average amount outstanding during the year	$		652,215	$		631,653	$		824,211
Facility fees	$		1,083	$		1,139	$		733