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v3.25.0.1

Borrowings | 9 Months Ended
--- | ---
Dec. 31, 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) |  | December 31, 2024 |  |  | March 31, 2024 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (Unaudited) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (In thousands) |
Real estate loans (amortizing term) (a) |  | 4.30 |  | % | - |  | 6.03 |  | % |  | 2027 |  | - | 2037 |  |  | 5.42 |  | % |  | $ | 268,857 |  |  | $ | 277,767 |
Senior mortgages |  | 2.70 |  | % | - |  | 6.05 |  | % |  | 2026 |  | - | 2042 |  |  | 4.16 |  | % |  |  | 2,167,983 |  |  |  | 2,284,853 |
Real estate loans (revolving credit) |  | — |  | % | - |  | — |  | % |  |  | — |  | - | 2027 |  | - |  | % |  |  | — |  |  |  | — |
Fleet loans (amortizing term) |  | 1.61 |  | % | - |  | 5.92 |  | % |  | 2025 |  | - | 2031 |  |  | 5.12 |  | % |  |  | 120,554 |  |  |  | 70,454 |
Fleet loans (revolving credit) (b) |  | 5.42 |  | % | - |  | 5.93 |  | % |  | 2027 |  | - | 2029 |  |  | 5.81 |  | % |  |  | 615,000 |  |  |  | 573,889 |
Finance leases (rental equipment) |  | 2.89 |  | % | - |  | 5.01 |  | % |  | 2025 |  | - | 2026 |  |  | 4.34 |  | % |  |  | 56,980 |  |  |  | 117,641 |
Finance liability (rental equipment) |  | 1.60 |  | % | - |  | 6.80 |  | % |  | 2025 |  | - | 2031 |  |  | 5.03 |  | % |  |  | 1,931,815 |  |  |  | 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 |  | % |  | 2025 |  | - | 2049 |  |  | 6.32 |  | % |  |  | 68,402 |  |  |  | 70,815 |
Notes, loans and finance leases payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,929,591 |  |  |  | 6,304,038 |
Less: Debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (32,604 | ) |  |  | (32,676 | )
Total notes, loans and finance leases payable, net |  |  |  |  |  |  |  |  |  |  | $ | 6,896,987 |  |  | $ | 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 5.82% using the swap adjusted interest rate. |
(c) Weighted average rates as of December 31, 2024. |
Private Placement On August 21, 2024, we entered into a Note Purchase Agreement ( the "Note Purchase Agreement") in connection with the private placement of our senior unsecured notes (the "Notes"). Under the Note Purchase Agreement, we sold an aggregate $500 million of the Notes, consisting of $100 million aggregate principal amount of our 5.86% Senior Notes, Series A due August 21, 2032, $100 million aggregate principal amount of our 5.91% Senior Notes, Series B due August 21, 2033, $100 million aggregate principal amount of our 5.95% Senior Notes, Series C due August 21, 2034, and $200 million aggregate principal amount of our 6.00% Senior Notes, Series D due August 21, 2035, each with maturities between 2032 and 2035. Interest is payable semiannually. Annual Maturities of Notes, Loans and Finance Leases Payable The annual maturities of our notes, loans and finance leases payable, before debt issuance costs, as of December 31, 2024 for the next five years and thereafter are as follows:
|  | Years Ended December 31, |
|  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | Thereafter |  |  | Total |
|  | (Unaudited) |  |  |  |
|  | (In thousands) |  |  |  |
Notes, loans and finance leases payable |  | $ | 527,358 |  |  | $ | 938,448 |  |  | $ | 1,056,361 |  |  | $ | 670,110 |  |  | $ | 758,767 |  |  | $ | 2,978,547 |  |  | $ | 6,929,591 |
Interest on Borrowings Interest Expense Components of interest expense included the following:
|  | Quarter ended December 31, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |
|  | (In thousands) |
Interest expense |  | $ | 80,760 |  |  | $ | 71,061 |
Capitalized interest |  |  | (4,608 | ) |  |  | (4,006 | )
Amortization of transaction costs |  |  | 1,390 |  |  |  | 1,868 |
Interest expense resulting from cash flow hedges |  |  | (961 | ) |  |  | (1,473 | )
Total interest expense |  | $ | 76,581 |  |  | $ | 67,450 |
|  | Nine months ended December 31, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |
|  | (In thousands) |
Interest expense |  | $ | 226,148 |  |  | $ | 202,985 |
Capitalized interest |  |  | (11,188 | ) |  |  | (11,738 | )
Amortization of transaction costs |  |  | 4,229 |  |  |  | 4,711 |
Interest expense resulting from cash flow hedges |  |  | (3,892 | ) |  |  | (3,967 | )
Total interest expense |  | $ | 215,297 |  |  | $ | 191,991 |
Interest paid in cash was $65.0 million and $61.8 million for the third quarter of fiscal 2025 and 2024, respectively, and $207.2 million and $191.4 million for the first nine months of fiscal 2025 and 2024, respectively. Interest paid (received) in cash on derivatives contracts was ($1.2) million and ($1.5) million for the third quarter of fiscal 2025 and 2024, respectively. Interest paid (received) in cash on derivative contracts was ($4.2) million and ($3.8) million for the first nine months 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 December 31, |  |
|  |  | 2024 |  |  |  | 2023 |  |
|  | (Unaudited) |  |
|  | (In thousands, except interest rates) |  |
Weighted average interest rate during the quarter |  |  | 6.05 |  | % |  | 6.64 |  | %
Interest rate at the end of the quarter |  |  | 5.88 |  | % |  | 6.63 |  | %
Maximum amount outstanding during the quarter |  | $ | 765,000 |  |  | $ | 710,000 |  |
Average amount outstanding during the quarter |  | $ | 745,272 |  |  | $ | 669,372 |  |
Facility fees |  | $ | 214 |  |  | $ | 259 |  |
|  | Revolving Credit Activity |  |
|  | Nine months ended December 31, |  |
|  |  | 2024 |  |  |  | 2023 |  |
|  | (Unaudited) |  |
|  | (In thousands, except interest rates) |  |
Weighted average interest rate during the period |  |  | 6.43 |  | % |  | 6.47 |  | %
Interest rate at the end of the period |  |  | 5.88 |  | % |  | 6.63 |  | %
Maximum amount outstanding during the period |  | $ | 765,000 |  |  | $ | 715,000 |  |
Average amount outstanding during the period |  | $ | 665,376 |  |  | $ | 641,941 |  |
Facility fees |  | $ | 793 |  |  | $ | 830 |  |

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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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