Borrowings (Table Text Block)

9 Months Ended

Dec. 31, 2017

Debt Instruments [Abstract]

Long-Term Debt

Long term debt was as follows:

				December 31,		March 31,
	2018 Rate (a)	Maturities		2017		2017
				(Unaudited)
				(In thousands)
Real estate loan (amortizing term)	2.94% - 6.93%	2023	$	137,786	$	169,289
Senior mortgages	3.72% - 6.62%	2021 - 2038		1,472,209		1,292,160
Working capital loans (revolving credit)	2.83%	2018		55,000		85,000
Fleet loans (amortizing term)	1.95% - 4.76%	2018 - 2024		322,542		324,977
Fleet loans (securitization)	4.90%	-		–		52,112
Fleet loans (revolving credit)	2.50% - 2.51%	2020 - 2021		477,000		417,000
Capital leases (rental equipment)	1.92% - 4.86%	2018 - 2025		982,653		876,828
Other obligations	2.75% - 8.00%	2018 - 2047		72,788		69,867
Notes, loans and leases payable				3,519,978		3,287,233
Less: Debt issuance costs				(26,070)		(24,353)
Total notes, loans and leases payable			$	3,493,908	$	3,262,880
(a) Interest rate as of December 31, 2017, including the effect of applicable hedging instruments.

Annual Maturities of Notes, Loans and Leases Payable

		Twelve Months Ending December 31,
		2018		2019		2020		2021		2022		Thereafter
		(Unaudited)
		(In thousands)
Notes, loans and leases payable, secured	$	496,383	$	482,569	$	362,073	$	564,235	$	226,771	$	1,387,947

Components of interest expense

		Quarter Ended December 31,
		2017		2016
		(Unaudited)
		(In thousands)
Interest expense	$	31,983	$	27,220
Capitalized interest		(2,075)		(1,119)
Amortization of transaction costs		963		863
Interest expense resulting from derivatives		687		1,818
Total interest expense		31,558		28,782
Amortization on early extinguishment of debt		–		499
Total		31,558		29,281

		Nine Months Ended December 31,
		2017		2016
		(Unaudited)
		(In thousands)
Interest expense	$	93,475	$	77,184
Capitalized interest		(5,769)		(3,417)
Amortization of transaction costs		2,909		2,510
Interest expense resulting from derivatives		3,311		6,920
Total interest expense		93,926		83,197
Amortization on early extinguishment of debt		–		499
Total		93,926		83,696

Interest rates and company borrowings

		Revolving Credit Activity
		Quarter Ended December 31,
		2017		2016
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the quarter		2.47%		1.82%
Interest rate at the end of the quarter		2.56%		1.89%
Maximum amount outstanding during the quarter	$	535,000	$	597,000
Average amount outstanding during the quarter	$	532,261	$	550,304
Facility fees	$	159	$	10

		Revolving Credit Activity
		Nine Months Ended December 31,
		2017		2016
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the period		2.38%		1.76%
Interest rate at the end of the period		2.56%		1.89%
Maximum amount outstanding during the period	$	538,000	$	597,000
Average amount outstanding during the period	$	516,349	$	450,880
Facility fees	$	284	$	99