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Borrowings (Table Text Block)
3 Months Ended 6 Months Ended
Sep. 30, 2019
Sep. 30, 2019
Debt Instruments [Abstract]    
Long-Term Debt  

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

March 31,

 

2020 Rates (a)

 

 

Maturities

 

2019

 

2019

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

(In thousands)

Real estate loan (amortizing term)

 

 

 

3.55

%

 

 

 

2023

$

97,913

$ 

102,913

Senior mortgages

3.36

%

-

6.62

%

 

2021

-

2038

 

1,876,499

 

1,741,652

Real estate loans (revolving credit)

3.03

%

-

3.61

%

 

2022

-

2024

 

435,000

 

429,400

Fleet loans (amortizing term)

1.95

%

-

4.66

%

 

2020

-

2027

 

262,984

 

263,209

Fleet loans (revolving credit)

3.25

%

-

3.27

%

 

2022

-

2024

 

570,000

 

530,000

Finance/capital leases (rental equipment)

1.92

%

-

5.04

%

 

2019

-

2026

 

861,751

 

1,042,652

Finance liability (rental equipment)

2.97

%

-

4.22

%

 

2024

-

2026

 

339,387

 

0

Other obligations

2.75

%

-

8.00

%

 

2019

-

2048

 

83,503

 

82,417

Notes, loans and finance/capital leases payable

 

 

 

 

 

 

 

 

 

4,527,037

 

4,192,243

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

(29,125)

 

(28,920)

Total notes, loans and finance/capital leases payable, net

 

 

 

 

$

4,497,912

$ 

4,163,323

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Interest rates as of September 30, 2019, including the effect of applicable hedging instruments.

 

 

 

 

Annual Maturities of Notes, Loans and Leases Payable  

 

 

Year Ended September 30,

 

 

2020

 

2021

 

2022

 

2023

 

2024

 

Thereafter

 

 

(Unaudited)

 

 

(In thousands)

Notes, loans and finance/capital leases payable, secured

$

491,098

$

401,307

$

907,853

$

525,138

$

770,782

$

1,430,859

Components of interest expense

 

 

Quarter Ended September 30,

 

 

2019

 

2018

 

 

(Unaudited)

 

 

(In thousands)

Interest expense

$

44,743

$

36,220

Capitalized interest

 

(6,669)

 

(2,227)

Amortization of transaction costs

 

1,047

 

881

Interest expense resulting from cash flow hedges

 

1

 

156

Total interest expense

$

39,122

$

35,030

 

 

Six Months Ended September 30,

 

 

2019

 

2018

 

 

(Unaudited)

 

 

(In thousands)

Interest expense

$

88,074

$

70,416

Capitalized interest

 

(12,168)

 

(2,646)

Amortization of transaction costs

 

2,100

 

1,842

Interest expense resulting from cash flow hedges

 

4

 

672

Total interest expense

$

78,010

$

70,284

Interest rates and company borrowings

 

 

Revolving Credit Activity

 

 

 

Quarter Ended September 30,

 

 

 

2019

 

2018

 

 

 

(Unaudited)

 

 

 

(In thousands, except interest rates)

 

Weighted average interest rate during the quarter

 

3.50

%

3.06

%

Interest rate at the end of the quarter

 

3.36

%

2.81

%

Maximum amount outstanding during the quarter

$

1,015,000

$

705,000

 

Average amount outstanding during the quarter

$

1,004,348

$

585,924

 

Facility fees

$

45

$

128

 

 

 

Revolving Credit Activity

 

 

 

Six Months Ended September 30,

 

 

 

2019

 

2018

 

 

 

(Unaudited)

 

 

 

(In thousands, except interest rates)

 

Weighted average interest rate during the period

 

3.61

%

3.08

%

Interest rate at the end of the period

 

3.36

%

2.81

%

Maximum amount outstanding during the period

$

1,015,000

$

705,000

 

Average amount outstanding during the period

$

985,954

$

542,186

 

Facility fees

$

107

$

272