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Borrowings (Table Text Block)
12 Months Ended
Mar. 31, 2024
Debt Instruments [Abstract]  
Long-Term Debt

Long-term debt was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

Fiscal Year 2024 Interest Rates

 

 

Maturities

 

Weighted Avg Interest Rates (c)

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loan (amortizing term) (a)

 

4.30

 

%

-

 

6.80

 

%

2027

 

2037

 

 

5.90

 

%

$

 

277,767

 

$

 

289,647

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

2024

-

2042

 

 

4.16

 

%

 

 

2,284,853

 

 

 

2,371,231

 

Real estate loans (revolving credit)

 

0.00

 

%

-

 

0.00

 

%

 

 

2027

 

 

0.00

 

%

 

 

0

 

 

 

0

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

5.68

 

%

2024

-

2029

 

 

3.84

 

%

 

 

70,454

 

 

 

111,856

 

Fleet loans (revolving credit) (b)

 

2.36

 

%

-

 

6.68

 

%

2026

-

2028

 

 

6.45

 

%

 

 

573,889

 

 

 

615,000

 

Finance leases (rental equipment)

 

2.86

 

%

-

 

5.01

 

%

2024

-

2026

 

 

4.10

 

%

 

 

117,641

 

 

 

223,205

 

Finance liability (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

2024

-

2031

 

 

4.69

 

%

 

 

1,708,619

 

 

 

1,255,763

 

Private placements

 

2.43

 

%

-

 

2.88

 

%

2029

-

2035

 

 

2.65

 

%

 

 

1,200,000

 

 

 

1,200,000

 

Other obligations

 

1.50

 

%

-

 

8.00

 

%

2024

-

2049

 

 

6.23

 

%

 

 

70,815

 

 

 

76,648

 

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

6,304,038

 

$

 

6,143,350

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(32,676

)

 

 

(35,308

)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

 

 

$

 

6,271,362

 

$

 

6,108,042

 

 

(a)
Certain loans have interest rate swaps fixing the rate 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)
A loan has an interest rate swap fixing the rate for $100 million of the relevant loan at 4.71% based on current margin. The weighted average interest rate calculation for these loans was 6.34% using the swap adjusted interest rate.
(c)
Weighted average rates as of March 31, 2024
Annual Maturities of Notes, Loans and Leases Payable

 

 

Years Ended March 31,

 

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

Thereafter

 

 

Total

 

 

 

(In thousands)

 

Notes, loans and finance leases payable, secured

$

 

534,979

 

$

 

695,136

 

$

 

883,221

 

$

 

910,625

 

$

 

447,633

 

$

 

2,832,444

 

$

 

6,304,038