Derivatives, Hedging Activities and Interest Expense (Tables)

3 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Activity Impact on Consolidated Balance Sheet

The following tables show the financial statement line item and amount of our derivative assets and liabilities that are reported on our Consolidated Balance Sheets:

	June 30, 2023					March 31, 2023
			Fair					Fair
	Notional		value			Notional		value
Other assets:
Interest rate swaps	$	74,897	$	1,977		$	56,799	$	1,888
Foreign currency swaps		1,198		64			1,237		49
Total	$	76,095	$	2,041		$	58,036	$	1,937
Counterparty netting				(694	)				(659	)
Collateral held				(1,295	)				(1,227	)
Carrying value of derivative contracts – Other assets			$	52				$	51
Other liabilities:
Interest rate swaps	$	32,979	$	547		$	46,082	$	468
Foreign currency swaps		6,381		1,035			6,447		1,002
Total	$	39,360	$	1,582		$	52,529	$	1,470
Counterparty netting				(694	)				(659	)
Collateral posted				(887	)				(794	)
Carrying value of derivative contracts – Other liabilities			$	1				$	17

Components of Interest Expense

The following table summarizes the components of interest expense, including the location and amount of gains and losses on derivative instruments and related hedged items, as reported in our Consolidated Statements of Income:

	Three months ended
	June 30,
	2023			2022
Interest expense on debt	$	1,087		$	446
Interest income on derivatives		(209	)		(62	)
Interest expense on debt and derivatives		878			384
Losses (gains) on debt denominated in  foreign currencies		36			(591	)
Losses on foreign currency swaps		44			712
(Gains) losses on U.S. dollar interest rate swaps		(59	)		58
Total interest expense	$	899		$	563