Derivatives, Hedging Activities and Interest Expense (Tables)

9 Months Ended

Dec. 31, 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:

	December 31, 2023					March 31, 2023
			Fair					Fair
	Notional		value			Notional		value
Other assets:
Interest rate swaps	$	61,513	$	1,279		$	56,799	$	1,888
Foreign currency swaps		2,680		141			1,237		49
Total	$	64,193	$	1,420		$	58,036	$	1,937
Counterparty netting				(390	)				(659	)
Collateral held				(985	)				(1,227	)
Carrying value of derivative contracts – Other assets			$	45				$	51
Other liabilities:
Interest rate swaps	$	47,880	$	104		$	46,082	$	468
Foreign currency swaps		6,393		748			6,447		1,002
Total	$	54,273	$	852		$	52,529	$	1,470
Counterparty netting				(390	)				(659	)
Collateral posted				(413	)				(794	)
Carrying value of derivative contracts – Other liabilities			$	49				$	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						Nine months ended
	December 31,						December 31,
	2023			2022			2023			2022
Interest expense on debt	$	1,306		$	845		$	3,581		$	1,914
Interest income on derivatives		(165	)		(186	)		(579	)		(368	)
Interest expense on debt and derivatives		1,141			659			3,002			1,546
Losses (gains) on debt denominated in  foreign currencies		393			532			150			(649	)
(Gains) losses on foreign currency swaps		(655	)		(509	)		(359	)		947
Losses on U.S. dollar interest rate swaps		351			83			608			189
Total interest expense	$	1,230		$	765		$	3,401		$	2,033