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Derivatives, Hedging Activities and Interest Expense (Tables)
9 Months Ended
Dec. 31, 2018
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 in our Consolidated Balance Sheets:

 

 

December 31, 2018

 

 

Non-hedge

 

 

accounting derivatives

 

 

 

 

 

 

Fair

 

 

Notional

 

 

value

 

Other assets:

 

 

 

 

 

 

 

Interest rate swaps

$

55,019

 

 

$

607

 

Foreign currency swaps

 

2,442

 

 

 

78

 

Total

$

57,461

 

 

$

685

 

 

 

 

 

 

 

 

 

Counterparty netting and collateral held

 

 

 

 

 

(628

)

Carrying value of derivative contracts – Other assets

 

 

 

 

$

57

 

 

 

 

 

 

 

 

 

Other liabilities:

 

 

 

 

 

 

 

Interest rate swaps

$

56,553

 

 

$

621

 

Foreign currency swaps

 

9,927

 

 

 

756

 

Total

$

66,480

 

 

$

1,377

 

 

 

 

 

 

 

 

 

Counterparty netting and collateral posted

 

 

 

 

 

(1,374

)

Carrying value of derivative contracts – Other liabilities

 

 

 

 

$

3

 

Note 7 – Derivatives, Hedging Activities and Interest Expense (Continued)

 

 

 

March 31, 2018

 

 

 

Hedge accounting

 

 

Non-hedge

 

 

 

 

 

 

 

 

 

 

 

derivatives

 

 

accounting derivatives

 

 

Total

 

 

 

 

 

 

 

Fair

 

 

 

 

 

 

Fair

 

 

 

 

 

 

Fair

 

 

 

Notional

 

 

value

 

 

Notional

 

 

value

 

 

Notional

 

 

value

 

Other assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

$

-

 

 

$

-

 

 

$

71,464

 

 

$

872

 

 

$

71,464

 

 

$

872

 

Interest rate floors

 

 

-

 

 

 

-

 

 

 

847

 

 

 

1

 

 

 

847

 

 

 

1

 

Foreign currency swaps

 

 

119

 

 

 

8

 

 

 

7,248

 

 

 

477

 

 

 

7,367

 

 

 

485

 

Total

 

$

119

 

 

$

8

 

 

$

79,559

 

 

$

1,350

 

 

$

79,678

 

 

$

1,358

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Counterparty netting and collateral held

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,297

)

Carrying value of derivative

   contracts – Other assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

$

-

 

 

$

-

 

 

$

41,513

 

 

$

628

 

 

$

41,513

 

 

$

628

 

Foreign currency swaps

 

 

-

 

 

 

-

 

 

 

5,863

 

 

 

200

 

 

 

5,863

 

 

 

200

 

Total

 

$

-

 

 

$

-

 

 

$

47,376

 

 

$

828

 

 

$

47,376

 

 

$

828

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Counterparty netting and collateral posted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(822

)

Carrying value of derivative

   contracts – Other liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

6

 

 

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,

 

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

Interest expense on debt

 

$

652

 

 

$

490

 

 

$

1,890

 

 

$

1,441

 

 

Interest income on derivatives

 

 

(4

)

 

 

(13

)

 

 

(51

)

 

 

(47

)

 

Interest expense on debt and derivatives

 

 

648

 

 

 

477

 

 

 

1,839

 

 

 

1,394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Gains) losses on non-hedge accounting debt denominated in

  foreign currencies

 

 

(178

)

 

 

123

 

 

 

(985

)

 

 

1,146

 

 

Losses (gains) on non-hedge accounting foreign currency

  swaps

 

 

140

 

 

 

(108

)

 

 

995

 

 

 

(1,141

)

 

Losses (gains) on U.S. dollar non-hedge accounting interest

  rate swaps

 

 

89

 

 

 

(64

)

 

 

234

 

 

 

(71

)

 

Total interest expense

 

$

699

 

 

$

428

 

 

$

2,083

 

 

$

1,328