Notes, Loans and Finance Leases Payable, net (Table Text Block)
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6 Months Ended |
Sep. 30, 2025 |
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| Debt Instruments [Abstract] |
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| Long-Term Debt |
Long term debt was as follows:
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Fiscal Year 2026 Interest Rates |
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Maturities |
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Weighted Avg Interest Rates (c) |
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September 30, 2025 |
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March 31,
2025 |
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(Unaudited) |
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(In thousands) |
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Real estate loans (amortizing term) (a) |
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4.30 |
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% |
- |
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5.76 |
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% |
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2027 |
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- |
2037 |
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5.18 |
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% |
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$ |
259,947 |
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$ |
265,887 |
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Senior mortgages |
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2.70 |
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% |
- |
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6.05 |
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% |
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2026 |
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- |
2042 |
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4.57 |
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% |
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2,742,397 |
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2,437,769 |
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Real estate loans (revolving credit) |
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— |
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% |
- |
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— |
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% |
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— |
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- |
2027 |
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- |
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% |
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— |
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— |
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Fleet loans (amortizing term) |
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1.61 |
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% |
- |
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6.02 |
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% |
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2025 |
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- |
2031 |
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5.38 |
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% |
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109,779 |
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125,839 |
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Fleet loans (revolving credit) (b) |
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5.17 |
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% |
- |
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5.67 |
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% |
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2028 |
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- |
2030 |
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5.54 |
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% |
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635,000 |
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625,000 |
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Finance leases (rental equipment) |
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2.89 |
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% |
- |
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5.01 |
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% |
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2025 |
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- |
2026 |
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4.34 |
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% |
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19,645 |
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44,338 |
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Finance liability (rental equipment) |
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1.60 |
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% |
- |
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6.80 |
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% |
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2025 |
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- |
2033 |
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5.17 |
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% |
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2,201,380 |
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1,963,644 |
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Private placements |
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2.43 |
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% |
- |
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6.00 |
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% |
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2029 |
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- |
2035 |
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3.62 |
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% |
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1,700,000 |
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1,700,000 |
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Other obligations |
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1.50 |
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% |
- |
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8.00 |
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% |
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2025 |
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- |
2049 |
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6.41 |
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% |
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64,357 |
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66,864 |
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Notes, loans and finance leases payable |
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7,732,505 |
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7,229,341 |
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Less: Debt issuance costs |
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(37,865 |
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(35,484 |
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Total notes, loans and finance leases payable, net |
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$ |
7,694,640 |
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$ |
7,193,857 |
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(a) Certain loans have interest rate swaps fixing the rate for the relevant loans 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. |
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(b) A certain loan has an interest rate swap fixing the rate for the relevant loan at 4.36% based on current margin. The weighted average interest rate calculation for this loan was 5.54% using the swap adjusted interest rate. |
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(c) Weighted average rates as of September 30, 2025. |
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| Annual Maturities of Notes, Loans and Leases Payable |
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Years Ended September 30, |
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2026 |
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2027 |
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2028 |
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2029 |
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2030 |
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Thereafter |
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Total |
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(Unaudited) |
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(In thousands) |
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Notes, loans and finance leases payable |
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$ |
883,790 |
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$ |
1,054,945 |
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$ |
791,194 |
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$ |
900,366 |
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$ |
1,020,030 |
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$ |
3,082,180 |
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$ |
7,732,505 |
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| Components of interest expense |
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Six months ended September 30, |
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2025 |
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2024 |
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(Unaudited) |
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(In thousands) |
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Interest expense |
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$ |
176,473 |
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$ |
145,388 |
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Capitalized interest |
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(5,852 |
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(6,580 |
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Amortization of transaction costs |
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3,103 |
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2,839 |
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Interest expense resulting from cash flow hedges |
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(1,089 |
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(2,931 |
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Total interest expense |
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$ |
172,635 |
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$ |
138,716 |
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| Interest rates and company borrowings |
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Revolving Credit Activity |
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Six months ended September 30, |
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2025 |
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2024 |
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(Unaudited) |
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(In thousands, except interest rates) |
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Weighted average interest rate during the period |
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5.62 |
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% |
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6.62 |
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% |
Interest rate at the end of the period |
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5.60 |
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% |
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6.55 |
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% |
Maximum amount outstanding during the period |
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$ |
785,000 |
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$ |
735,000 |
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Average amount outstanding during the period |
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$ |
682,541 |
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$ |
625,209 |
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Facility fees |
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$ |
531 |
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$ |
579 |
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