Notes, Loans and Finance Leases Payable, net (Table Text Block)

9 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Debt Instruments [Abstract]

Long term debt was as follows:


	Fiscal Year 2026 Interest Rates										Maturities						Weighted Avg Interest Rates (c)					December 31, 2025				March 31, 2025
																						(Unaudited)
																						(In thousands)
Real estate loans (amortizing term) (a)		4.30		%	-		5.35		%		2027			-	2037			4.88		%		$	256,977			$	265,887
Senior mortgages		2.70		%	-		6.05		%		2026			-	2042			4.69		%			2,839,587				2,437,769
Real estate loans (revolving credit)		—		%	-		—		%			—		-	2027		-			%			—				—
Fleet loans (amortizing term)		1.61		%	-		6.02		%		2026			-	2033			5.37		%			154,964				125,839
Fleet loans (revolving credit) (b)		4.77		%	-		5.27		%		2028			-	2030			5.14		%			635,000				625,000
Finance leases (rental equipment)		2.89		%	-		4.66		%		2026			-	2026			4.25		%			11,437				44,338
Finance liability (rental equipment)		1.60		%	-		6.80		%		2025			-	2033			5.19		%			2,395,416				1,963,644
Private placements		2.43		%	-		6.00		%		2029			-	2035			3.62		%			1,700,000				1,700,000
Other obligations		1.50		%	-		8.00		%		2026			-	2049			6.41		%			64,798				66,864
Notes, loans and finance leases payable																							8,058,179				7,229,341
Less: Debt issuance costs																							(40,883	)			(35,484	)
Total notes, loans and finance leases payable, net																						$	8,017,296			$	7,193,857

(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.
(b) A certain loan has an interest rate swap fixing a portion of the rate for the relevant loan at 4.36% based on current margin. The weighted average interest rate calculation for all loans was 5.19% using the swap adjusted interest rate.
(c) Weighted average rates as of December 31, 2025.

Annual Maturities of Notes, Loans and Leases Payable

The annual maturities and regular amortization of our notes, loans and finance leases payable, before debt issuance costs, as of December 31, 2025 for the next five years and thereafter are as follows:


		Years Ended December 31,
		2026				2027				2028				2029				2030				Thereafter				Total
		(Unaudited)
		(In thousands)
Notes, loans and finance leases payable		$	863,796			$	1,089,226			$	864,684			$	956,517			$	925,310			$	3,358,646			$	8,058,179

Components of interest expense

Components of interest expense included the following:


		Quarter ended December 31,
		2025				2024
		(Unaudited)
		(In thousands)
Interest expense		$	96,337			$	80,760
Capitalized interest			(2,161	)			(4,608	)
Amortization of transaction costs			1,779				1,390
Interest expense resulting from cash flow hedges			(428	)			(961	)
Total interest expense		$	95,527			$	76,581


		Nine months ended December 31,
		2025				2024
		(Unaudited)
		(In thousands)
Interest expense		$	272,810			$	226,148
Capitalized interest			(8,013	)			(11,188	)
Amortization of transaction costs			4,882				4,229
Interest expense resulting from cash flow hedges			(1,517	)			(3,892	)
Total interest expense		$	268,162			$	215,297

Components of interest expense included the following:


		Quarter ended December 31,
		2025				2024
		(Unaudited)
		(In thousands)
Interest expense		$	96,337			$	80,760
Capitalized interest			(2,161	)			(4,608	)
Amortization of transaction costs			1,779				1,390
Interest expense resulting from cash flow hedges			(428	)			(961	)
Total interest expense		$	95,527			$	76,581


		Nine months ended December 31,
		2025				2024
		(Unaudited)
		(In thousands)
Interest expense		$	272,810			$	226,148
Capitalized interest			(8,013	)			(11,188	)
Amortization of transaction costs			4,882				4,229
Interest expense resulting from cash flow hedges			(1,517	)			(3,892	)
Total interest expense		$	268,162			$	215,297

Interest rates and company borrowings

Interest rates and Company borrowings related to our revolving credit facilities were as follows:


		Revolving Credit Activity
		Quarter ended December 31,
			2025				2024
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the quarter			5.35		%		6.05		%
Interest rate at the end of the quarter			5.22		%		5.88		%
Maximum amount outstanding during the quarter		$	785,000			$	765,000
Average amount outstanding during the quarter		$	732,826			$	745,272
Facility fees		$	234			$	214


		Revolving Credit Activity
		Nine months ended December 31,
			2025				2024
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the period			5.53		%		6.43		%
Interest rate at the end of the period			5.22		%		5.88		%
Maximum amount outstanding during the period		$	785,000			$	765,000
Average amount outstanding during the period		$	699,364			$	665,376
Facility fees		$	764			$	793

Interest rates and Company borrowings related to our revolving credit facilities were as follows:


		Revolving Credit Activity
		Quarter ended December 31,
			2025				2024
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the quarter			5.35		%		6.05		%
Interest rate at the end of the quarter			5.22		%		5.88		%
Maximum amount outstanding during the quarter		$	785,000			$	765,000
Average amount outstanding during the quarter		$	732,826			$	745,272
Facility fees		$	234			$	214


		Revolving Credit Activity
		Nine months ended December 31,
			2025				2024
		(Unaudited)
		(In thousands, except interest rates)
Weighted average interest rate during the period			5.53		%		6.43		%
Interest rate at the end of the period			5.22		%		5.88		%
Maximum amount outstanding during the period		$	785,000			$	765,000
Average amount outstanding during the period		$	699,364			$	665,376
Facility fees		$	764			$	793