U-Haul 2016 Annual Report Download - page 77

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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
F-21
Note 10. Interest on Borrowings
Interest Expense
Components of interest expense include the following:
Years Ended March 31,
2016
2015
2014
(In thousands)
Interest expense
$
85,592
$
80,905
$
72,538
Capitalized interest
(3,623)
(1,204)
(571)
Amortization of transaction costs
3,235
3,495
3,551
Interest expense resulting from derivatives
12,699
14,329
17,174
Total interest expense
97,903
97,525
92,692
Write-off of transaction costs related to early
extinguishment of debt
–
298
–
Fees on early extinguishment of debt
–
3,783
–
Fees and amortization on early extinguishment of debt
–
4,081
–
Total
$
97,903
$
101,606
$
92,692
Interest paid in cash, including payments related to derivative contracts, amounted to $95.1 million,
$95.0 million and $87.8 million for fiscal 2016, 2015 and 2014, respectively. In addition, during fiscal
2015, we paid $3.8 million of fees associated with the early extinguishment of debt.
Interest Rates
Interest rates and our revolving credit borrowings were as follows:
Revolving Credit Activity
Years Ended March 31,
2016
2015
2014
(In thousands, except interest rates)
Weighted average interest rate during the year
1.67%
1.70%
1.10%
Interest rate at year end
1.82%
1.65%
1.78%
Maximum amount outstanding during the year
$
347,000
$
232,000
$
89,632
Average amount outstanding during the year
$
237,372
$
187,004
$
18,658
Facility fees
$
201
$
336
$
301