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Debt and Financing Activities | 3 Months Ended
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Jun. 30, 2015
Debt Disclosure [Abstract] |
Debt and financing activities | Debt and Financing Activities Long-Term Debt Our long-term debt includes Euro-denominated corporate bonds consisting of 4.00% bonds due October 18, 2016 and 4.50% bonds due April 26, 2017. At June 30, 2015 and March 31, 2015, $402 million and $388 million of the 4.00% bonds and $582 million and $563 million of the 4.50% bonds, for a total of $984 million and $951 million, were outstanding. At March 31, 2015, we had a term loan with an outstanding balance of $89 million (or £60 million). During the first quarter of 2016, we repaid this term loan for $93 million. Accounts Receivable Facilities We have an accounts receivable sales facility (the “Facility”) with a committed balance of $1.35 billion, although from time to time, the available amount of the Facility may be less than $1.35 billion based on accounts receivable concentration limits and other eligibility requirements. During the first quarters of 2016 and 2015, there were no borrowings under the Facility. At June 30, 2015 and March 31, 2015, there were no borrowings and related securitized accounts receivable outstanding under the Facility. The Facility contains requirements relating to the performance of the accounts receivable and covenants relating to the Company. If we do not comply with these covenants, our ability to use the Facility may be suspended and repayment of any outstanding balances under the Facility may be required. At June 30, 2015 and March 31, 2015, we were in compliance with all covenants. The Facility will expire in November 2016. We also have accounts receivable factoring facilities (the “Factoring Facilities”) denominated in foreign currencies with a total committed balance of $179 million. During the first quarters of 2016 and 2015, we borrowed $285 million and $758 million and repaid $295 million and $746 million in short-term borrowings under these facilities. At June 30, 2015 and March 31, 2015, there were $132 million and $135 million in secured borrowings and related accounts receivable outstanding under these facilities. The Factoring Facilities will expire through January 2016. Revolving Credit Facilities and Lines of Credit We have a syndicated $1.3 billion five-year senior unsecured revolving credit facility, which expires in September 2016. Borrowings under this facility bear interest based upon either the London Interbank Offered Rate or a prime rate. There were no borrowings under this facility during the first quarters of 2016 and 2015. As of June 30, 2015 and March 31, 2015, there were no amounts outstanding under this facility. We also have a syndicated €500 million five-year senior unsecured revolving credit facility, which expires in February 2018. Borrowings under this facility bear interest based upon the Euro Interbank Offered Rate plus an agreed margin. There were no borrowings under this facility during the first quarters of 2016 and 2015 and no amounts outstanding as of June 30, 2015 and March 31, 2015. We also maintain bilateral credit lines primarily denominated in Euros with a total committed and uncommitted balance of $1.4 billion. During the first quarters of 2016 and 2015, we borrowed $246 million and $147 million and repaid $240 million and $16 million under these credit lines primarily related to short-term borrowings. As of June 30, 2015 and March 31, 2015, there were $40 million and $29 million outstanding under these credit lines.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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