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Debt and Financing Activities | 6 Months Ended
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Sep. 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 September 30, 2015 and March 31, 2015, $400 million and $388 million of the 4.00% bonds and $580 million and $563 million of the 4.50% bonds, for a total of $980 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. During the second quarter of 2016, we repaid our $400 million floating rate notes due September 10, 2015 at maturity. 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 six months of 2016 and 2015, there were no borrowings under the Facility. At September 30, 2015 and March 31, 2015, there were no borrowings and related securitized accounts receivable outstanding under the Facility. This 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 September 30, 2015 and March 31, 2015, we were in compliance with all covenants. Following the execution of a new $3.5 billion revolving credit facility in October 2015, as further discussed below, we provided notice to terminate the Facility. As a result, the available committed balance of the Facility is expected to be terminated in November 2015. We also have accounts receivable factoring facilities (the “Factoring Facilities”) denominated in foreign currencies with a total committed balance of $172 million. During the first six months of 2016 and 2015, we borrowed $883 million and $1,575 million and repaid $887 million and $1,545 million in short-term borrowings under these facilities. At September 30, 2015 and March 31, 2015, there were $139 million and $135 million in secured borrowings outstanding under these facilities. The Factoring Facilities will expire through January 2016. Revolving Credit Facilities and Lines of Credit We had a syndicated $1.3 billion five-year senior unsecured revolving credit facility, which was to expire in September 2016. Borrowings under this facility would bear interest based upon either the London Interbank Offered Rate or a prime rate. There were no borrowings under this facility during the first six months of 2016 and 2015. As of September 30, 2015 and March 31, 2015, there were no amounts outstanding under this facility. We also had a syndicated €500 million five-year senior unsecured revolving credit facility, which was to expire in February 2018. Borrowings under this facility would bear interest based upon the Euro Interbank Offered Rate plus an agreed margin. There were no borrowings under this facility during the first six months of 2016 and 2015 and no amounts were outstanding as of September 30, 2015 and March 31, 2015. This revolving credit facility was terminated in advance of the execution of the new $3.5 billion revolving credit facility in October 2015, as further discussed below. We also maintain bilateral credit lines primarily denominated in Euros with a total committed and uncommitted balance of $1.3 billion. During the first six months of 2016 and 2015, we borrowed $618 million and $207 million and repaid $616 million and $33 million under these credit lines primarily related to short-term borrowings. As of September 30, 2015 and March 31, 2015, there were $31 million and $29 million outstanding under these credit lines. In October 2015, we entered into a syndicated $3.5 billion five-year senior unsecured revolving credit facility (the “New Credit Facility”) and terminated our $1.3 billion and €500 million syndicated revolving credit facilities, and provided notice to terminate our $1.35 billion accounts receivable sales facility, which is expected to be terminated in November 2015. The New Credit Facility has a $3.15 billion aggregate sublimit of availability in Canadian dollars, British pounds sterling and Euros. The remaining terms and conditions of the New Credit Facility are substantially similar to those previously in place under our previous $1.3 billion revolving credit facility, including a debt to capital covenant ratio of no greater than 65%.

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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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