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Debt and Financing Activities
9 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Debt and Financing Activities
Debt and Financing Activities
Long-Term Debt
The Company’s long-term debt includes both U.S. dollar and foreign currency-denominated borrowings. At December 31, 2019 and March 31, 2019, $7.7 billion and $7.6 billion of total debt were outstanding, of which $1.0 billion and $330 million were included under the caption “Current portion of long-term debt” within the Company’s condensed consolidated balance sheets.
Revolving Credit Facilities
In the second quarter of 2020, the Company entered into a syndicated $4 billion five-year senior unsecured credit facility (the “2020 Credit Facility”), which has a $3.6 billion aggregate sublimit of availability in Canadian dollars, British pound sterling and Euro. The 2020 Credit Facility matures in September 2024 and had no borrowings during the three months ended December 31, 2019 and no amounts outstanding as of December 31, 2019. The remaining terms and conditions of the 2020 Credit Facility are substantially similar to those previously in place under the $3.5 billion five-year senior unsecured revolving credit facility (the “Global Facility”), which was scheduled to mature in October 2020. The Global Facility was terminated in connection with the execution of the 2020 Credit Facility in September 2019 and had no borrowings during the six months ended September 30, 2019 and the three and nine months ended December 31, 2018, and had no amounts outstanding as of March 31, 2019.
Borrowings under the 2020 Credit Facility bear interest based upon the London Interbank Offered Rate (“LIBOR”), Canadian Dealer Offered Rate for credit extensions denominated in Canadian dollars, a prime rate, or alternative overnight rates as applicable, plus agreed margins. The 2020 Credit Facility contains a financial covenant which obligates the Company to maintain a debt to capital ratio of no greater than 65%. If the Company does not comply with the covenant, its ability to use the 2020 Credit Facility may be suspended and repayment of any outstanding balances under the 2020 Credit Facility may be required. At December 31, 2019, the Company was in compliance with the covenant.
The Company also maintains bilateral credit facilities primarily denominated in Euro with a committed amount of $9 million and an uncommitted amount of $195 million as of December 31, 2019. Borrowings and repayments were not material during the three and nine months ended December 31, 2019 and 2018, and amounts outstanding under these credit lines were not material as of December 31, 2019 and March 31, 2019.
Commercial Paper
The Company maintains a commercial paper program to support its working capital requirements and for other general corporate purposes. Under the program, the Company can issue up to $4 billion in outstanding commercial paper notes. During the nine months ended December 31, 2019 and 2018, the Company borrowed $15.9 billion and $30.4 billion, and repaid $13.7 billion and $29.3 billion under the program. At December 31, 2019, there were $2.1 billion of commercial paper notes outstanding with a weighted average interest rate of 2.15%. At March 31, 2019, there were no commercial paper notes outstanding.