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v3.26.1

Debt | 3 Months Ended
--- | ---
Jun. 30, 2026
Debt Disclosure [Abstract] |
Debt | DEBT Long-term debt as of the periods presented consisted of the following:
(In thousands) | June 30, 2026 |  | March 31, 2026
Term Loan Facility | $ | 600,000 |  |  | $ | 600,000 |
Senior Notes due 2030 | 500,000 |  | 500,000 |
Senior Notes Due 2034 | 500,000 |  | 500,000 |
Revolving Credit Facility | — |  | — |
Other debt | 29,952 |  | 30,251 |
Total | 1,629,952 |  | 1,630,251
Less: Unamortized debt issuance costs | (17,468) |  | (18,428)
Less: Current maturities | (7,705) |  | (5,865)
Long-term debt obligations | $ | 1,604,779 |  |  | $ | 1,605,958 |
Senior Secured Credit Facility - In February 2026, the Company entered into a Fourth Amendment (the “Fourth Amendment”) to the Company's Base Credit Agreement with Barclays Bank PLC, as administrative agent under the Term Loan Facility and PNC Bank, National Association, as new administrative agent under the Revolving Credit Facility. Among other things, the Fourth Amendment (i) amended the Base Credit Agreement by increasing the Revolving Credit Facility (the “Amended Revolving Credit Facility”) from $600 million to $750 million (including an increase of the sub-limit for the swing-line sub-facility from $60 million to $75 million), (ii) refinanced the outstanding amounts owing under the Initial Term Loan Facility by providing for a new term loan facility in the initial aggregate principal amount of $600 million (the “Term Loan Facility”), (iii) extended the maturity date of the Revolving Credit Facility to February 27, 2031, (iv) extended the maturity date of the Term Loan Credit Facility to February 28, 2033, (v) revised the “applicable margin” to provide for a range of 125 basis points to 225 basis points (for Term Benchmark based loans) and 25 basis points to 125 basis points (for base rate loans), as determined based on the consolidated senior secured net leverage ratio ranging from less than 1.50 to 1.00 to greater than 3.50 to 1.00, (vi) provides for incremental facilities in aggregate maximum amount of the greater of $350 million or 100% of consolidated EBITDA for the most recently ended four consecutive fiscal quarters, and (vii) amended certain covenant baskets under the Credit Agreement to align with growth of the Company. Letters of credit outstanding at June 30, 2026 and March 31, 2026 amounted to $11.4 million and $10.1 million, respectively, and reduced the availability of the Revolving Credit Facility. Senior Notes due 2030 - On June 9, 2022, the Company issued $500.0 million aggregate pri ncipal amount of 6.375% Senior Notes due 2030 (the “2030 Notes”) pursuant to an Indenture, dated June 9, 2022 (the “2030 Indenture”), among the Company, the Guarantors and the Trustee. Senior Notes due 2034 - On February 27, 2026, the Company issued $500.0 million aggregate pri ncipal amount of 5.375% Senior Notes due 2034 (the “2034 Notes”) pursuant to an Indenture, dated February 27, 2026 (the “2034 Indenture”), among the Company, the Guarantors and the Trustee. Other debt - Other debt includes equipment financing and the commercial loan related to the Company’s headquarters. The assets under the Equipment Financing acquired are titled to the Company and included in Property, plant and equipment, net on the Company's Condensed Consolidated Balance Sheet. The equipment financing has an initial term of between 12 and 84 months, based on the life of the equipment, and bears a weighted average interest rate of 1.8% as of June 30, 2026. The current portion of the equipment financing is $1.2 million, and the long-term portion is $1.6 million at June 30, 2026. The Company entered into a commercial loan agreement of $27.2 million which matures on December 5, 2028. The agreement bears interest based on SOFR plus a margin of 285 basis points, requires interest only payments through December 5, 2026, and beginning January 5, 2027 through maturity, includes principal and interest payments. Valuation of Debt - The carrying amounts of current financial assets and liabilities approximate fair value because of the immediate or short-term maturity of these items. The following table presents the carrying and fair value of the Company’s 2030 Notes, 2034 Notes and Equipment Financing for the periods presented:
| June 30, 2026 |  | March 31, 2026
(In thousands) | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
Senior Notes due 2030 | $ | 507,240 |  |  | $ | 500,000 |  |  | $ | 505,940 |  |  | $ | 500,000 |
Senior Notes due 2034 | 489,760 |  |  | 500,000 |  |  | 489,230 |  |  | 500,000 |
Equipment Financing | 2,666 |  |  | 2,752 |  |  | 2,961 |  |  | 3,056 |
Total fair value | $ | 999,666 |  |  | $ | 1,002,752 |  |  | $ | 998,131 |  |  | $ | 1,003,056 |
The fair values of the 2030 Notes and 2034 Notes were determined based on quoted market data for the Company’s 2030 Notes and 2034 Notes, respectively. The fair value of the Equipment Financing was determined based on a comparison of the interest rate and terms of such borrowings to the rates and terms of similar debt available for the period. The categorization of the framework used to evaluate the 2030 Notes, 2034 Notes and Equipment Financing are considered Level 2. The Company believes the carrying amount of the remaining long-term debt, including the Term Loan Facility, Revolving Credit Facility and Commercial loan agreement, is not materially different from its fair value as the interest rates and terms of the borrowings are similar to currently available borrowings.

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