XML 34 R24.htm IDEA: XBRL DOCUMENT
v3.20.2

Indebtedness | 6 Months Ended
--- | ---
Sep. 30, 2020
Indebtedness [Abstract] |
Indebtedness | Note 16: Indebtedness Long-term debt consisted of the following:
| Fiscal year of maturity |  | September 30, 2020 |  |  | March 31, 2020
Term loans | 2025 |  | $ | 185.5 |  |  | $ | 189.4
Revolving credit facility | 2025 |  |  | 52.9 |  |  |  | 127.2
5.9% Senior Notes | 2029 |  |  | 100.0 |  |  |  | 100.0
5.8% Senior Notes | 2027 |  |  | 50.0 |  |  |  | 50.0
Other (a) |  |  |  | 3.7 |  |  |  | 6.0
|  |  |  | 392.1 |  |  |  | 472.6
Less: current portion |  |  |  | (13.5) |  |  |  | (15.6)
Less: unamortized debt issuance costs |  |  |  | (4.8) |  |  |  | (5.0)
Total long-term debt |  |  | $ | 373.8 |  |  | $ | 452.0
(a) | Other long-term debt primarily includes finance lease obligations and borrowings by foreign subsidiaries.
Long-term debt, including the current portion of long-term debt, matures as follows:
Fiscal Year |  |  |
Remainder of 2021 |  | $ | 6.8 |
2022 |  |  | 21.9 |
2023 |  |  | 21.9 |
2024 |  |  | 21.9 |
2025 |  |  | 201.3 |
2026 & beyond |  |  | 118.3 |
Total |  | $ | 392.1 |
Borrowings under both the revolving credit and term loan facilities bear interest at a variable rate, based upon the applicable reference rate and including a margin percentage dependent upon the Company’s leverage ratio, as described below. At September 30, 2020, the weighted-average interest rates for revolving credit facility borrowings and the term loans were both 2.8 percent. At September 30, 2020, the Company’s revolving credit facility borrowings totaled $52.9 million and domestic letters of credit totaled $5.7 million, resulting in available borrowings under the revolving credit facility of $191.4 million. The Company also maintains credit agreements for its foreign subsidiaries, with outstanding short-term borrowings of $17.1 million and $14.8 million at September 30, 2020 and March 31, 2020, respectively. Provisions in the Company’s credit agreement, Senior Note agreements, and various foreign credit agreements require the Company to maintain compliance with various covenants and include certain cross-default clauses. Under its primary debt agreements in the U.S., the Company has provided liens on substantially all domestic assets. Also, as specified in the credit agreement, the term loans may require prepayments in the event of certain asset sales. In addition, at the time of each incremental borrowing under the revolving credit facility, the Company is required to represent to the lenders that there has been no material adverse effect, as defined in the credit agreement, on its business, property, or results of operations. In May 2020, the Company executed amendments to its primary credit agreements in the U.S. Under the amended agreements, the leverage ratio covenant limit has been temporarily raised. The leverage ratio covenant requires the Company to limit the ratio of its consolidated indebtedness, less a portion of its cash balance, both as defined by the credit agreements, to its consolidated net earnings before interest, taxes, depreciation, amortization, and certain other adjustments (“Adjusted EBITDA”). The leverage ratio covenant limit for the second quarter of fiscal 2021 was 4.75 to 1. The leverage ratio covenant limit for the remainder of fiscal 2021 is 5.25 to 1 and 5.75 to 1 for the third and fourth quarters, respectively. In fiscal 2022, the leverage ratio covenant limit is 4.75 to 1, 3.75 to 1, and 3.50 to 1 for the first, second and third quarters, respectively, and subsequently returns to 3.25 to 1 for the fourth quarter of fiscal 2022. The Company is also subject to an interest expense coverage ratio covenant, which requires the Company to maintain Adjusted EBITDA of at least three times consolidated interest expense. The Company was in compliance with its debt covenants as of September 30, 2020. The Company estimates the fair value of long-term debt using discounted future cash flows at rates offered to the Company for similar debt instruments of comparable maturities. As of September 30, 2020 and March 31, 2020, the carrying value of the Company’s long-term debt approximated fair value, with the exception of the Senior Notes, which had an aggregate fair value of approximately $136.6 million and $131.3 million, respectively. The fair value of the Company’s long-term debt is categorized as Level 2 within the fair value hierarchy. Refer to Note 3 for the definition of a Level 2 fair value measurement.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration