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Indebtedness
 6 Months Ended
Sep. 30, 2025
Indebtedness  
Indebtedness

Note 17: Indebtedness

In July 2025, the Company executed an amended and restated credit agreement with a syndicate of banks that provides for a multi-currency $400.0 million revolving credit facility and a $200.0 million term loan facility maturing in July 2030. In addition, the credit agreement provides for shorter-duration swingline loans. This credit agreement modified the Company’s then existing revolving credit and term loan facilities, which would have matured in October 2027. In connection with the credit agreement modification, the Company capitalized $2.3 million of debt issuance costs, which will be amortized as interest expense over the term of the debt.

Long-term debt consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

    

Fiscal year

    

​

​

    

​

​

​

​

of maturity

​

September 30, 2025

​

March 31, 2025

​

​

​

​

​

​

​

​

​

​

Revolving credit facility

 

​

2031

​

$

265.0

​

$

30.0

Term loans

 

​

2031

​

​

200.0

​

​

193.7

5.9% Senior Notes

 

​

2029

​

 

87.5

​

 

100.0

5.8% Senior Notes

 

​

2027

​

 

16.7

​

 

16.7

Finance lease obligations

 

​

​

​

​

2.6

​

 

2.7

​

 

​

​

​

​

571.8

​

 

343.1

Less: current portion

 

​

​

​

​

(43.9)

​

 

(44.8)

Less: unamortized debt issuance costs

 

​

​

​

​

(2.1)

​

 

(1.6)

Total long-term debt

​

​

​

​

$

525.8

​

$

296.7

​

Long-term debt, including the current portion of long-term debt, matures as follows:

​

​

​

​

​

Fiscal Year

    

  

​

Remainder of 2026

​

$

26.1

2027

​

 

43.9

2028

​

 

35.6

2029

​

 

35.5

2030

​

 

10.1

2031 & beyond

​

​

420.6

Total

​

$

571.8

​

​

​

​

​

Borrowings under the revolving credit, swingline and term loan facility bear interest at variable rates, based upon the applicable reference rate and including a margin percentage dependent upon the Company’s leverage ratio, as described below. At September 30, 2025, the interest rate for revolving credit facility borrowings and the term loan was 5.5 percent and 5.4 percent, respectively.

Based upon the terms of the credit agreement, the Company classifies borrowings under its revolving credit and swingline facilities as long-term and short-term debt, respectively, on its consolidated balance sheets. At September 30, 2025, the Company’s borrowings under its revolving credit facilities totaled $265.0 million and domestic letters of credit totaled $6.2 million. As a result, available borrowing capacity under the Company’s revolving credit facility was $128.8 million as of September 30, 2025. At September 30, 2025 and March 31, 2025, the Company had no borrowings under the swingline facility. At March 31, 2025, the Company’s borrowings under its revolving credit facility totaled $30.0 million.

The Company also maintains credit agreements for its foreign subsidiaries. The outstanding short-term borrowings related to these foreign credit agreements totaled $12.4 million and $9.3 million at September 30, 2025 and March 31, 2025, respectively.

Indebtedness under the Company’s credit agreement and Senior Notes is secured by substantially all domestic assets, excluding real estate. These agreements further require compliance with various covenants that may limit the Company’s ability to incur additional indebtedness; grant liens; make investments, loans, or guarantees; engage in certain transactions with affiliates; and make restricted payments, including dividends. In addition, the agreements may require prepayment in the event of certain asset sales.

Financial covenants within the credit agreements include a leverage ratio covenant, which requires the Company to limit its consolidated indebtedness, less a portion of its cash balances, both as defined by the credit agreements, to no more than three and one-half times consolidated net earnings before interest, taxes, depreciation, amortization, and certain other adjustments (“Adjusted EBITDA”). The Company must also maintain a ratio of Adjusted EBITDA of at least three times consolidated interest expense. As of September 30, 2025, the Company was in compliance with its debt covenants.

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, 2025 and March 31, 2025, 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 $105.3 million and $116.6 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 4 for the definition of a Level 2 fair value measurement.