LONG-TERM OBLIGATIONS

Long-term obligations consisted of the following:



	March 31,
	2012			2011
Medium-term notes	$	310,000		$	415,193
Amortizing bank term loan	98,750			—
Total outstanding	408,750			415,193
Less current portion	(16,250		)	(95,000		)
Long-term obligations	$	392,500		$	320,193

The Company's medium-term notes mature at various dates from September 2012 to December 2014 and were all issued with fixed interest rates. Interest rates on the notes range from 5.20% to 6.25%. As discussed in Note 6, the Company borrowed $100 million in November 2011 under an amortizing term loan under its bank credit agreement. The term loan will be repaid in 19 consecutive quarterly installments which began on March 31, 2012, together with a final payment due on November 3, 2016, and may be prepaid at any time without penalty or premium at the option of the Company. As discussed below, the Company has interest rate swaps on the term loan which convert the floating base rate to a fixed base rate. Including the effect of the swaps and the facility margin, the interest rate on the term loan was 3.16% at March 31, 2012.

The fair value of the Company’s long-term obligations, including the current portion, was approximately $428 million at March 31, 2012, and $416 million at March 31, 2011. The Company estimates the fair value of its long-term obligations using Level 2 inputs which are based upon quoted market prices for the same or similar issues or on the current interest rates available to the Company for debt of similar terms and maturities.

From time to time, the Company uses interest rate swap agreements to manage its exposure to changes in interest rates. At March 31, 2011, the Company had receive-fixed/pay-floating interest rate swap agreements in place on $245 million of long-term debt. The fair value of those swap agreements was an asset of $10.2 million at March 31, 2011. During fiscal year 2012, those swaps were settled prior to or concurrent with the maturity of the underlying debt. No fixed-to-floating interest rate swap agreements were outstanding at March 31, 2012. In November 2011, the Company entered into receive-floating/pay-fixed interest rate swap agreements on $99 million notional amount of its outstanding amortizing bank term loan. The aggregate notional amount of those swaps will be reduced over a five-year period as payments are made on the term loan. The fair value of the floating-to-fixed interest rate swap agreements was a liability of $1.1 million at March 31, 2012. Additional disclosures related to the Company’s interest rate swap agreements are provided in Note 9.

Maturities of long-term debt outstanding at March 31, 2012, by fiscal year, were as follows: 2013 - $16 million; 2014 - $211 million; 2015 - $116 million; 2016 - $28 million; and 2017 - $38 million. All long-term debt outstanding at March 31, 2012, is scheduled to be repaid by the end of fiscal year 2017.

In November 2011, the Company filed an undenominated universal shelf registration statement with the U.S. Securities Exchange Commission to provide for the future issuance of an undefined amount of additional debt or equity securities as determined by the Company and offered in one or more prospectus supplements prior to issuance.