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Credit Facilities
12 Months Ended
Mar. 31, 2014
Line of Credit Facility [Abstract]  
Credit Facilities
CREDIT FACILITIES
Bank Credit Agreements
During fiscal year 2012, the Company entered a five-year senior unsecured bank credit agreement that provides for a $450 million committed revolving credit facility, as well as a fully funded $100 million amortizing term loan. Borrowings under the revolving credit facility and the term loan bear interest at variable rates, based on either (1) LIBOR plus a margin that is based on certain credit measures or (2) the higher of the federal funds rate plus 0.5%, prime rate, or one-month LIBOR plus 1.0%, each plus a margin; however, the Company has entered into interest rate swap agreements that convert the interest rate on the term loan portion of the facility to a fixed rate. The Company also pays a facility fee on the revolving credit facility. Both the revolving credit facility and the term loan mature in November 2016. There were no amounts outstanding under the revolving credit facility at March 31, 2014. During fiscal year 2014, the Company entered into a separate bank credit agreement that provides for a fully funded $175 million senior unsecured term loan. Additional information related to the term loans under both credit agreements, including the outstanding balances at March 31, 2014 and 2013, is disclosed in Note 7. The credit agreements include financial covenants that require the Company to maintain a minimum level of tangible net worth and observe limits on debt levels. The Company was in compliance with those covenants at March 31, 2014.
Short-Term Credit Facilities
The Company maintains short-term uncommitted lines of credit in the United States and in a number of foreign countries. Foreign borrowings are generally in the form of overdraft facilities at rates competitive in the countries in which the Company operates. Generally, each foreign line is available only for borrowings related to operations of a specific country. As of March 31, 2014 and 2013, approximately $63 million and $105 million, respectively, were outstanding under these uncommitted lines of credit. The weighted-average interest rates on short-term borrowings outstanding as of March 31, 2014 and 2013, were approximately 3.5% and 3.8%, respectively. At March 31, 2014, the Company and its consolidated affiliates had unused uncommitted lines of credit totaling approximately $342 million.