v2.4.1.9

DEBT | 9 Months Ended
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Dec. 31, 2014
Debt Disclosure [Abstract] |
DEBT | DEBT Debt as of December 31 and March 31, 2014 consisted of the following (in thousands):
|  |  | December 31, 2014 |  | March 31, 2014 |
| 6¼% Senior Notes due 2022 |  | $ | 401,535 |  |  | $ | 450,000 |  |
| Term Loan |  | 223,288 |  |  | 226,604 |  |
| 3% Convertible Senior Notes due 2038, including $2.0 million and $5.1 million of unamortized discount, respectively |  | 113,025 |  |  | 109,904 |  |
| Revolving Credit Facility |  | 58,500 |  |  | 24,000 |  |
| Eastern Airways debt |  | 21,840 |  |  | 29,911 |  |
| Other |  | — |  |  | 883 |  |
| Total debt |  | 818,188 |  |  | 841,302 |  |
| Less short-term borrowings and current maturities of long-term debt |  | (14,277 | ) |  | (14,207 | ) |
| Total long-term debt |  | $ | 803,911 |  |  | $ | 827,095 |  |
6 ¼% Senior Notes due 2022 — During the three and nine months ended December 31, 2014, we repurchased $17.2 million and $48.5 million principal amount of the 6 ¼% Senior Notes in the open market at 103.75% to 104.25% and at 103.75% to 107.75%, plus accrued interest, for a total of $18.3 million and $52.0 million, respectively. In connection with these repurchases, during the three and nine months ended December 31, 2014, we incurred $0.7 million and $2.6 million in premium and fees which is included in other income (expense), net on our condensed consolidated statements of income, and wrote-off $0.2 million and $0.7 million of unamortized deferred financing fees, which is included in interest expense, net on our condensed consolidated statements of income, respectively. 3% Convertible Senior Notes due 2038 —The balances of the debt and equity components of the 3% Convertible Senior Notes due 2038 (the “3% Convertible Senior Notes”) as of December 31 and March 31, 2014 are as follows (in thousands):
|  |  | December 31, 2014 |  | March 31, 2014 |
| Equity component – net carrying value |  | $ | 14,905 |  |  | $ | 14,905 |  |
| Debt component: |  |  |  |  |
| Face amount due at maturity |  | $ | 115,000 |  |  | $ | 115,000 |  |
| Unamortized discount |  | (1,975 | ) |  | (5,096 | ) |
| Debt component – net carrying value |  | $ | 113,025 |  |  | $ | 109,904 |  |
The remaining debt discount is being amortized into interest expense over the period to the earliest put date of June 2015 for the 3% Convertible Senior Notes using the effective interest rate. The effective interest rate for the three and nine months ended December 31, 2014 and 2013 was 6.9%. Interest expense related to our 3% Convertible Senior Notes for the three and nine months ended December 31, 2014 and 2013 was as follows (in thousands):
|  |  | Three Months Ended December 31, |  | Nine Months Ended December 31, |
|  |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
| Contractual coupon interest |  | $ | 862 |  |  | $ | 862 |  |  | $ | 2,588 |  |  | $ | 2,588 |  |
| Amortization of debt discount |  | 1,054 |  |  | 985 |  |  | 3,121 |  |  | 2,695 |  |
| Total interest expense |  | $ | 1,916 |  |  | $ | 1,847 |  |  | $ | 5,709 |  |  | $ | 5,283 |  |
Term Loan and Revolving Credit Facility — During the nine months ended December 31, 2014, we had borrowings of $346.5 million and made payments of $312.0 million under the Revolving Credit Facility. Additionally, we paid $3.4 million to reduce our borrowings under the Term Loan. As of December 31, 2014, we had $0.5 million in letters of credit outstanding under the Revolving Credit Facility.

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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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