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Short-Term Borrowings | 12 Months Ended
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Mar. 31, 2017
Debt Instruments [Abstract] |
Debt Disclosure Text Block | 3. Short-Term Borrowings The Company completed the closing of a new five-year revolving credit facility (“Revolver”) on July 5, 2016. Maximum borrowings under the Revolver total $400.0 million from April through July and $500.0 million from August through March. The Revolver balance as of March 31, 201 7 was $214.8 million, with a weighted average interest rate of 2.22% (LIBOR plus a spread) and is included in Long-Term Debt in the accompanying Consolidated Balance Shee t. The R evolver is secured by accounts receivable and invent ories with a carrying value of $6 7 0.2 million. The Company had $13.1 million and $13.2 million of outstanding standby letters of cred it as of March 31, 2017 and 2016, respectively, which reduces borrowin g availabilit y under the Revolver. See Note 4, Long-Term Debt, for additional comments related to the Revolver. During 201 7 and 2016, the Company entered into some interim lease notes which financed down payments for various equipment orders at market rat es. As of March 31, 201 7, these interim notes had not been converted into operating leases since the equipment was not yet delivered. These notes, which total $0.2 million and $0.4 million as of March 31, 201 7 and 201 6, respectively, are included in note s payable in the accompanying Consolidated Balance Sheets. These notes are expected to be converted into operating leases within the next twelve months. Until then, they bear interest at an annual rate of 2.29% in 201 7 and 1.94% in 201 6.

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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 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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- References No definition available. + Details
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